Commitments and Contingencies	6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Revolution Medicines Funding Commitments In June 2025, we entered into a two part funding arrangement for up to $2 billion with Revolution Medicines. The funding arrangement is comprised of the purchase of a royalty on daraxonrasib and senior secured term loans. The royalty purchase is comprised of five $250 million tranches, totaling up to $1.25 billion. Out of the five tranches, the first tranche was funded upon closing and recorded as R&D funding expense. The required second tranche was funded in the second quarter of 2026 and recorded as a financial royalty asset. Revolution Medicines has the option to draw the remaining tranches upon the achievement of certain clinical, regulatory or sales-based milestones. If funded, these tranches will be accounted for as financial royalty assets. As of June 30, 2026, $750 million of the royalty remained unfunded. The term loans include three $250 million tranches, totaling up to $750 million. Out of the three tranches, Revolution Medicines is required to draw the first tranche upon the occurrence of a certain regulatory milestone and has the option to draw the remaining tranches upon the achievement of certain sales-based milestones. As of June 30, 2026, $750 million of the term loans remained unfunded. As of June 30, 2026 and December 31, 2025, we recorded an allowance for credit losses of $52.4 million and $89.0 million, respectively, related to the unfunded portions of the funding arrangements with Revolution Medicines. Cytokinetics Funding Commitments As of June 30, 2026, $175 million remained available under the Cytokinetics Funding Commitments. R&D Funding Commitments Funding commitments under our R&D funding agreements are described in Note 11–Research and Development Funding Expense. Leases In connection with the Internalization, we entered into an operating lease for our office space, as amended in June 2026. The lease has a non-cancelable term through 2037 and average annual minimum payments of approximately $4.0 million. Indemnifications In the ordinary course of our business, we may enter into contracts or agreements that contain customary indemnifications relating to such things as confidentiality agreements and representations as to corporate existence and authority to enter into contracts. The maximum exposure under such agreements is indeterminable until a claim, if any, is made. However, no such claims have been made against us to date and we believe that the likelihood of such proceedings taking place in the future is remote. Legal Proceedings We are a party to legal actions with respect to a variety of matters in the ordinary course of business. Some of these proceedings may be based on complex claims involving substantial uncertainties and unascertainable damages. Unless otherwise noted, it is not possible to determine the probability of loss or estimate damages, and therefore we have not established accruals for any of these proceedings on our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. When we determine that a loss is both probable and reasonably estimable, we record a liability, and, if the liability is material, we disclose the amount of the liability reserved. We do not believe the outcome of any existing legal proceedings to which we are a party, either individually or in the aggregate, will adversely affect our business, financial condition or results of operations. Beginning in the second quarter of 2025, we did not receive from Vertex the full amount of royalty receipts on Alyftrek net sales to which we believe that we are contractually entitled. Accordingly, we commenced the dispute resolution procedures contemplated by the agreements relating to our royalties on Vertex’s cystic fibrosis products. Any amounts receivable by us, if any, in connection with this dispute will be recognized only upon the resolution of the matter in our favor.

In June 2025, we entered into a two part funding arrangement for up to $2 billion with Revolution Medicines. The funding arrangement is comprised of the purchase of a royalty on daraxonrasib and senior secured term loans.

The royalty purchase is comprised of five $250 million tranches, totaling up to $1.25 billion. Out of the five tranches, the first tranche was funded upon closing and recorded as R&D funding expense. The required second tranche was funded in the second quarter of 2026 and recorded as a financial royalty asset. Revolution Medicines has the option to draw the remaining tranches upon the achievement of certain clinical, regulatory or sales-based milestones. If funded, these tranches will be accounted for as financial royalty assets. As of June 30, 2026, $750 million of the royalty remained unfunded.

The term loans include three $250 million tranches, totaling up to $750 million. Out of the three tranches, Revolution Medicines is required to draw the first tranche upon the occurrence of a certain regulatory milestone and has the option to draw the remaining tranches upon the achievement of certain sales-based milestones. As of June 30, 2026, $750 million of the term loans remained unfunded.

As of June 30, 2026 and December 31, 2025, we recorded an allowance for credit losses of $52.4 million and $89.0 million, respectively, related to the unfunded portions of the funding arrangements with Revolution Medicines.

In connection with the Internalization, we entered into an operating lease for our office space, as amended in June 2026. The lease has a non-cancelable term through 2037 and average annual minimum payments of approximately $4.0 million.

In the ordinary course of our business, we may enter into contracts or agreements that contain customary indemnifications relating to such things as confidentiality agreements and representations as to corporate existence and authority to enter into contracts. The maximum exposure under such agreements is indeterminable until a claim, if any, is made. However, no such claims have been made against us to date and we believe that the likelihood of such proceedings taking place in the future is remote.

We are a party to legal actions with respect to a variety of matters in the ordinary course of business. Some of these proceedings may be based on complex claims involving substantial uncertainties and unascertainable damages. Unless otherwise noted, it is not possible to determine the probability of loss or estimate damages, and therefore we have not established accruals for any of these proceedings on our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. When we determine that a loss is both probable and reasonably estimable, we record a liability, and, if the liability is material, we disclose the amount of the liability reserved. We do not believe the outcome of any existing legal proceedings to which we are a party, either individually or in the aggregate, will adversely affect our business, financial condition or results of operations.

Beginning in the second quarter of 2025, we did not receive from Vertex the full amount of royalty receipts on Alyftrek net sales to which we believe that we are contractually entitled. Accordingly, we commenced the dispute resolution procedures contemplated by the agreements relating to our royalties on Vertex’s cystic fibrosis products. Any amounts receivable by us, if any, in connection with this dispute will be recognized only upon the resolution of the matter in our favor.