Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (176,281)	$ (140,423)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	72	93
Stock-based compensation expense	28,421	16,556
Non-cash operating lease expense	516	506
Amortization of premiums and discounts on marketable securities, net	(1,344)	(2,216)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,188)	6,917
Accounts payable	(1,352)	16,304
Accrued expenses	(10,446)	(4,806)
Operating lease liabilities	(449)	(614)
Other	(643)	(3)
Net cash used in operating activities	(163,694)	(107,686)
Cash flows from investing activities:
Capitalized internal-use software costs	(773)	0
Purchases of property and equipment	(307)	(56)
Purchases of marketable securities	(564,050)	(158,404)
Maturities of marketable securities	231,837	125,290
Net cash used in investing activities	(333,293)	(33,170)
Cash flows from financing activities:
Payments of tax withholdings related to vesting of restricted stock units	(13,233)	(1,218)
Proceeds from exercise of stock options and employee stock purchase plan purchases	6,001	854
Net cash provided by financing activities	614,003	82,899
Increase (decrease) in cash, cash equivalents and restricted cash	117,016	(57,957)
Cash, cash equivalents and restricted cash, beginning of period	357,745	215,788
Cash, cash equivalents and restricted cash, end of period	474,761	157,831
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	474,761	157,415
Restricted cash	0	416
Total cash, cash equivalents and restricted cash	474,761	157,831
Supplemental disclosures of non-cash activities:
Purchase of property and equipment included in accrued expenses and accounts payable	110	64
Right-of-use assets obtained in exchange for lease obligations	1,425	0
Follow-On Offering
Cash flows from financing activities:
Proceeds from stock offerings, net of issuance costs	621,235	0
At-The-Market Offering
Cash flows from financing activities:
Proceeds from stock offerings, net of issuance costs	$ 0	$ 83,263

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

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Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

- References

No definition available.