v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (192,443) $ (85,796)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 30,000  
Depreciation expense 10 35
Loss on disposal of property and equipment   107
Net amortization of premiums and accretion of discounts on investments (1,397) (1,317)
Non-cash interest expense on royalty obligation 13,100  
Non-cash interest expense on senior secured term loan 2,088  
Non-cash interest expense on convertible senior notes 280  
Stock-based compensation expense 17,814 11,431
Non-cash lease expense 533 446
Prepaid expenses and other assets (5,373) 802
Accounts payable 461 (9,205)
Accrued expenses 2,975 5,149
Operating lease liabilities (481) (446)
Net cash used in operating activities (132,433) (78,794)
Cash flows from investing activities:    
Purchases of property and equipment (2) (18)
Purchases of investments (408,330) (225,667)
Proceeds from sales and maturities of investments 182,239 27,120
Payments of milestones achieved pursuant to license agreements (30,000)  
Net cash used in investing activities (256,093) (198,565)
Cash flows from financing activities:    
Payments of other offering costs for the ATM offering and equity offering (527)  
Payments of debt issuance costs for the senior secured term loan and convertible senior notes (1,934)  
Proceeds from exercise of stock options 1,173 1,821
Proceeds from issuance of common stock under employee stock purchase plan 592  
Proceeds from senior secured term loan, net of discount 73,500  
Proceeds from the issuance of convertible senior notes, inclusive of underwriters' exercise of the overallotment option in full, net of commissions 223,100  
Net cash provided by financing activities 475,536 1,821
Effect of exchange rate changes on cash and cash equivalents (1,074) (288)
Net increase (decrease) in cash and cash equivalents 85,936 (275,826)
Cash and cash equivalents at beginning of period 110,641 319,832
Cash and cash equivalents at end of period 196,577 44,006
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained under operating lease arrangements   $ 445
Deferred offering costs and debt issuance costs in accounts payable and accrued expenses 25  
ATM Program    
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of commissions 71,532  
Equity Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of commissions $ 108,100