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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (77,959) $ (90,596)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 288 317
Stock-based compensation 18,409 17,675
Accretion/amortization of investments, net (3,264) (5,445)
Amortization of right-of-use assets – operating 919 883
Non-cash interest expense 37,667 17,270
Changes in operating assets and liabilities:    
Receivables from collaborative partners 19,347 (2,156)
Prepaid expenses and other assets 944 1,499
Accounts payable and other liabilities (46,354) 2,846
Operating lease liabilities (941) (868)
Net cash used in operating activities (50,944) (58,575)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of investments (176,755) (208,149)
Sales and maturities of investments 228,079 274,383
Purchases of property and equipment (74) (60)
Net cash provided by investing activities 51,250 66,174
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 1,713 1,790
Repurchase and retirements of common stock (55,522) 0
Proceeds from the sale of future royalties 0 50,000
Payment for net share settlement of equity awards (1,451) (7,504)
Principal repayment of liability for sale of future royalties (23,828) (15,993)
Payments for debt issuance costs 0 (36)
Net cash (used in) provided by financing activities (79,088) 28,257
Net (decrease) increase in cash and cash equivalents (78,782) 35,856
Cash and cash equivalents, beginning of period 123,080 35,965
Cash and cash equivalents, end of period 44,298 71,821
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest portion of repayment for sale of future royalties 35,904 0
Income taxes paid 44 0
Non-cash investing and financing activities:    
Amounts accrued for issuance costs related to the sale of future royalties 0 67
Amounts accrued for repurchases of common stock 480 0
Receivable related to issuance of common stock, upon exercise of stock options $ 0 $ 29