Summary of significant accounting policies and basis of presentation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Summary of significant accounting policies and basis of presentation |
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| Schedule of money market funds and marketable securities |
Cash equivalents and marketable securities as of December 31, 2025 and 2024 consist of the following: | | | | | | | | | | | | | | | | | | | | | | | Unrealized Losses | | | | | | Amortized | | Unrealized | | Less than | | Greater than | | Fair | | | | Cost | | Gains | | 12 months | | 12 months | | Value | | | | | (in thousands) | | As of December 31, 2025 | | | | | | | | | | | | | | | | | Cash equivalents: | | | | | | | | | | | | | | | | | Money market funds | | $ | 51,161 | | $ | — | | $ | — | | $ | — | | $ | 51,161 | | Commercial paper | | | 3,477 | | | — | | | — | | | — | | | 3,477 | | Marketable securities: | | | | | | | | | | | | | | | | | U.S. Treasury notes | | | 72,665 | | | 141 | | | (1) | | | — | | | 72,805 | | U.S. Government agency securities | | | 15,376 | | | 18 | | | — | | | (7) | | | 15,387 | | Corporate bonds | | | 44,251 | | | 19 | | | (10) | | | — | | | 44,260 | | Commercial paper | | | 3,939 | | | — | | | — | | | — | | | 3,939 | | Total cash equivalents and marketable securities | | $ | 190,869 | | $ | 178 | | $ | (11) | | $ | (7) | | $ | 191,029 | | As of December 31, 2024 | | | | | | | | | | | | | | | | | Money market funds included in cash and cash equivalents | | $ | 59,658 | | | — | | | — | | | — | | $ | 59,658 | | Marketable securities: | | | | | | | | | | | | | | | | | U.S. Treasury notes | | | 125,996 | | | 32 | | | (45) | | | (200) | | | 125,783 | | U.S. Government agency securities | | | 27,552 | | | 6 | | | (5) | | | (35) | | | 27,518 | | Certificates of deposit | | | 4,280 | | | 6 | | | — | | | — | | | 4,286 | | Corporate bonds | | | 95,016 | | | 18 | | | (58) | | | — | | | 94,976 | | Commercial paper | | | 8,456 | | | 2 | | | — | | | — | | | 8,458 | | Total cash equivalents and marketable securities | | $ | 320,958 | | $ | 64 | | $ | (108) | | $ | (235) | | $ | 320,679 | |
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| Schedule of reconciliation of cash, cash equivalents, and restricted cash |
| | | | | | | | | As of December 31, | | | 2025 | | 2024 | | | | (in thousands) | Cash and cash equivalents | | $ | 65,300 | | $ | 71,367 | Restricted cash | | | 2,736 | | | 2,874 | Total cash, cash equivalents, and restricted cash | | $ | 68,036 | | $ | 74,241 |
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| Schedule of outstanding potentially dilutive securities that have been excluded in the calculation of diluted net (loss) income per share |
The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net (loss) income per share because to do so would be anti-dilutive: | | | | | | | | | | | | | | As of December 31, | | | | | 2025 | | | 2024 | | | 2023 | | Unvested restricted common stock awards | | | — | | | — | | | 22,500 | | Unvested restricted common stock units | | | 2,296,920 | | | 1,649,943 | | | 1,370,897 | | Outstanding stock options | | | 9,613,881 | | | 8,800,464 | | | 7,425,444 | | Total | | | 11,910,801 | | | 10,450,407 | | | 8,818,841 | |
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| Schedule of weighted average number of shares, basic and diluted |
| | | | | | | | | | | | | Year Ended December 31, | | | | 2025 | | 2024 | | 2023 | | | | | (in thousands, except share data) | | Numerator: | | | | | | | | | | | Net (loss) income | | $ | (119,721) | | $ | (65,002) | | $ | 132,330 | | Denominator for basic net (loss) income per share: | | | | | | | | | | | Weighted average shares outstanding-basic | | | 58,691,136 | | | 57,667,543 | | | 43,020,747 | | Denominator for diluted net (loss) income per share: | | | | | | | | | | | Weighted average shares outstanding | | | 58,691,136 | | | 57,667,543 | | | 43,020,747 | | Common stock options and restricted stock units | | | — | | | — | | | 1,548,587 | | Weighted average shares outstanding-diluted | | | 58,691,136 | | | 57,667,543 | | | 44,569,334 | | | | | | | | | | | | |
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