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Consolidated statements of operations and comprehensive income (loss) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 158,569,000 $ 4,216,000
Operating expenses:    
Research and development 32,676,000 22,368,000
General and administrative 14,653,000 10,220,000
Total operating expenses 47,329,000 32,588,000
Income (loss) from operations 111,240,000 (28,372,000)
Other income (expense):    
Interest income (expense), net 2,889,000 2,426,000
Other income (expense), net 28,000 (428,000)
Total other income (expense) 2,917,000 1,998,000
Income (loss) before income taxes 114,157,000 (26,374,000)
Provision for income taxes 1,278,000 0
Net income (loss) $ 112,879,000 $ (26,374,000)
Net income (loss) per share:    
Basic $ 1.95 $ (0.57)
Diluted $ 1.9 $ (0.57)
Weighted-average common shares outstanding:    
Basic 57,862,674 46,246,889
Diluted 59,398,600 46,246,889
Comprehensive income (loss):    
Net Income (Loss) $ 112,879,000 $ (26,374,000)
Other comprehensive gain:    
Unrealized gain on marketable securities 47,000 24,000
Total other comprehensive gain 47,000 24,000
Comprehensive income (loss) $ 112,926,000 $ (26,350,000)