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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (123,036) $ (89,332)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 179 105
Stock-based compensation 25,894 14,783
Amortization/accretion of investment securities (1,558) (5,148)
Loss from initial consolidation of variable interest entity 0 852
Non-cash lease expense 262 229
Non-cash interest expense 427 415
Other non-cash items (14) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,264) (7,911)
Accounts payable (2,178) (1,598)
Accrued external research and development expenses 2,873 322
Other accrued expenses (6,680) (2,518)
Operating lease liabilities (342) 507
Net cash used in operating activities (106,437) (89,294)
Cash flows from investing activities    
Purchases of marketable securities (186,493) (405,876)
Maturities of marketable securities 266,429 185,819
Purchases of property and equipment 0 (887)
Net cash provided by (used in) investing activities 79,936 (220,944)
Cash flows from financing activities:    
Proceeds from sale of common stock in underwritten offering, net of issuance costs paid 0 234,003
Proceeds from sale of pre-funded warrants in underwritten offering, net of issuance costs paid 0 9,386
Proceeds from long-term debt, net of issuance costs paid 29,979 0
Proceeds from stock option exercises 3,366 1,467
Contributions from employee stock purchase plan 687 287
Net cash provided by financing activities 34,032 245,143
Net increase (decrease) in cash, cash equivalents and restricted cash 7,531 (65,095)
Cash, cash equivalents and restricted cash, beginning of period 91,387 192,672
Cash, cash equivalents and restricted cash, end of period 98,918 127,577
Supplemental cash flow information    
Cash paid for interest $ 1,291 $ 1,407