v3.26.3
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 130,996,000 $ (13,232,000) $ (145,231,000)
Less: Loss from discontinued operations, net of tax 45,362,000 174,735,000 176,212,000
Net income from continuing operations 176,358,000 161,503,000 30,981,000
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:      
Depreciation and amortization 9,000 20,000 20,000
Stock-based compensation 8,320,000 3,772,000 7,221,000
Accretion/amortization of investments, net 30,000 (4,734,000) (10,313,000)
Amortization of right-of-use assets – operating 959,000 1,864,000 1,791,000
Non-cash interest expense for the sale of future royalties 41,192,000 79,893,000 50,087,000
Deferred tax benefit (183,699,000) 0 0
Changes in operating assets and liabilities:      
Receivables from collaborative partners 8,216,000 6,915,000 (33,914,000)
Prepaid expenses and other assets (3,672,000) 1,814,000 112,000
Accounts payable and other liabilities (44,853,000) (87,334,000) (33,838,000)
Income tax receivable (3,245,000) 0 0
Operating lease liabilities (1,017,000) (1,925,000) (1,777,000)
Net cash provided by operating activities of continuing operations (1,402,000) 161,788,000 10,370,000
Net cash used in operating activities of discontinued operations (51,157,000) (142,091,000) (145,707,000)
Net cash (used in) provided by operating activities (52,559,000) 19,697,000 (135,337,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of investments (4,955,000) (196,411,000) (380,376,000)
Sales and maturities of investments 47,500,000 424,530,000 412,097,000
Net cash provided by investing activities of continuing operations 42,545,000 228,119,000 31,721,000
Net cash used in investing activities of discontinued operations 0 (87,000) (358,000)
Net cash provided by investing activities 42,545,000 228,032,000 31,363,000
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from public offerings, net of underwriters' fees 0 0 94,369,000
Proceeds from issuance of common stock 25,371,000 14,261,000 6,473,000
Proceeds from the sale of future royalties 0 0 50,000,000
Principal repayment of liability for sale of future royalties (19,727,000) (76,797,000) (15,233,000)
Payments for repurchase of common stock 0 (68,626,000) (456,000)
Payment for net share settlement of equity awards 0 (1,451,000) (7,504,000)
Payments for offering costs, net 0 0 (492,000)
Payments for issuance costs related to the sale of future royalties 0 0 (103,000)
Net cash provided by (used in) financing activities of continuing operations 5,644,000 (132,613,000) 127,054,000
Net cash used in financing activities of discontinued operations (100,000,000) 0 0
Net cash (used in) provided by financing activities (94,356,000) (132,613,000) 127,054,000
Net (decrease) increase in cash and cash equivalents (104,370,000) 115,116,000 23,080,000
Cash and cash equivalents, beginning of period 138,196,000 23,080,000 0
Cash and cash equivalents within discontinued operations, beginning of period 100,000,000 100,000,000 100,000,000
Less: Cash and cash equivalents within discontinued operations, end of period 0 100,000,000 100,000,000
Cash and cash equivalents in continued operations, end of period 133,826,000 138,196,000 23,080,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest portion of repayment for sale of future royalties 41,500,000 79,994,000 42,132,000
Income taxes paid 5,582,000 78,000 0
Non-cash investing and financing activities:      
Amounts accrued for property and equipment 0 0 7,000
Amounts accrued for repurchase of common stock 0 382,000 0
Receivable related to issuance of common stock, upon exercise of stock options $ 1,310,000 $ 29,000 $ 0