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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (98,404) $ (68,634)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation expense 12,498 9,639
Right-of-use asset - operating lease 860 726
Amortization (accretion) of premium (discount) on investment securities (2,655) (4,232)
Other non-cash items 165 50
Changes in assets and liabilities:    
Accounts receivable (17,243)  
Prepaid expenses and other assets (13,106) (4,081)
Accounts payable (3,184) (235)
Accrued expenses 3,054 3,361
Operating lease liabilities (893) (444)
Deferred revenue 16,537  
Net cash used in operating activities (102,371) (63,850)
Investing activities    
Purchases of short-term investments (1,409,582) (3,495,821)
Sales and maturities of short-term investments 1,549,000 3,308,000
Purchases of property and equipment (590) (325)
Net cash provided by (used in) investing activities 138,828 (188,146)
Financing activities    
Proceeds from exercise of stock options and warrants 3 4,785
Proceeds from public offering, net of underwriting discounts and issuance costs   117,172
Proceeds from at-the-market offering, net of issuance costs   35,245
Net cash provided by financing activities 3 157,202
Net increase (decrease) in cash, cash equivalents and restricted cash 36,460 (94,794)
Cash, cash equivalents and restricted cash, beginning of period 59,820 175,693
Cash, cash equivalents and restricted cash, end of period $ 96,280 80,899
Supplemental disclosure of non-cash transactions:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities   $ 5,753