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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (256,000) $ (257,089)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,414 5,370
Stock–based compensation expense 46,002 50,547
Net accretion of discounts on marketable securities (2,704) (6,585)
Non-cash adjustment to operating lease expense (2,353) (2,161)
Right-of-use asset amortization for finance lease 1,831 1,798
Non-cash interest expense related to revenue participation right liability 5,941 0
Other non-cash items (223) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (3,927) 0
Inventory (4,139) 0
Prepaid expenses and other current assets (2,613) (3,650)
Other non-current assets (304) 3,022
Accounts payable 4,102 (43)
Accruals and other current liabilities (19,107) (14,151)
Deferred research and development funding liability (1,126) 16,176
Net cash used in operating activities (228,206) (206,766)
Investing activities    
Purchases of marketable securities (394,579) (137,926)
Maturities and sales of marketable securities 417,032 323,965
Purchases of property and equipment (3,271) (9,356)
Cash paid to acquire finite-lived intangible asset (28,800) 0
Net cash provided by (used in) investing activities (9,618) 176,683
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 21,700 4,652
Payments for finance lease right-of-use asset (38) (6,791)
Net cash provided by (used in) financing activities 234,028 (2,139)
Net decrease in cash, cash equivalents and restricted cash (3,796) (32,222)
Cash, cash equivalents and restricted cash at beginning of period 208,432 176,535
Cash, cash equivalents and restricted cash at end of period 204,636 144,313
Supplemental disclosures of cash flow information    
Payment due on intangible asset acquired $ 7,200 $ 0