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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (92,036) $ (156,693)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 9 0
Accretion of investments (1,568) (6,810)
Non-cash operating lease expense 260 393
Stock-based compensation 26,067 24,167
Non-cash interest on convertible note 555 0
Amortization of debt issuance costs 359 167
Changes in operating assets and liabilities:    
Accounts receivable (7,071) (11,852)
Inventory, net (220) (17,107)
Prepaid expenses and other assets 9,226 (4,778)
Collaboration receivable (payable), net 1,386 (31,547)
Other receivable 3,701 6
Accounts payable (11,706) 5,727
Accrued expenses and other liabilities (9,579) 15,370
Net cash used in operating activities (80,617) (182,957)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (40) 0
Purchases of short and long-term investments (125,261) (102,251)
Proceeds from sales and maturities of short-term investments 146,777 238,280
Net cash provided by investing activities 21,476 136,029
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from convertible note 250,000 0
Issuance costs of convertible note (6,152) 0
Proceeds from Employee Stock Purchase Plan 625 1,013
Proceeds from stock option exercises 16,215 468
Net cash provided by financing activities 260,688 1,481
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 201,547 (45,447)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—beginning of period 135,032 154,300
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —end of period 336,579 108,853
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for royalty interest financing $ 15,332 $ 1,879