v3.26.1
Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 182,049 $ 165,703
Investments 571,995 275,794
Prepaid clinical trial costs 12,996 18,896
Other current assets 8,801 5,266
Total current assets 775,841 465,659
Property and equipment, net 611 499
Intangible assets, net 50,000
Operating lease right-of-use assets 1,107 51
Other non-current assets 661 349
Total assets 828,220 466,558
Current liabilities:    
Accounts payable 8,093 6,407
Accrued clinical trial costs 7,942 16,826
Accrued license milestone 50,000 5,000
Other accrued expenses 20,581 15,865
Operating lease liabilities, current 257 54
Total current liabilities 86,873 44,152
Operating lease liabilities, non-current 893
Convertible notes 753,235 195,324
Note payable 126,527
Total liabilities 841,001 366,003
Commitments and contingencies (Note 6)
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value; 2,500,000 shares authorized as of June 30, 2026, and December 31, 2025; 0 shares issued and outstanding as of June 30, 2026, and December 31, 2025
Common stock, $0.001 par value; 95,000,000 shares authorized as of June 30, 2026, and December 31, 2025; 48,922,556 and 48,244,960 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively 49 48
Additional paid-in capital 567,772 549,404
Accumulated deficit (580,602) (448,897)
Total stockholders' equity (deficit) (12,781) 100,555
Total liabilities and stockholders' equity (deficit) $ 828,220 $ 466,558