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CONSOLIDATED 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 $ (157,863) $ (141,429) $ (112,325)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,177 3,008 2,896
Amortization and premium of marketable securities, net (15,749) (6,222) 844
Loss on sale or disposal of assets 16   2
Gain on fair value remeasurement of contingent consideration     (6,862)
Stock-based compensation expense 34,242 23,890 15,611
Changes in operating assets and liabilities:      
Accounts and other receivables 1,928 (2,281) (175)
Prepaid and other current assets (19,887) 5,900 (9,572)
Other assets (9,640) (3)  
Accounts payable and accrued expenses 11,634 9,384 3,123
Other liabilities (5,636) 462 2,726
Net cash used in operating activities (157,778) (107,291) (103,732)
Cash flows from investing activities:      
Sales and maturities of marketable securities 501,714 320,597 280,666
Purchases of marketable securities (789,924) (424,561) (188,965)
Acquisition of property and equipment (1,919) (1,818) (1,828)
Proceeds from sale or disposal of assets     69
Net cash (used in) provided by investing activities (290,129) (105,782) 89,942
Cash flows from financing activities:      
Net proceeds from stock issuances 432,298 216,222  
Proceeds from issuance of stock from employee benefit plans 9,151 2,236 4,076
Net cash provided by financing activities 441,449 218,458 4,076
Net increase (decrease) in cash and cash equivalents (6,458) 5,385 (9,714)
Cash and cash equivalents at beginning of period 34,814 29,429 39,143
Cash and cash equivalents at end of period 28,356 34,814 29,429
Non-cash investing activities      
Accrued construction in progress $ 27 $ 77 $ 113