v3.26.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 627,667 $ 51,087
Short-term investments 483,592 353,208
Accounts receivable, net 1,230 52
Prepaid expenses and other current assets 7,422 5,091
Total current assets 1,119,911 409,438
Long-term investments 113,868 110,135
Property and equipment, net 274 296
Right-of-use operating lease assets 1,293 1,337
Other assets and restricted cash 11,538 9,716
Total assets 1,246,884 530,922
Current liabilities:    
Accounts payable 5,274 9,725
Accrued expenses 31,125 19,452
Current portion of deferred revenue 1,485 1,188
Current portion of operating lease liabilities 399 367
Total current liabilities 38,283 30,732
Deferred revenue 6,322 5,770
Long-term operating lease liabilities 965 1,019
Total liabilities 45,570 37,521
Commitments and contingencies (Note 14)
Stockholders' equity/(deficit):    
Preferred stock; $0.001 par value per share; authorized shares - 10,000,000 at March 31, 2026 and December 31, 2025; issued and outstanding - none at March 31, 2026 and December 31, 2025 0 0
Common stock; $0.001 par value per share; authorized shares - 150,000,000 at March 31, 2026 and December 31, 2025; issued and outstanding shares - 54,582,749 and 43,223,090 at March 31, 2026 and December 31, 2025, respectively 54 43
Additional paid-in capital 1,579,398 829,598
Accumulated deficit (377,563) (336,729)
Accumulated other comprehensive (loss)/income (575) 489
Total stockholders' equity 1,201,314 493,401
Total liabilities and stockholders' equity $ 1,246,884 $ 530,922