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Consolidated statements of cash flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 112,879 $ (26,374)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation 477 563
Amortization and accretion of marketable securities (494) (24)
Stock-based compensation 6,753 5,410
Reduction in the carrying amount of right of use assets 599 550
Changes in assets and liabilities:    
Prepaid expenses and other current assets (2,555) (349)
Accounts payable, accrued liabilities and lease liabilities 4,741 (1,919)
Deferred revenue 9,427 (2,423)
Net cash provided by (used in) operating activities 131,827 (24,566)
Cash flows from investing activities:    
Purchases of marketable securities (19,016)  
Purchases of property and equipment (152) (12)
Sales of marketable securities 32,800 10,000
Net cash provided by investing activities 13,632 9,988
Cash flows from financing activities:    
Proceeds from Employee Stock Purchase Plan 370 168
Proceeds from issuance of common stock upon exercise of stock options 1,004 250
Proceeds from issuance of common stock in controlled equity offering sales agreements   1,299
Net cash provided by financing activities 1,374 1,717
Net increase (decrease) in cash, cash equivalents and restricted cash 146,833 (12,861)
Cash, cash equivalents and restricted cash—beginning of period 128,780 192,011
Cash, cash equivalents and restricted cash—end of period 275,613 179,150
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Property and equipment included in accrued expense and accounts payable $ 27 6
Deferred offering costs not yet paid   $ 402