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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUE:        
Total revenue $ 0 $ 18,168 $ 367 $ 229,414
OPERATING EXPENSES:        
Research and development (22,331) (43,503) (38,428) (92,212)
General and administrative (8,606) (14,482) (18,753) (24,979)
Total operating expenses (30,937) (57,985) (57,181) (117,191)
INCOME (LOSS) FROM OPERATIONS (30,937) (39,817) (56,814) 112,223
OTHER INCOME (EXPENSE), NET        
Dividend income 2,287 7,120 4,622 13,912
Other expense, net (60) (221) (226) (559)
Total other income, net 2,227 6,899 4,396 13,353
Income (loss) before income taxes (28,710) (32,918) (52,418) 125,576
Income tax (provision) benefit 0 2,222 0 (7,821)
Net income (loss) (28,710) (30,696) (52,418) 117,755
Net income (loss) attributable to common stockholders - basic (28,710) (30,696) (52,418) 117,755
Net income (loss) attributable to common stockholders - diluted $ (28,710) $ (30,696) $ (52,418) $ 117,755
Weighted-average shares of common stock outstanding — basic (in shares) 19,800,322 40,612,907 19,715,585 40,586,279
Weighted-average shares of common stock outstanding — diluted (in shares) 19,800,322 40,612,907 19,715,585 41,153,758
Net income (loss) per share of common stock — basic (in USD per share) $ (1.45) $ (0.76) $ (2.66) $ 2.90
Net income (loss) per share of common stock — diluted (in USD per share) $ (1.45) $ (0.76) $ (2.66) $ 2.86
Service and other revenue        
REVENUE:        
Total revenue $ 0 $ 18,168 $ 367 $ 34,059
License revenue        
REVENUE:        
Total revenue $ 0 $ 0 $ 0 $ 195,355