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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUE:        
Total revenue $ 14,262 $ 388 $ 243,676 $ 508
OPERATING EXPENSES:        
Research and development (19,519) (49,225) (111,731) (127,998)
General and administrative (10,127) (9,820) (35,106) (30,089)
Total operating expenses (29,646) (59,045) (146,837) (158,087)
INCOME (LOSS) FROM OPERATIONS (15,384) (58,657) 96,839 (157,579)
OTHER INCOME (EXPENSE), NET        
Dividend income 6,933 5,793 20,845 16,977
Other expense, net (253) (92) (812) (725)
Total other income, net 6,680 5,701 20,033 16,252
Income (loss) before income taxes (8,704) (52,956) 116,872 (141,327)
Income tax (provision) benefit 1,424 0 (6,397) 0
Net income (loss) (7,280) (52,956) 110,475 (141,327)
Net income (loss) attributable to common stockholders - basic (7,280) (52,956) 110,475 (141,327)
Net income (loss) attributable to common stockholders - diluted $ (7,280) $ (52,956) $ 110,475 $ (141,327)
Weighted average shares of common stock outstanding - Basic (in shares) 40,623,364 37,590,727 40,598,777 36,463,906
Weighted average shares of common stock outstanding - diluted (in shares) 40,623,364 37,590,727 41,202,371 36,463,906
Net income (loss) per share of common stock - Basic (in USD per share) $ (0.18) $ (1.41) $ 2.72 $ (3.88)
Net income (loss) per share of common stock - Diluted (in USD per share) $ (0.18) $ (1.41) $ 2.68 $ (3.88)
Service and other revenue        
REVENUE:        
Total revenue $ 4,262 $ 388 $ 38,321 $ 508
License revenue        
REVENUE:        
Total revenue $ 10,000 $ 0 $ 205,355 $ 0