v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
Current assets:      
Cash and cash equivalents $ 48,466 $ 197,533 $ 58,212
Marketable securities 270,374 154,773 182,809
Unbilled accounts receivable   0 2,096
Prepaid expenses and other current assets 4,011 5,174 6,806
Total current assets 322,851 357,480 249,923
Property and equipment, net 0 2,824 3,900
Operating lease right-of-use assets 0 4,241 5,684
Restricted cash 1,092 1,201 1,201
Other assets 9 538 10
Total assets 323,952 366,284 260,718
Current liabilities:      
Accounts payable 3,425 1,592 1,164
Accrued expenses and other current liabilities 4,355 9,052 7,694
Operating lease liability, current 2,518 2,404 2,186
Total current liabilities 10,298 13,048 11,044
Operating lease liability, excluding current portion 2,760 4,039 6,443
Other liabilities, excluding current portion 197 197 197
Total liabilities 13,255 17,284 17,684
Commitments and contingencies (Note 12)
Stockholders' equity:      
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding 0 0 0
Common stock, $0.001 par value; 200,000,000 shares authorized; 76,285,157 and 66,578,891 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 76 67 54
Additional paid-in capital 950,536 943,037 762,248
Accumulated other comprehensive gain (567) 174 130
Accumulated deficit (639,348) (594,278) (519,398)
Total stockholders' equity 310,697 349,000 243,034
Total liabilities and stockholders' equity $ 323,952 $ 366,284 $ 260,718