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Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (274,477) $ (112,961) $ (58,655)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization 2,387 2,476 2,101
Net amortization (accretion) of premiums (discounts) on marketable securities (23,233) (11,553) (695)
Stock-based compensation 34,746 18,489 11,629
Amortization of right of use assets 1,447 1,532 1,414
Changes in assets and liabilities      
Accounts receivable 15 193 892
Prepaid expenses and other assets (6,174) (2,045) (2,119)
Accounts payable 8,280 2,635 1,864
Accrued and other liabilities 10,794 1,635 4,572
Contract liabilities 0 (13,753) (46,479)
Lease liabilities (1,369) (1,872) (1,699)
Net cash used in operating activities (247,584) (115,224) (87,175)
Cash flows from investing activities      
Purchases of property and equipment, net (3,857) (2,368) (3,443)
Purchases of marketable securities (1,191,309) (595,980) (255,808)
Maturities of marketable securities 692,607 439,892 225,847
Net cash used in investing activities (502,559) (158,456) (33,404)
Cash flows from financing activities      
Proceeds from issuance of common stock in public offering, net of issuance costs 274,350 281,165 86,105
Proceeds from issuances of pre-funded warrants 9,400 42,182 0
Proceeds from issuance of common stock related to at-the-market offering program, net of issuance costs 379,879 28,598 8,857
Proceeds from exercise of common stock options 12,483 9,559 1,448
Proceeds from ESPP purchases 1,439 1,213 755
Net cash provided by financing activities 677,551 362,717 97,165
Net (decrease) increase in cash, cash equivalents and restricted cash (72,592) 89,037 (23,414)
Cash, cash equivalents and restricted cash, at beginning of period 157,775 68,738 92,152
Cash, cash equivalents and restricted cash, at end of period 85,183 157,775 68,738
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 84,378 157,018 68,632
Restricted cash 805 757 106
Cash, cash equivalents and restricted cash 85,183 157,775 68,738
Supplemental disclosure of cash flow information:      
Cash paid for interest 25 69 60
Supplemental non-cash investing and financing activities:      
Right-of-use asset obtained in exchange for a new operating lease liability 17,976 1,294 0
Purchases of property and equipment in accounts payable and accrued liabilities 1,479 147 384
Unpaid offering costs 0 43 39
Unpaid at-the-market offering program costs $ 13 $ 0 $ 0