v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Total
Beginning balance at Dec. 31, 2024 $ 5 $ 918,610 $ 40 $ (658,551) $ 260,104
Beginning balance (in shares) at Dec. 31, 2024 54,407,327        
Stockholders' equity          
Vesting of early exercised stock options   224     224
Vesting of restricted shares of common stock   2     2
Stock-based compensation expense   6,995     6,995
Other comprehensive income (loss), net     (48)   (48)
Net Income (Loss)       (98,963) (98,963)
Ending balance at Mar. 31, 2025 $ 5 925,831 (8) (757,514) 168,314
Ending balance (in shares) at Mar. 31, 2025 54,407,327        
Beginning balance at Dec. 31, 2024 $ 5 918,610 40 (658,551) 260,104
Beginning balance (in shares) at Dec. 31, 2024 54,407,327        
Stockholders' equity          
Net Income (Loss)         (39,642)
Ending balance at Jun. 30, 2025 $ 10 1,183,488 22 (698,193) 485,327
Ending balance (in shares) at Jun. 30, 2025 104,042,477        
Beginning balance at Mar. 31, 2025 $ 5 925,831 (8) (757,514) 168,314
Beginning balance (in shares) at Mar. 31, 2025 54,407,327        
Stockholders' equity          
Issuance of common stock and equity awards in connection with the ACELYRIN Merger $ 5 238,072     238,077
Issuance of common stock and equity awards in connection with the ACELYRIN Merger (in shares) 48,653,549        
Issuance of common stock upon vesting of restricted stock units (in shares) 798,751        
Vesting of early exercised stock options   184     184
Repurchase of common stock issued upon early exercise of stock options (in shares) (1,783)        
Issuance of common stock under the 2024 Employee Stock Purchase Plan   766     766
Issuance of common stock under the 2024 Employee Stock Purchase Plan (in shares) 184,633        
Stock-based compensation expense   18,635     18,635
Other comprehensive income (loss), net     30   30
Net Income (Loss)       59,321 59,321
Ending balance at Jun. 30, 2025 $ 10 1,183,488 22 (698,193) 485,327
Ending balance (in shares) at Jun. 30, 2025 104,042,477        
Beginning balance at Dec. 31, 2025 $ 10 1,202,975 188 (901,876) 301,297
Beginning balance (in shares) at Dec. 31, 2025 104,706,773        
Stockholders' equity          
Issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs of $21,260 $ 2 323,797     323,799
Issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs of $21,260 (in shares) 20,297,500        
Issuance of common stock upon exercise of stock options   23,265     23,265
Issuance of common stock upon exercise of stock options (in shares) 2,177,964        
Issuance of common stock upon vesting of restricted stock units (in shares) 47,509        
Vesting of early exercised stock options   29     29
Stock-based compensation expense   12,339     12,339
Other comprehensive income (loss), net     (655)   (655)
Net Income (Loss)       (93,053) (93,053)
Ending balance at Mar. 31, 2026 $ 12 1,562,405 (467) (994,929) 567,021
Ending balance (in shares) at Mar. 31, 2026 127,229,746        
Beginning balance at Dec. 31, 2025 $ 10 1,202,975 188 (901,876) 301,297
Beginning balance (in shares) at Dec. 31, 2025 104,706,773        
Stockholders' equity          
Net Income (Loss)         (235,274)
Ending balance at Jun. 30, 2026 $ 12 1,589,979 (683) (1,137,150) 452,158
Ending balance (in shares) at Jun. 30, 2026 128,505,445        
Beginning balance at Mar. 31, 2026 $ 12 1,562,405 (467) (994,929) 567,021
Beginning balance (in shares) at Mar. 31, 2026 127,229,746        
Stockholders' equity          
Issuance of common stock upon exercise of stock options   11,708     11,708
Issuance of common stock upon exercise of stock options (in shares) 1,001,393        
Issuance of common stock upon vesting of restricted stock units (in shares) 21,156        
Vesting of early exercised stock options   23     23
Issuance of common stock under the 2024 Employee Stock Purchase Plan   1,570     1,570
Issuance of common stock under the 2024 Employee Stock Purchase Plan (in shares) 253,150        
Stock-based compensation expense   14,273     14,273
Other comprehensive income (loss), net     (216)   (216)
Net Income (Loss)       (142,221) (142,221)
Ending balance at Jun. 30, 2026 $ 12 $ 1,589,979 $ (683) $ (1,137,150) $ 452,158
Ending balance (in shares) at Jun. 30, 2026 128,505,445