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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 87,014 $ (187,353)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation expense 1,509 1,229
Gain on disposal of fixed asset (13) 0
Stock-based compensation expense 28,696 34,872
Non-cash lease expense 2,410 1,820
Changes in operating assets and liabilities:    
Accounts receivable (825) (2,599)
Prepaid expenses and other current assets 4,018 (10,217)
Current income tax receivable (2,250) 0
Other assets 2,056 (4)
Accounts payable (3,001) (249)
Right-of-use assets and operating lease liabilities (1,978) (1,320)
Accrued expenses and other current liabilities (10,131) 2,952
Net cash provided by (used in) operating activities 107,505 (160,869)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (1,551) (1,931)
Net cash used in investing activities (1,551) (1,931)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of issuance costs 0 (283)
Payment of issuance costs associated with issuance of common stock under the ATM agreement 0 (171)
Proceeds from issuance of common stock under the employee stock purchase plan 138 0
Repurchase of treasury stock (375,000) 0
Payment of direct expenses associated with the treasury stock repurchase (3,897) 0
Short-swing profit settlement 139 0
Proceeds from exercise of stock options 150 12,141
Net cash provided by (used in) financing activities (378,470) 391,821
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (272,516) 229,021
Cash, cash equivalents and restricted cash at beginning of year 561,380 332,359
Cash, cash equivalents and restricted cash at end of year 288,864 561,380
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for taxes 7,145 0
Property and equipment purchases in accounts payable and accrued expenses 5 0
Treasury stock repurchase costs in accounts payable and accrued expenses 5,661 0
Right-of-use assets obtained in exchange for operating lease obligation 0 5,737
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 287,415 559,931
Restricted cash 1,449 1,449
Total cash, cash equivalents and restricted cash 288,864 561,380
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 $ 228,794