CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 164,986	$ 212,382
Marketable securities	816,544	662,270
Other receivable	75,000	0
Prepaid expenses and other current assets	24,740	19,581
Total current assets	1,081,270	894,233
Property and equipment, net	2,765	1,228
Operating lease right-of-use asset	2,085	2,421
Intangible asset, net	10,000	0
Other assets	1,113	1,536
Total assets	1,097,233	899,418
Current liabilities:
Accounts payable	8,652	8,683
Accrued liabilities	55,142	62,013
Total current liabilities	63,794	70,696
Long-term debt, net	0	49,940
Derivative liability	13,690	20,030
Liability related to the sale of future revenue, net	113,642	34,244
Convertible notes, net	242,159	0
Other liabilities	1,851	2,341
Total liabilities	435,136	177,251
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 113,238,218 and 101,826,500 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,132	1,018
Additional paid-in capital	2,134,572	1,927,104
Accumulated other comprehensive income (loss)	(1,153)	447
Accumulated deficit	(1,570,478)	(1,338,458)
Total stockholders’ equity	662,097	722,167
Total liabilities and stockholders’ equity	1,097,233	899,418
Series A Convertible Preferred Stock
Stockholders’ equity:
Preferred stock	60,432	61,188
Series B Convertible Preferred Stock
Stockholders’ equity:
Preferred stock	$ 37,592	$ 70,868

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).