Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 68,680	$ 61,148
Marketable securities, available for sale	1,675,213	468,961
Prepaid expenses and other assets	28,576	13,276
Total current assets	1,772,469	543,385
Property and equipment, net	6,333	7,831
Operating lease right-of-use asset	1,218	1,387
Total assets	1,780,020	552,603
Current liabilities
Accounts payable	9,639	6,006
Accrued compensation	8,805	12,430
Accrued other expenses	15,736	7,920
Accrued taxes	108,901
Operating lease liability, current portion	1,025	1,014
Total current liabilities	144,106	27,370
Operating lease liability, net of current portion	2,358	2,976
Other long term liabilities	888
Total liabilities	147,352	30,346
Commitments and contingencies (see note 5)
Stockholders' equity:
Preferred stock, $.0001 par value per share; 200,000,000 shares authorized and no shares issued or outstanding as of September 30, 2026 and December 31, 2025
Common stock, $.0001 par value per share; 1,000,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 109,457,922 shares and 106,249,579 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	10	10
Additional paid-in capital	1,124,820	1,067,941
Accumulated other comprehensive (loss) income	(5,602)	677
Retained earnings (accumulated deficit)	513,440	(546,371)
Total stockholders' equity	1,632,668	522,257
Total liabilities and stockholders' equity	$ 1,780,020	$ 552,603

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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Balance Type:	credit
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- Definition

Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.