v3.26.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Selected Financial Information with Respect to Operating Segment The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025 and 2024 (amounts in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

License revenue

 

$

 

 

$

167,500

 

Research and development expenses

 

 

 

 

 

 

Personnel-related costs

 

 

45,758

 

 

 

34,548

 

Clinical trial expenses

 

 

18,467

 

 

 

10,511

 

Outside research and development services

 

 

16,783

 

 

 

14,458

 

Manufacturing expenses

 

 

6,308

 

 

 

3,606

 

Facilities, depreciation, and other expenses

 

 

21,132

 

 

 

20,373

 

Total research and development expenses

 

 

108,448

 

 

 

83,496

 

General and administrative expenses

 

 

34,451

 

 

 

26,418

 

Segment operating expenses

 

 

142,899

 

 

 

109,914

 

Segment (loss) income from operations

 

 

(142,899

)

 

 

57,586

 

Segment interest and other income, net

 

 

11,779

 

 

 

4,654

 

Change in fair value of convertible promissory notes

 

 

 

 

 

(8,837

)

Segment (loss) income before income taxes

 

$

(131,120

)

 

$

53,403

 

Summary of Estimated Useful Lives of Property and Equipment The Company’s estimated useful lives of its property and equipment are as follows:

 

Laboratory equipment

5 years

Computer equipment

3 years

Furniture and fixtures

5 years

Software

3 years

Leasehold improvements

Shorter of remaining lease term or estimated useful life