v3.26.1
Condensed consolidated balance sheets (unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 111,826,000 $ 160,267,000
Marketable securities 407,348,000 385,789,000
Prepaid expenses and other current assets 11,141,000 11,481,000
Total current assets 530,315,000 557,537,000
Property and equipment, net 1,854,000 1,955,000
Restricted cash 761,000 761,000
Long-term marketable securities 62,747,000 106,672,000
Non-current clinical deposits 13,318,000 12,185,000
Operating lease right-of-use assets 10,170,000 10,463,000
Other non-current assets 5,591,000 2,721,000
Total assets 624,756,000 692,294,000
Current liabilities:    
Accounts payable 7,095,000 7,529,000
Accrued expenses and other current liabilities 46,714,000 37,836,000
Operating lease liabilities, current 1,027,000 1,040,000
Total current liabilities 54,836,000 46,405,000
Operating lease liabilities, non-current 9,443,000 9,713,000
Other non-current liabilities 201,000 270,000
Total liabilities 64,480,000 56,388,000
Commitments and contingencies (Note 12)
Convertible preferred stock:    
Convertible preferred stock 992,363,123 992,363,123
Stockholders' deficit:    
Common stock 0 0
Additional paid-in capital 15,977,000 11,981,000
Accumulated other comprehensive (loss) income (532,000) 229,000
Accumulated deficit (447,533,000) (368,668,000)
Total stockholders' deficit (432,088,000) (356,458,000)
Total liabilities, convertible preferred stock and stockholders' deficit 624,756,000 692,294,000
Series A Convertible Preferred Stock [Member]    
Convertible preferred stock:    
Convertible preferred stock 390,306,000 390,306,000
Series B Convertible Preferred Stock [Member]    
Convertible preferred stock:    
Convertible preferred stock $ 602,057,535 $ 602,057,535