v3.26.1
Condensed Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 142,613 $ 104,901
Marketable securities 388,565 231,074
Prepaid expenses and other current assets 15,400 12,542
Restricted cash, current 400 400
Total current assets 546,978 348,917
Property and equipment, net 133,071 142,898
Operating lease right-of-use assets 91,137 90,965
Restricted cash, non-current 7,845 7,771
Other non-current assets 539 4,183
Total assets 779,570 594,734
Current liabilities:    
Accounts payable 6,564 681
Accrued expenses and other current liabilities 39,287 44,298
Operating lease liability, current 9,445 10,028
Total current liabilities 55,296 55,007
Operating lease liability, non-current 242,774 247,291
Other non-current liabilities 15,000 10,000
Total liabilities 313,070 312,298
Commitments and contingencies (see Note 7)
Redeemable convertible preferred stock, $0.0001 par value; no shares authorized, issued and outstanding as of June 30, 2026 and 262,597,889 shares authorized, 222,658,133 shares issued and outstanding, and aggregate liquidation preference of $1,159,762 as of December 31, 2025 0 1,161,470
Stockholders' equity (deficit):    
Preferred stock, $0.0001 par value; 50,000,000 shares authorized and no shares issued and outstanding as of June 30, 2026 and no shares authorized, issued and outstanding as of December 31, 2025 0 0
Common stock, $0.0001 par value; 500,000,000 shares authorized and 54,148,887 shares issued and outstanding as of June 30, 2026 and 340,650,000 shares authorized and 3,068,490 shares issued and outstanding as of December 31, 2025 5 0
Additional paid-in capital 1,558,371 41,475
Accumulated deficit (1,091,876) (920,509)
Total stockholders' equity (deficit) 466,500 (879,034)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) $ 779,570 $ 594,734