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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026
Cash flows from operating activities
Net loss			$ (286,347)	$ (111,190)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of investment premiums			(2,178)	(5,524)
Amortization of financing costs	$ 0	$ 24	0	48
Stock-based compensation	11,133	13,547	21,470	24,895
Amortization of right-of-use assets			242	223
Realized gain on investments	(30)	(4)	(30)	(4)
Interest expense related to operating lease liability			112	18
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(6,108)	(14,643)
Accrued interest, net of interest receivable on maturity of investments			1,056	2,459
Accounts payable			15,761	(4,319)
Accrued expenses			17,204	8,904
Lease liability			(330)	(259)
Net cash used in operating activities			(239,148)	(99,392)
Cash flows from investing activities
Purchases of investments			(142,491)	(356,090)
Proceeds from sales of investments			38,466	0
Proceeds from maturities of investments			267,645	461,841
Net cash provided by investing activities			163,620	105,751
Cash flows from financing activities
Proceeds from exercises of stock options and other stock issuances			1,463	856
ATM offering, net of fees			34,200	0
Net cash provided by financing activities			35,663	856
Net (decrease) increase in cash, cash equivalents and restricted cash			(39,865)	7,215
Cash, cash equivalents and restricted cash beginning of period			165,810	26,676	$ 26,676
Effect of exchange rate changes on cash			16	(11)
Cash, cash equivalents and restricted cash at end of period	$ 125,961	$ 33,880	125,961	33,880	$ 125,961
Supplemental disclosure of non-cash investing and financing transactions
Unpaid deferred public offering and other financing costs			50	50
Right-of-use asset obtained in exchange for lease obligation			$ 4,180	$ 0

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