v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 47,454 $ 28,871
Marketable securities 670,133 489,702
Accounts and other receivables 230 2,015
Prepaid and other current assets 7,114 14,076
Total current assets 724,931 534,664
Property and equipment, net 9,756 5,334
Operating lease right-of-use assets, net 5,038 2,437
Intangible assets 27,190 27,190
Other assets 15,434 13,358
Total assets 782,349 582,983
Current liabilities:    
Accounts payable 14,675 1,180
Accrued expenses 43,863 47,029
Current portion of operating lease liabilities 1,557 1,552
Current portion of other long-term liabilities 1,230 1,230
Total current liabilities 61,325 50,991
Long-term portion of operating lease liabilities 3,347 784
Other long-term liabilities 3,113 4,043
Total liabilities 67,785 55,818
Commitments and contingent liabilities
Stockholders' equity:    
Convertible preferred stock, $.01 par value; 3,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $.001 par value; 297,000,000 shares authorized; 78,500,173 and 66,549,442 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 79 67
Additional paid-in capital 2,679,356 2,337,453
Accumulated other comprehensive income 1,298 3,626
Accumulated deficit (1,966,169) (1,813,981)
Total stockholders' equity 714,564 527,165
Total liabilities and stockholders' equity $ 782,349 $ 582,983