Condensed Consolidated Financial Statement Details (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Schedule of Other Current Assets |
Other current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Prepaid research and development expenses |
|
$ |
48,150 |
|
|
$ |
16,540 |
|
Interest and other non-trade receivables |
|
|
4,756 |
|
|
|
1,779 |
|
Other prepaid expenses |
|
|
2,155 |
|
|
|
2,195 |
|
Total other current assets |
|
$ |
55,061 |
|
|
$ |
20,514 |
|
|
| Schedule of Other Assets |
Other assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Long-term prepaid research and development expenses |
|
$ |
8,669 |
|
|
$ |
4,244 |
|
Operating lease right-of-use assets |
|
|
2,581 |
|
|
|
2,941 |
|
Property and equipment, net |
|
|
1,678 |
|
|
|
2,060 |
|
Equity method investment in Gannet BioChem |
|
|
1,422 |
|
|
|
3,491 |
|
Other long-term assets |
|
|
2,316 |
|
|
|
1,404 |
|
Total other assets |
|
$ |
16,666 |
|
|
$ |
14,140 |
|
|
| Schedule of Accrued Expenses |
Accrued expenses consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Accrued research and development expenses |
|
$ |
9,168 |
|
|
$ |
13,980 |
|
Accrued compensation |
|
|
7,033 |
|
|
|
2,940 |
|
Accrued contract termination costs |
|
|
3,505 |
|
|
|
2,632 |
|
Other accrued expenses |
|
|
3,682 |
|
|
|
2,719 |
|
Total accrued expenses |
|
$ |
23,388 |
|
|
$ |
22,271 |
|
|
| Schedule of Liability Related to Sale of Potential Future Royalties |
The following is a reconciliation of the changes in our liabilities related to the sales of future royalties for the six months ended June 30, 2026 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
2012 Purchase and Sale Agreement |
|
|
2020 Purchase and Sale Agreement |
|
|
Total |
|
Liabilities related to the sales of future royalties, net – beginning balance |
|
$ |
2,070 |
|
|
$ |
61,087 |
|
|
$ |
63,157 |
|
Non-cash royalty revenue |
|
|
(2,626 |
) |
|
|
(18,366 |
) |
|
|
(20,992 |
) |
Non-cash interest expense |
|
|
885 |
|
|
|
14,263 |
|
|
|
15,148 |
|
Amortization of transaction costs |
|
|
— |
|
|
|
65 |
|
|
|
65 |
|
Liabilities related to the sales of future royalties, net – ending balance |
|
$ |
329 |
|
|
$ |
57,049 |
|
|
$ |
57,378 |
|
|