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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 $ (152,188) $ (110,396)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,756 1,740
Amortization and premium of marketable securities, net (2,328) (3,955)
Loss on sale or disposal of assets 4 6
Stock-based compensation expense 16,931 18,507
Changes in operating assets and liabilities:    
Accounts and other receivables 1,785 610
Prepaid and other current assets 5,116 3,020
Other assets (2,076) 447
Accounts payable and accrued expenses 9,850 (6,632)
Other liabilities (1,848) (1,724)
Net cash used in operating activities (122,998) (98,377)
Cash flows from investing activities:    
Sales and maturities of marketable securities 283,876 367,873
Purchases of marketable securities (462,461) (274,080)
Acquisition of property and equipment (4,818) (993)
Net cash (used in) provided by investing activities (183,403) 92,800
Cash flows from financing activities:    
Net proceeds from stock issuances 323,832  
Proceeds from issuance of stock from employee benefit plans 1,152 265
Net cash provided by financing activities 324,984 265
Net increase (decrease) in cash and cash equivalents 18,583 (5,312)
Cash and cash equivalents at beginning of period 28,871 28,356
Cash and cash equivalents at end of period 47,454 23,044
Non-cash investing activities    
Accrued construction in progress $ 577 $ 49