CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 112,949	$ 120,256
Marketable securities (Note 4)	392,733	368,488
Contract assets	0	947
Prepaid expenses and other current assets	22,616	20,577
Total current assets	528,298	510,268
Marketable securities, non-current (Note 4)	473,055	362,159
Property and equipment, net (Note 6)	45,128	50,457
Right-of-use assets, operating leases	42,947	47,407
Other non-current assets	6,828	1,950
Restricted cash	5,788	5,794
Total assets	1,102,044	978,035
Current liabilities:
Accounts payable	5,506	5,989
Accrued expenses (Note 8)	28,639	34,867
Deferred revenue	23,279	13,576
Operating lease liabilities	11,853	11,594
Finance lease liabilities	1,890	1,518
Other current liabilities	408	223
Total current liabilities	71,575	67,767
Non-current liabilities
Deferred revenue, net of current portion	13,957	0
Operating lease liabilities, net of current portion	68,450	72,423
Finance lease liabilities, net of current portion	1,804	2,226
Total liabilities	155,786	142,416
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized at September 30, 2025 and December 31, 2024, 71,741,174 and 64,890,193 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	7	7
Additional paid-in capital	1,923,730	1,591,707
Accumulated deficit	(978,980)	(754,610)
Accumulated other comprehensive loss	1,501	(1,485)
Total stockholders’ equity	946,258	835,619
Total liabilities and stockholders’ equity	$ 1,102,044	$ 978,035

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).