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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (209,360) $ (149,338) $ 24,926
Adjustments to reconcile net loss to net cash provided (used in) operating activities:      
Depreciation 12 33 43
(Accretion) amortization of investments (14,803) (3,382) 644
Non-cash operating lease expense 739 421 413
Non-cash interest income (expense) 0 1,103 (225)
Changes in fair value of derivative liability 0 (187) (389)
Stock-based compensation 30,951 16,019 13,317
Other 0 0 (1)
Changes in operating assets and liabilities:      
Prepaid expenses and other assets 676 (2,972) (1,394)
Collaboration receivable, net 10,706 (3,474) 0
Accounts payable 5,611 (1,319) 2,161
Deferred revenue 0 0 (13,133)
Accrued expenses and other liabilities 14,867 9,421 2,769
Net cash (used in) provided by operating activities (160,601) (133,675) 29,131
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment 0 0 (129)
Proceeds from sales of equipment 0 225 0
Purchases of short and long-term investments (354,606) (495,346) (294,719)
Proceeds from sales and maturities of short-term investments 472,215 308,933 253,975
Net cash provided by (used in) investing activities 117,609 (186,188) (40,873)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payment on term loan 0 (20,996) 0
Proceeds from ESPP 910 401 367
Proceeds from stock option exercises 5,128 11,459 6,336
Net cash provided by financing activities 264,132 172,254 118,464
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 221,140 (147,609) 106,722
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—beginning of year 74,471 222,080 115,358
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—end of year 295,611 74,471 222,080
Cash and cash equivalents 295,394 74,356 221,965
Restricted cash 217 115 115
Incyte Share Purchase Agreement [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock in follow-on public stock offering, net 0 0 24,848
Follow-on Public Offerings [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock in follow-on public stock offering, net 215,955 161,965 81,206
At-the-Market Offering [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock in follow-on public stock offering, net 42,139 19,425 5,131
Derivative Liability [Member] | Incyte Share Purchase Agreement [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock in follow-on public stock offering, net $ 0 $ 0 $ 576