CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 144,090	$ 357,011
Marketable securities (Note 4)	506,839	491,265
Prepaid expenses and other current assets	26,503	22,938
Total current assets	677,432	871,214
Marketable securities, non-current (Note 4)	894,724	771,158
Property and equipment, net (Note 6)	41,617	43,175
Right-of-use assets, operating leases	41,736	42,351
Other non-current assets	7,697	9,114
Restricted cash	5,810	5,800
Total assets	1,669,016	1,742,812
Current liabilities:
Accounts payable	12,839	4,015
Accrued expenses (Note 8)	35,095	42,274
Deferred revenue	0	22,925
Operating lease liabilities	12,032	11,941
Finance lease liabilities	1,701	1,815
Other current liabilities	976	242
Total current liabilities	62,643	83,212
Non-current liabilities
Deferred revenue, net of current portion	0	11,440
Operating lease liabilities, net of current portion	65,585	67,034
Finance lease liabilities, net of current portion	1,151	1,462
Total liabilities	129,379	163,148
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized at March 31, 2026 and December 31, 2025, 82,182,101 and 81,323,532 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	8	8
Additional paid-in capital	2,679,018	2,643,817
Accumulated deficit	(1,135,195)	(1,065,961)
Accumulated other comprehensive loss	(4,194)	1,800
Total stockholders’ equity	1,539,637	1,579,664
Total liabilities and stockholders’ equity	$ 1,669,016	$ 1,742,812

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).