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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net (loss) income $ (60,452) $ 78,527
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation expense 1,980 1,844
Stock‑based compensation expense 10,135 8,355
Amortization/(accretion) of marketable securities (2,299) (4,298)
Changes in operating assets and liabilities:    
Collaboration receivable 2,500 (1,796)
Prepaid expenses and other current assets 2,407 (192)
Right-of-use assets, operating leases 5,439 5,104
Other non-current assets 85 2,043
Accounts payable (2,231) (1,541)
Accrued expenses and other current liabilities (1,145) (906)
Income tax payable (667) 87
Operating lease liabilities (4,464) (3,787)
Deferred revenue (19,284) (69,126)
Net cash (used in) provided by operating activities (67,996) 14,314
Cash flows from investing activities:    
Purchases of property and equipment (1,419) (1,884)
Purchases of marketable securities (96,574) (207,627)
Maturities of marketable securities 136,573 211,275
Net cash provided by investing activities 38,580 1,764
Cash flows from financing activities:    
Proceeds from issuance of common stock and pre-funded warrants in registered direct offering, net of issuance costs paid 0 100,000
Proceeds from exercise of stock options 370 1,310
Proceeds from issuance of common stock under the employee stock purchase plan 317 263
Net cash provided by financing activities 687 101,573
Net (decrease) increase in cash, cash equivalents, and restricted cash (28,729) 117,651
Cash, cash equivalents, and restricted cash at beginning of period 105,161 71,552
Cash, cash equivalents, and restricted cash at end of period 76,432 189,203
Supplemental cash flow disclosures:    
Purchases of property and equipment included in accounts payable and accrued expenses 0 321
Vesting of options early exercised subject to repurchase 14 26
Deferred offering costs included in accrued expenses $ 0 $ 392