Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 384,005	$ 108,989
Short-term investments	213,590	226,496
Prepaid expenses and other current assets	12,568	9,868
Total current assets	610,163	345,353
Long-term investments	63,097	0
Restricted cash	540	540
Property and equipment, net	7,568	6,493
Operating lease right-of-use assets, net	11,224	11,741
Intangible assets, net	26,418	23,225
Other non-current assets	2,776	3,590
Total assets	721,786	390,942
Current liabilities:
Accounts payable	14,018	7,990
Accrued expenses and other current liabilities	26,167	23,903
Operating lease liabilities, current	3,752	3,143
Contingent milestone liabilities, current	26,066	2,500
Total current liabilities	70,003	37,536
Operating lease liabilities, net of current portion	9,595	10,689
Contingent milestone liabilities, net of current portion	25,305	5,243
Other non-current liabilities	1,361	1,659
Total liabilities	106,264	55,127
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock, par value of $0.00001 per share; zero shares and 29,519,423 shares authorized as of June 30, 2026 and December 31, 2025, respectively; zero shares and 29,519,423 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; aggregate liquidation preference of zero and $597,168 as of June 30, 2026 and December 31, 2025, respectively	0	586,150
Stockholders' equity (deficit):
Preferred stock, par value of $0.00001 per share; 10,000,000 shares and zero shares authorized as of June 30, 2026 and December 31, 2025, respectively; zero shares and zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, par value of $0.00001 per share; 700,000,000 shares and 53,365,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively; 93,467,940 shares and 16,351,102 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	1	0
Additional paid-in capital	1,069,152	30,691
Accumulated other comprehensive income (loss)	(235)	63
Accumulated deficit	(453,396)	(281,089)
Total stockholders' equity (deficit)	615,522	(250,335)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 721,786	$ 390,942

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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Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

- Definition

Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other.

+ References

No definition available.