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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:      
Net loss   $ (85,526) $ (92,475)
Adjustments to reconcile net loss to net cash used in operating activities:      
Non-cash royalty revenue related to the sales of future royalties   (20,992) (21,635)
Non-cash interest expense on liabilities related to the sales of future royalties $ 7,206 15,148 10,368
Loss from equity method investment 319 2,069 6,847
Stock-based compensation 3,365 6,720 7,384
Depreciation and amortization expense   307 640
Amortization of premiums (discounts), net   (5,233) (2,193)
Changes in operating assets and liabilities:      
Operating leases, net   (6,835) (5,580)
Other assets   (39,884) (4,973)
Accounts payable   14,121 2,886
Accrued expenses   37 3,940
Net cash used in operating activities   (120,068) (94,791)
Cash flows from investing activities:      
Purchases of investments   (987,707) (43,852)
Maturities of investments   237,920 137,892
Purchases of property and equipment   (112) (39)
Payment of transaction costs and working capital adjustment from the sale of the Huntsville manufacturing facility   0 (697)
Net cash provided by (used in) investing activities   (749,899) 93,304
Cash flows from financing activities:      
Proceeds from shares issued under equity compensation plans   4,933 218
Payments of offering costs associated with issuance of common stock and pre-funded warrants   (1,239) 0
Net cash provided by financing activities   894,118 218
Effect of foreign exchange rates on cash and cash equivalents   0 5
Net increase (decrease) in cash and cash equivalents   24,151 (1,264)
Cash and cash equivalents at beginning of period   15,116 44,252
Cash and cash equivalents at end of period 39,267 39,267 42,988
Non-cash financing activities:      
Offering costs associated with issuance of common stock and pre-funded warrants included in accounts payable and accrued expenses   250 0
Underwritten Offering      
Cash flows from financing activities:      
Proceeds from offering, net   783,725 0
Payments of offering costs associated with issuance of common stock and pre-funded warrants (23,324)    
At-the-Market Offering      
Cash flows from financing activities:      
Proceeds from offering, net   $ 106,699 $ 0
Payments of offering costs associated with issuance of common stock and pre-funded warrants $ (420)