v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
At-The-Market Equity Offering Program ("ATM")
At-The-Market Equity Offering Program ("ATM")
Common Stock
At-The-Market Equity Offering Program ("ATM")
Additional Paid-in Capital
Beginning balance at Dec. 31, 2024 $ 716,794 $ 1 $ 1,021,794 $ (305,916) $ 915      
Beginning balance (in shares) at Dec. 31, 2024   58,062,898            
MEMBERS' DEFICIT                
Vesting of restricted stock (in shares)   213,104            
Issuance of common stock upon exercise of stock options 622   622          
Issuance of common stock upon exercise of stock options (in shares)   28,799            
Equity-based compensation expense 11,126   11,126          
Unrealized gain (loss) on marketable securities, net of tax 159       159      
Net loss (55,339)     (55,339)        
Ending balance at Mar. 31, 2025 673,362 $ 1 1,033,542 (361,255) 1,074      
Ending balance (in shares) at Mar. 31, 2025   58,304,801            
Beginning balance at Dec. 31, 2024 716,794 $ 1 1,021,794 (305,916) 915      
Beginning balance (in shares) at Dec. 31, 2024   58,062,898            
MEMBERS' DEFICIT                
Unrealized gain (loss) on marketable securities, net of tax (230)              
Net loss (121,435)              
Ending balance at Jun. 30, 2025 619,401 $ 1 1,046,066 (427,351) 685      
Ending balance (in shares) at Jun. 30, 2025   58,560,525            
Beginning balance at Dec. 31, 2024 716,794 $ 1 1,021,794 (305,916) 915      
Beginning balance (in shares) at Dec. 31, 2024   58,062,898            
Ending balance at Dec. 31, 2025 903,883 $ 1 1,464,561 (561,759) 1,080      
Ending balance (in shares) at Dec. 31, 2025   68,401,349            
Beginning balance at Mar. 31, 2025 673,362 $ 1 1,033,542 (361,255) 1,074      
Beginning balance (in shares) at Mar. 31, 2025   58,304,801            
MEMBERS' DEFICIT                
Vesting of restricted stock (in shares)   213,031            
Issuance of common stock upon exercise of stock options 384   384          
Issuance of common stock upon exercise of stock options (in shares)   21,123            
Issuance of common stock under employee stock purchase plan 796   796          
Issuance of common stock under employee stock purchase plan (in shares)   21,570            
Equity-based compensation expense 11,344   11,344          
Unrealized gain (loss) on marketable securities, net of tax (389)       (389)      
Net loss (66,096)     (66,096)        
Ending balance at Jun. 30, 2025 619,401 $ 1 1,046,066 (427,351) 685      
Ending balance (in shares) at Jun. 30, 2025   58,560,525            
Beginning balance at Dec. 31, 2025 903,883 $ 1 1,464,561 (561,759) 1,080      
Beginning balance (in shares) at Dec. 31, 2025   68,401,349            
MEMBERS' DEFICIT                
Common stock issued, net of issuance costs 377,441   377,441     $ 28,934   $ 28,934
Common stock issued, net of issuance costs (in shares)   5,750,000         369,220  
Vesting of restricted stock (in shares)   222,013            
Issuance of common stock upon exercise of stock options 4,320   4,320          
Issuance of common stock upon exercise of stock options (in shares)   139,814            
Equity-based compensation expense 17,155   17,155          
Unrealized gain (loss) on marketable securities, net of tax (1,829)       (1,829)      
Net loss (74,111)     (74,111)        
Ending balance at Mar. 31, 2026 1,255,793 $ 1 1,892,411 (635,870) (749)      
Ending balance (in shares) at Mar. 31, 2026   74,882,396            
Beginning balance at Dec. 31, 2025 $ 903,883 $ 1 1,464,561 (561,759) 1,080      
Beginning balance (in shares) at Dec. 31, 2025   68,401,349            
MEMBERS' DEFICIT                
Issuance of common stock upon exercise of stock options (in shares) 380,664              
Unrealized gain (loss) on marketable securities, net of tax $ (3,583)              
Net loss (159,965)              
Ending balance at Jun. 30, 2026 1,194,604 $ 1 1,918,830 (721,724) (2,503)      
Ending balance (in shares) at Jun. 30, 2026   75,339,499            
Beginning balance at Mar. 31, 2026 1,255,793 $ 1 1,892,411 (635,870) (749)      
Beginning balance (in shares) at Mar. 31, 2026   74,882,396            
MEMBERS' DEFICIT                
Vesting of restricted stock (in shares)   197,304            
Issuance of common stock upon exercise of stock options 8,536   8,536          
Issuance of common stock upon exercise of stock options (in shares)   240,850            
Issuance of common stock under employee stock purchase plan 1,220   1,220          
Issuance of common stock under employee stock purchase plan (in shares)   18,949            
Equity-based compensation expense 16,663   16,663          
Unrealized gain (loss) on marketable securities, net of tax (1,754)       (1,754)      
Net loss (85,854)     (85,854)        
Ending balance at Jun. 30, 2026 $ 1,194,604 $ 1 $ 1,918,830 $ (721,724) $ (2,503)      
Ending balance (in shares) at Jun. 30, 2026   75,339,499