v3.26.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 110,549 $ 51,087
Short-term investments 776,264 353,208
Accounts receivable, net 106 52
Prepaid expenses and other current assets 10,618 5,091
Total current assets 897,537 409,438
Long-term investments 303,633 110,135
Property and equipment, net 418 296
Right-of-use operating lease assets 1,223 1,337
Other assets and restricted cash 10,460 9,716
Total assets 1,213,271 530,922
Current liabilities:    
Accounts payable 6,390 9,725
Accrued expenses 26,101 19,452
Current portion of deferred revenue 1,524 1,188
Current portion of operating lease liabilities 374 367
Total current liabilities 34,389 30,732
Deferred revenue 5,944 5,770
Long-term operating lease liabilities 913 1,019
Total liabilities 41,246 37,521
Commitments and contingencies (Note 14)
Stockholders' equity/(deficit):    
Preferred stock; $0.001 par value per share; authorized shares - 10,000,000 at June 30, 2026 and December 31, 2025; issued and outstanding - none at June 30, 2026 and December 31, 2025 0 0
Common stock; $0.001 par value per share; authorized shares - 150,000,000 at June 30, 2026 and December 31, 2025; issued and outstanding shares - 54,798,338 and 43,223,090 at June 30, 2026 and December 31, 2025, respectively 55 43
Additional paid-in capital 1,601,876 829,598
Accumulated deficit (427,778) (336,729)
Accumulated other comprehensive (loss)/income (2,128) 489
Total stockholders' equity 1,172,025 493,401
Total liabilities and stockholders' equity $ 1,213,271 $ 530,922