v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 39,267 $ 15,116
Short-term investments 645,074 230,636
Other current assets (including $0 and $429 as of June 30, 2026 and December 31, 2025, respectively, from a related party) 55,061 20,514
Total current assets 739,402 266,266
Long-term investments 339,061 0
Other assets 16,666 14,140
Total assets 1,095,129 280,406
Current liabilities:    
Accounts payable (including $456 and $137 as of June 30, 2026 and December 31, 2025, respectively, to a related party) 24,891 10,770
Accrued expenses (including $130 and $994 as of June 30, 2026 and December 31, 2025, respectively, to a related party) 23,388 22,271
Operating lease liabilities, current portion 22,706 20,495
Total current liabilities 70,985 53,536
Operating lease liabilities, less current portion 55,850 65,256
Liabilities related to the sales of future royalties, net 57,378 63,157
Other long-term liabilities 7,795 8,625
Total liabilities 192,008 190,574
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares designated or outstanding at June 30, 2026 or December 31, 2025, respectively 0 0
Common stock, $0.0001 par value; 390,000,000 shares authorized; 34,129,664 shares and 20,378,832 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 3 2
Capital in excess of par value 4,750,686 3,850,099
Accumulated other comprehensive income (loss) (1,756) 17
Accumulated deficit (3,845,812) (3,760,286)
Total stockholders' equity 903,121 89,832
Total liabilities and stockholders' equity $ 1,095,129 $ 280,406