v3.25.3
Condensed Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 95,287 $ 224,462
Short-term investments 454,378 502,933
Receivable from contracts with collaborators 35,936 2,060
Prepaid expenses and other current assets 35,062 15,374
Total current assets 620,663 744,829
Property and equipment, net 7,397 1,682
Operating lease right-of-use assets 7,539 5,803
Other long-term assets 13,782 7,845
Total assets 649,381 760,159
Current liabilities:    
Accounts payable and accrued expenses 66,788 49,953
Current operating lease liabilities 1,429 1,881
Current portion of long-term debt 4,337 2,607
Current portion of contract liabilities 48,750 24,271
Total current liabilities 121,304 78,712
Long-term debt, net of current portion 5,336 6,916
Long-term operating lease liabilities 8,364 5,190
Other long-term liabilities 2,981 1,795
Long-term contract liabilities 268,854 253,906
Total liabilities 406,839 346,519
Stockholders' equity:    
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding
Common stock, $0.0001 par value; 200,000 shares authorized; 87,016 and 78,229 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 9 8
Additional paid-in capital 1,334,704 1,308,290
Accumulated other comprehensive income 918 764
Accumulated deficit (1,093,089) (895,422)
Total stockholders' equity 242,542 413,640
Total liabilities and stockholders' equity $ 649,381 $ 760,159