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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (177,440) $ (110,771)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,564 2,358
Amortization and premium of marketable securities, net (4,973) (12,386)
Loss on sale or disposal of assets 12 12
Stock-based compensation expense 27,308 24,462
Changes in operating assets and liabilities:    
Accounts and other receivables 610 1,776
Prepaid and other current assets 235 (19,961)
Other assets 383 (9,640)
Accounts payable and accrued expenses 6,430 3,640
Other liabilities (2,134) (4,792)
Net cash used in operating activities (147,005) (125,302)
Cash flows from investing activities:    
Sales and maturities of marketable securities 484,788 347,732
Purchases of marketable securities (329,708) (660,745)
Acquisition of property and equipment (1,433) (1,163)
Net cash provided by (used in) investing activities 153,647 (314,176)
Cash flows from financing activities:    
Net proceeds from stock issuances   432,298
Proceeds from issuance of stock from employee benefit plans 1,039 8,765
Net cash provided by financing activities 1,039 441,063
Net increase in cash and cash equivalents 7,681 1,585
Cash and cash equivalents at beginning of period 28,356 34,814
Cash and cash equivalents at end of period 36,037 36,399
Non-cash investing activities    
Accrued construction in progress $ 472 $ 232