Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 419,365	$ 225,266
Restricted cash	317	316
Short-term investments	271,313	488,182
Prepaid expenses and other current assets	29,583	6,537
Total current assets	720,578	720,301
Non-current assets:
Property and equipment, net	1,781	1,059
Operating lease right-of-use assets	19,410	20,616
Goodwill	1,968	2,001
Other assets	8,448	7,205
Total assets	752,185	751,182
Current liabilities:
Accounts payable	22,896	20,292
Accrued liabilities	65,055	32,100
Accrued compensation	9,443	14,925
Operating lease liabilities, current portion	3,550	3,388
Other current liabilities	2,622	2,283
Total current liabilities	103,566	72,988
Non-current liabilities:
Operating lease liabilities, net of current portion	16,834	17,502
Other non-current liabilities	1,802	1,832
Total liabilities	122,202	92,322
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.01 par value: 1,000,000,000 shares authorized; 793,120,362 and 775,371,200 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	7,931	7,754
Additional paid-in capital	3,324,000	2,947,805
Accumulated other comprehensive loss	(2,665)	(2,540)
Accumulated deficit	(2,699,283)	(2,294,159)
Total stockholders' equity	629,983	658,860
Total liabilities and stockholders' equity	$ 752,185	$ 751,182

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).