v3.26.1
Condensed consolidated balance sheets (unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 130,301,000 $ 160,267,000
Marketable securities 786,440,000 385,789,000
Prepaid expenses and other current assets 12,426,000 11,481,000
Total current assets 929,167,000 557,537,000
Property and equipment, net 1,753,000 1,955,000
Restricted cash 761,000 761,000
Long-term marketable securities 255,076,000 106,672,000
Non-current clinical deposits 14,671,000 12,185,000
Operating lease right-of-use assets 9,898,000 10,463,000
Other non-current assets 90,000 2,721,000
Total assets 1,211,416,000 692,294,000
Current liabilities:    
Accounts payable 19,202,000 7,529,000
Accrued expenses and other current liabilities 63,399,000 37,836,000
Operating lease liabilities, current 1,050,000 1,040,000
Total current liabilities 83,651,000 46,405,000
Operating lease liabilities, non-current 9,166,000 9,713,000
Other non-current liabilities 135,000 270,000
Total liabilities 92,952,000 56,388,000
Commitments and contingencies (Note 12)
Convertible preferred stock:    
Convertible preferred stock   992,363,123
Stockholders' equity (deficit):    
Preferred stock 0 0
Common stock 0 0
Additional paid-in capital 1,679,098,000 11,981,000
Accumulated other comprehensive (loss) income (1,794,000) 229,000
Accumulated deficit (558,840,000) (368,668,000)
Total stockholders' equity (deficit) 1,118,464,000 (356,458,000)
Total liabilities, convertible preferred stock and stockholders' equity (deficit) 1,211,416,000 692,294,000
Series A Convertible Preferred Stock [Member]    
Convertible preferred stock:    
Convertible preferred stock 0 390,306,000
Series B Convertible Preferred Stock [Member]    
Convertible preferred stock:    
Convertible preferred stock $ 0 $ 602,057,535