Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 196,577	$ 110,641
Short-term investments	446,549	232,551
Prepaid expenses and other current assets	10,668	7,979
Total current assets	653,794	351,171
Property and equipment, net	23	34
Operating lease right-of-use assets, net	821	1,354
Long-term investments	30,763	17,272
Other non-current assets	16,289	13,809
Total assets	701,690	383,640
Current liabilities:
Accounts payable	7,589	7,111
Accrued expenses	57,406	54,423
Operating lease liabilities, current	823	1,115
Total current liabilities	65,818	62,649
Long-term liabilities:
Royalty obligation	91,737	78,636
Senior secured term loan, net	74,060
Convertible senior notes, net	222,956
Operating lease liabilities, less current portion	22	211
Total long-term liabilities	388,775	78,847
Total liabilities	454,593	141,496
Stockholders' equity:
Common stock, par value $0.0001 per share; 175,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 63,330,747 and 54,485,518 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	6	5
Additional paid-in capital	1,205,803	1,007,331
Accumulated other comprehensive loss	(1,141)	(64)
Accumulated deficit	(957,571)	(765,128)
Total stockholders' equity	247,097	242,144
Total liabilities and stockholders' equity	$ 701,690	$ 383,640

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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Balance Type:	credit
Period Type:	instant

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).