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Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
REVENUE:    
Total revenue $ 244,061 $ 3,550
OPERATING EXPENSES:    
Research and development (129,643) (173,629)
General and administrative (46,849) (40,754)
Total operating expenses (176,492) (214,383)
INCOME (LOSS) FROM OPERATIONS 67,569 (210,833)
OTHER INCOME (EXPENSE), NET:    
Research and development incentive income 0 1,238
Dividend income 24,867 23,496
Other expense, net (539) (954)
Total other income, net 24,328 23,780
Income (loss) before income taxes 91,897 (187,053)
Income tax provision (4,883) (300)
Net income (loss) 87,014 (187,353)
Net income (loss) attributable to common stockholders - basic 87,014 (187,353)
Net income (loss) attributable to common stockholders - diluted $ 87,014 $ (187,353)
Weighted-average common stock outstanding - basic (in shares) 37,221,211 37,437,652
Weighted-average common stock outstanding - diluted (in shares) 37,859,106 37,437,652
Net income (loss) per share of common stock - basic (in dollars per share) $ 2.34 $ (5.00)
Net income (loss) per share of common stock - diluted (in dollars per share) $ 2.30 $ (5.00)
Service and other revenue    
REVENUE:    
Total revenue $ 38,706 $ 550
License revenue    
REVENUE:    
Total revenue $ 205,355 $ 3,000