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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (62,846) $ (123,447)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 428 461
Stock-based compensation 27,566 25,864
Accretion/amortization of investments, net (4,394) (8,011)
Amortization of right-of-use assets – operating 1,389 1,335
Non-cash interest expense 60,182 32,683
Changes in operating assets and liabilities:    
Receivables from collaborative partners (34,920) (5,344)
Prepaid expenses and other assets 641 2,904
Accounts payable and other liabilities (64,915) 6,210
Operating lease liabilities (1,431) (1,320)
Net cash used in operating activities (78,300) (68,665)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of investments (196,411) (259,494)
Sales and maturities of investments 351,029 384,383
Purchases of property and equipment (86) (95)
Net cash provided by investing activities 154,532 124,794
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from public offerings, net of underwriters’ fees 0 94,369
Proceeds from issuance of common stock 2,049 5,918
Repurchase and retirements of common stock (65,242) 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 (24,835) (42,823)
Payments for offering costs 0 (370)
Payments for debt issuance costs 0 (103)
Net cash (used in) provided by financing activities (89,479) 99,487
Net (decrease) increase in cash and cash equivalents (13,247) 155,616
Cash and cash equivalents, beginning of period 123,080 35,965
Cash and cash equivalents, end of period 109,833 191,581
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest portion of repayment for sale of future royalties 56,929 0
Income taxes paid 44 0
Non-cash investing and financing activities:    
Amounts accrued for property and equipment 0 4
Amounts accrued for repurchases of common stock 554 0
Receivable related to issuance of common stock, upon exercise of stock options 452 0
Amounts accrued for offering costs $ 0 $ 122