v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 815,435 $ 383,745
Marketable securities 3,122,534 1,641,934
Prepaid expenses and other current assets 90,369 49,358
Total current assets 4,028,338 2,075,037
Property and equipment, net 34,608 33,194
Operating lease right-of-use asset 127,844 132,084
Intangible assets, net 55,800 55,800
Goodwill 14,608 14,608
Restricted cash 4,858 4,858
Long-term deposits 42,454 24,148
Other noncurrent assets 14,760 14,779
Total assets 4,323,270 2,354,508
Current liabilities:    
Accounts payable 88,419 64,616
Accrued expenses and other current liabilities 248,889 209,340
Operating lease liability, current 16,753 16,468
Total current liabilities 354,061 290,424
Deferred tax liability 2,353 2,353
Operating lease liability, noncurrent 137,741 142,234
Liability related to the sale of future royalties 548,542 268,446
Convertible senior notes, noncurrent 487,434 0
Warrant liability 185,253 18,546
Other noncurrent liabilities 1,648 1,208
Total liabilities 1,717,032 723,211
Commitments and contingencies (Note 7)
Stockholders' equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; none issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 214,242,688 and 197,001,401 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 21 19
Additional paid-in capital 6,579,456 4,497,143
Accumulated other comprehensive income (loss) (5,950) 3,237
Accumulated deficit (3,967,289) (2,869,102)
Total stockholders' equity 2,606,238 1,631,297
Total liabilities and stockholders' equity $ 4,323,270 $ 2,354,508