Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
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| Income Statement [Abstract] | ||||
| Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | Collaboration Revenue [Member] | Collaboration Revenue [Member] | Collaboration Revenue [Member] | Collaboration Revenue [Member] |
| Collaboration revenue | $ 53,044 | $ 50,034 | $ 234,603 | $ 91,280 |
| Operating expenses: | ||||
| Research and development | (2,668) | (1,733) | (3,644) | 11,495 |
| General and administrative | 23,390 | 8,298 | 11,345 | 13,633 |
| Total operating expenses | 20,722 | 6,565 | 7,701 | 25,128 |
| (Loss) income from operations | 32,322 | 43,469 | 226,902 | 66,152 |
| Other income (expense), net: | ||||
| Interest income | 3,252 | 5,402 | 9,813 | 15,074 |
| Sublease income | 526 | 0 | 0 | 0 |
| Non-cash interest expense for the sale of future royalties | (41,192) | (37,667) | (79,893) | (50,087) |
| Other (expense) income, net | (1) | 5,453 | 5,453 | 0 |
| Total other income (expense), net | (37,415) | (26,812) | (64,627) | (35,013) |
| (Loss) income before income taxes | (5,093) | 16,657 | 162,275 | 31,139 |
| Benefit (provision) for income taxes | 181,451 | (83) | (772) | (158) |
| Income from continuing operations | 176,358 | 16,574 | 161,503 | 30,981 |
| Loss from discontinued operations, net of tax | (45,362) | (94,533) | (174,735) | (176,212) |
| Net income (loss) | 130,996 | (77,959) | (13,232) | (145,231) |
| Other comprehensive loss: | ||||
| Unrealized (loss) gain on available for sale securities | (127) | (311) | (329) | 1,102 |
| Comprehensive gain (loss) | $ 130,869 | $ (78,270) | $ (13,561) | $ (144,129) |
| Net income (loss) per common share: | ||||
| Income from continuing operations - basic | $ 6.09 | $ 0.56 | $ 5.62 | $ 1.09 |
| Loss from discontinued operations - basic | (1.57) | (3.18) | (6.08) | (6.21) |
| Net income (loss) per common share - basic | 4.52 | (2.62) | (0.46) | (5.12) |
| Income from continuing operations - diluted | 4.71 | 0.54 | 5.34 | 1.05 |
| Loss from discontinued operations - diluted | (1.21) | (3.08) | (5.78) | (5.97) |
| Net income (loss) per common share - diluted | $ 3.5 | $ (2.54) | $ (0.44) | $ (4.92) |
| Weighted-average number of shares outstanding: | ||||
| Basic (in shares) | 28,979 | 29,722 | 28,758 | 28,382 |
| Diluted (in shares) | 37,476 | 30,692 | 30,233 | 29,544 |
| X | ||||||||||
- Definition Noncash Advance Future Royalties, Interest Expense No definition available.
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| X | ||||||||||
- Definition Research and development. No definition available.
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Per diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of interest income earned from interest bearing assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount, after tax and adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Indicates product and service for revenue from satisfaction of performance obligation by transferring promised product and service to customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of sublease income excluding finance and operating lease expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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