Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 500,224	$ 110,641
Short-term investments	216,981	232,551
Prepaid expenses and other current assets	12,959	7,979
Total current assets	730,164	351,171
Property and equipment, net	28	34
Operating lease right-of-use assets, net	1,090	1,354
Long-term investments	1,340	17,272
Other non-current assets	15,060	13,809
Total assets	747,682	383,640
Current liabilities:
Accounts payable	8,944	7,111
Accrued expenses	51,180	54,423
Operating lease liabilities, current	1,037	1,115
Total current liabilities	61,161	62,649
Long-term liabilities:
Royalty obligation	84,900	78,636
Senior secured term loan, net	72,084
Convertible senior notes, net	193,631
Operating lease liabilities, less current portion	77	211
Total long-term liabilities	350,692	78,847
Total liabilities	411,853	141,496
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, par value $0.0001 per share; 25,000,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock, par value $0.0001 per share; 175,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively; 62,383,377 and 54,485,518 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	6	5
Additional paid-in capital	1,182,315	1,007,331
Accumulated other comprehensive loss	(377)	(64)
Accumulated deficit	(846,115)	(765,128)
Total stockholders' equity	335,829	242,144
Total liabilities and stockholders' equity	$ 747,682	$ 383,640

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).