v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 47,451 $ 63,032
Short-term investments 47,620 114,648
Prepaid expenses 1,357 2,939
Other current assets 376 674
Total current assets 96,804 181,293
Property and equipment, net 17,077 20,572
Operating lease right-of-use assets 120,468 126,177
Restricted cash 13,691 13,691
Other assets 1,000 1,000
Total assets 249,040 342,733
Current liabilities:    
Accounts payable 5,808 8,887
Accrued expenses and other current liabilities 8,978 12,600
Deferred revenue — related party 7,934 7,824
Operating lease liability 8,972 8,137
Total current liabilities 31,692 37,448
Deferred revenue, net of current — related party 56,033 58,127
Operating lease liability, net of current 103,506 108,290
Research and development funding liability 18,000 18,000
Total liabilities 209,231 221,865
Commitments and contingencies
Stockholders’ equity    
Common stock, par value of $0.00001 per share; 775,000,000 shares authorized; 180,737,548 and 180,514,014 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 2 2
Additional paid-in capital 1,019,401 1,009,138
Accumulated other comprehensive (loss) income (9) 82
Accumulated deficit (979,585) (888,354)
Total stockholders’ equity 39,809 120,868
Total liabilities and stockholders’ equity $ 249,040 $ 342,733