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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (38,914) $ 23,371
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of intangible assets 73 73
Depreciation and amortization 225 659
Accretion of discounts on short-term investments (2,154) (851)
Stock-based compensation expense 7,283 3,439
Non-cash lease expense 2,497 2,189
Changes in operating assets and liabilities    
Accounts receivable (35,481) 1,234
Prepaid expenses and other assets (3,746) (1,076)
Accounts payable 638 (853)
Accrued liabilities and other long-term liabilities (261) (3,209)
Deferred revenue 26,223 (61,772)
Net cash used in operating activities (43,617) (36,796)
Cash flows from investing activities:    
Purchases of property and equipment 0 (146)
Purchases of short-term investments (311,824) (128,618)
Maturities of short-term investments 125,000 83,000
Net cash used in investing activities (186,824) (45,764)
Cash flows from financing activities:    
Proceeds from issuance of pre-funded warrants, net of issuance cost 5,855 0
Proceeds from issuance of common stock, net issuance cost 228,407 93,373
Proceeds from employee stock purchase plan and exercise of stock options 736 177
Net cash provided by financing activities 234,998 93,550
Net increase in cash, cash equivalents and restricted cash 4,557 10,990
Cash, cash equivalents and restricted cash, beginning of period 14,194 39,079
Cash, cash equivalents and restricted cash, end of period 18,751 50,069
Supplemental disclosures of noncash investing items:    
Right-of-use assets obtained in exchange for lease obligations. 4,138 0
Common stock issuance costs included in accrued liabilities $ 40 $ 0