v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (280,410) $ (85,485)
Adjustments to reconcile net loss to net cash used in operating activities:    
Upfront payment pursuant to Fourth Amendment to License Agreement 200,000 0
Stock-based compensation 13,903 8,198
Accretion of discount on held-to-maturity securities (9,268) (3,275)
Amortization of debt discount and issuance costs related to senior secured term loan 126 0
Depreciation and amortization 11 31
Changes in operating assets and liabilities:    
Accrued interest receivable 336 5
Prepaid, other current assets, and other assets 10 (2,658)
Accounts payable and accrued liabilities 3,265 7,528
Net cash used in operating activities (72,027) (75,656)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (657,662) (245,757)
Maturities of marketable securities 627,500 110,000
Upfront payment pursuant to Fourth Amendment to License Agreement 200,000 0
Net cash used in investing activities (230,162) (135,757)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from senior secured term loan, net of debt discount and issuance costs with lender 97,503 0
Payment of debt issuance costs with third parties (1,015) 0
Proceeds from stock option exercises 6,658 1,202
Proceeds from issuance of common stock for cash under employee stock purchase plan 292 142
Payment of shelf offering costs (16) (57)
Net cash provided by financing activities 267,536 199,110
Net decrease in cash and cash equivalents (34,653) (12,303)
Cash and cash equivalents - beginning 172,921 114,091
Cash and cash equivalents - ending [1] 138,268 101,788
Supplemental Disclosure of Non-Cash Financing Activities:    
Offering costs included in accounts payable and accrued liabilities 316 13
Accretion of exit consideration on senior secured term loan 17 0
Funds receivable from stock option exercises 13 0
Funds receivable from the sale of common stock pursuant to Prior ATM Agreement, net of issuance costs 0 574
Public Offering, September 2025    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock in public offerings, net of offering costs and Proceeds from issuance of common stock pursuant to ATM Agreement, net of ATM issuance costs 143,896 188,880
At the Market    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock in public offerings, net of offering costs and Proceeds from issuance of common stock pursuant to ATM Agreement, net of ATM issuance costs $ 20,218 $ 8,943
[1] Cash and cash equivalents as of June 30, 2026 exclude investments of $523.1 million. Cash, cash equivalents, and investments amounted to $661.4 million as of June 30, 2026.