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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (103,365) $ (118,556)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation expense 16,063 19,261
Accretion of discount on marketable securities (1,331) (4,017)
Depreciation and amortization 158 153
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,426 5,259
Accounts payable 2,883 779
Accrued expenses and other liabilities (98) (3,643)
Net cash used in operating activities (84,264) (100,764)
Investing activities:    
Maturities of marketable securities 107,799 294,572
Purchase of marketable securities (34,707) (204,366)
Net cash provided by investing activities 73,092 90,206
Financing activities:    
Issuance of common stock under equity-based compensation plans 1,480 373
Net cash provided by financing activities 1,480 373
Net decrease in cash and cash equivalents (9,692) (10,185)
Cash and cash equivalents at beginning of period 88,332 83,005
Cash and cash equivalents at end of period 78,640 72,820
Non-cash investing and financing activities and supplemental disclosure of cash flow information:    
Cash refunded for income taxes 0 (2,970)
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities $ 0 $ 38