CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (232,020)	$ (187,647)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	30,374	21,064
Non-cash interest expense	4,882	206
Depreciation and amortization	238	230
Accretion and amortization of available-for-sale securities	(3,308)	(3,872)
Non-cash lease expense	(28)	(17)
Change in fair value of derivative liability	(6,340)	0
Loss on extinguishment of debt	4,449	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(4,736)	5,479
Accounts payable	(574)	6,396
Accrued and other liabilities	(17,573)	(9,721)
Other liabilities	(342)	(144)
Net cash used in operating activities	(224,978)	(168,026)
Cash flows from investing activities:
Purchases of marketable securities	(469,975)	(126,998)
Maturities of marketable securities	317,408	302,906
Purchase of property and equipment	(1,329)	(128)
Net cash provided by (used in) investing activities	(153,896)	175,780
Cash flows from financing activities:
Proceeds from the sale of convertible notes	250,000	0
Proceeds from the issuance of common stock in offerings	143,750	0
Proceeds from sale of common stock in at-the-market offerings	0	4,944
Payments of issuance costs associated with the sale of common stock	(8,270)	(207)
Payments of issuance costs associated with the sale of convertible notes	(7,506)	0
Prepayment of long-term debt	(54,700)	0
Proceeds from the exercise of warrants	0	1,618
Proceeds from issuance of common stock upon exercises of stock options	6,934	3,060
Proceeds from issuance of common stock under employee stock purchase plan	1,270	561
Net cash provided by financing activities	331,478	9,976
Net increase (decrease) in cash and cash equivalents	(47,396)	17,730
Cash and cash equivalents at beginning of period	212,382	99,594
Cash and cash equivalents at end of period	164,986	117,324
Supplemental disclosure of cash flow information
Cash paid for interest	2,227	905
Issuance of common stock upon the conversion of convertible preferred stock	34,032	0
Purchase of property and equipment included in accounts payable and accrued liabilities	446	0
Deferred issuance costs included in accounts payable and accrued liabilities	$ 1,016	$ 0

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

Name:	us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

- References

No definition available.