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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 110,475 $ (141,327)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation expense 1,109 897
Gain on disposal of fixed asset (14) 0
Stock-based compensation expense 21,391 25,672
Non-cash lease expense 1,788 1,248
Changes in operating assets and liabilities:    
Accounts receivable (750) (245)
Prepaid expenses and other current assets 3,877 (4,971)
Other assets 2,056 465
Accounts payable (2,304) 44
Right-of-use assets and operating lease liabilities (1,432) (895)
Deferred revenue 155 0
Current tax liability 4,147 0
Accrued expenses and other current liabilities (5,701) 4,251
Net cash provided by (used in) operating activities 134,797 (114,861)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (1,417) (1,642)
Net cash used in investing activities (1,417) (1,642)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of issuance costs 0 (283)
Proceeds from issuance of common stock under the employee stock purchase plan 138 0
Proceeds from exercise of stock options 23 9,696
Net cash provided by financing activities 161 316,277
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 133,541 199,774
Cash, cash equivalents and restricted cash at beginning of period 561,380 332,359
Cash, cash equivalents and restricted cash at end of period 694,921 532,133
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for federal income taxes 2,250 0
Right-of-use assets obtained in exchange for operating lease obligation 0 5,737
Property and equipment purchases in accounts payable and accrued expenses 5 86
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 693,472 530,684
Restricted cash 1,449 1,449
Total cash, cash equivalents and restricted cash 694,921 532,133
Secondary Offering    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 0 151,340
At the Market Offering    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 0 155,695
Payment of issuance costs associated with issuance of common stock under the ATM agreement $ 0 $ (171)