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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (39,339) $ (42,211)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 6,548 3,645
Accretion of discount on held-to-maturity securities (4,625) (1,046)
Depreciation and amortization 6 15
Changes in operating assets and liabilities:    
Accrued interest receivable 289 52
Prepaid, other current assets, and other assets (1,948) (4,396)
Accounts payable and accrued liabilities (402) (1,546)
Net cash used in operating activities (39,471) (45,487)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (347,443) (127,876)
Maturities of marketable securities 302,500 35,000
Net cash used in investing activities (44,943) (92,876)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from stock option exercises 4,055 123
Payment of shelf offering costs (1) (10)
Net cash provided by financing activities 24,272 189,279
Net increase (decrease) in cash and cash equivalents (60,142) 50,916
Cash and cash equivalents - beginning 172,921 114,091
Cash and cash equivalents - ending [1] 112,779 165,007
Supplemental Disclosure of Non-Cash Financing Activities:    
Public offering and shelf offering costs included in accounts payable and accrued liabilities 7 289
At the Market    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock pursuant to ATM Agreement, net of issuance costs and Proceeds from issuance of common stock public offering, net of offering costs 20,218 0
Public Offering    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock pursuant to ATM Agreement, net of issuance costs and Proceeds from issuance of common stock public offering, net of offering costs $ 0 $ 189,166
[1] Cash and cash equivalents as of March 31, 2026 exclude investments of $533.3 million. Cash, cash equivalents, and investments amounted to $646.1 million as of March 31, 2026.