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Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (46,333) $ (57,366)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 932 1,060
Stock-based compensation 18,331 21,662
Accretion of discounts on investments, net (5,510) (9,427)
Changes in operating assets and liabilities:    
Accounts receivable (149) 0
Prepaid expenses and other current assets (2,955) (1,049)
Other long-term assets (305) 191
Accounts payable (1,954) (524)
Accrued expenses 2,015 4,627
Deferred revenue 36,149 0
Operating lease right-of-use assets and liabilities, net (74) (11)
Net cash provided by (used in) operating activities 147 (40,837)
Cash flows from investing activities    
Purchases of property and equipment (475) (844)
Purchases of short-term investments (257,593) (463,976)
Maturities of short-term investments 227,570 125,990
Net cash used in investing activities (30,498) (338,830)
Cash flows from financing activities    
Proceeds from exercise of common stock options and employee stock purchase plan 5,785 1,855
Payments of issuance costs 0 (347)
Net cash provided by financing activities 5,785 1,508
Net decrease in cash, cash equivalents and restricted cash (24,566) (378,159)
Cash, cash equivalents and restricted cash - beginning of year 53,150 431,421
Cash, cash equivalents and restricted cash - end of period 28,584 53,262
Supplemental disclosure of noncash investing and financing activities    
Unpaid property and equipment 0 47
Unrealized gain (loss) on available-for-sale securities, net $ (6,621) $ 1,584