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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (128,447) $ (132,970)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,845 2,325
Stock–based compensation expense 23,087 25,160
Net accretion of discounts on marketable securities (1,259) (3,888)
Non-cash adjustment to operating lease expense (1,144) (1,049)
Right-of-use asset amortization for finance lease 916 887
Other non-cash items 294 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,291) (28,607)
Other non-current assets (700) (943)
Accounts payable 3,875 (2,639)
Accruals and other current liabilities (22,395) (9,686)
Deferred research and development funding liability (5,985) 19,942
Net cash used in operating activities (131,204) (131,468)
Investing activities    
Purchases of marketable securities (123,074) (137,926)
Maturities and sales of marketable securities 220,000 161,752
Purchases of property and equipment (2,466) (5,078)
Net cash provided by investing activities 94,460 18,748
Financing activities    
Proceeds from underwriter exercising option to purchase common stock, net of issuance costs 12,366 0
Proceeds from sale of revenue participation right 200,000 0
Proceeds from exercise of awards under equity incentive plans 6,695 595
Payments for finance lease right-of-use asset (17) (4,357)
Net cash provided by (used in) financing activities 219,044 (3,762)
Net increase (decrease) in cash, cash equivalents and restricted cash 182,300 (116,482)
Cash, cash equivalents and restricted cash at beginning of period 208,432 176,535
Cash, cash equivalents and restricted cash at end of period 390,732 60,053
Supplemental disclosures of cash flow information    
Payment due on intangible asset acquired $ 36,000 $ 0