v3.26.3
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 1,059,811 $ (117,579)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 1,608 1,559
Stock-based compensation 26,641 24,877
Gain on the Sevasemten Sale (1,348,066)  
Accretion of discount on marketable securities, net (4,547) (6,182)
Amortization of right-of-use asset 169 132
Changes in assets and liabilities:    
Prepaid expenses and other assets (16,849) (5,248)
Accounts payable 8,830 575
Accrued compensation (3,625) (2,058)
Accrued other expenses and other liabilities 4,429 (745)
Accrued taxes 108,901  
Lease liability (605) (555)
Net cash used in operating activities (163,303) (105,224)
Cash flows from investing activities    
Purchases of marketable securities (1,567,519) (452,941)
Sales of marketable securities 45,253 51,452
Maturities of marketable securities 314,282 319,120
Proceeds from the Sevasemten Sale, net of transaction costs 1,348,891  
Purchases of property and equipment (309) (183)
Net cash provided by (used in) investing activities 140,598 (82,552)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of offering costs   187,362
Exercise of stock options 29,444 4,153
Proceeds from Employee Stock Purchase Plan 793 598
Net cash provided by financing activities 30,237 192,113
Net change in cash and cash equivalents 7,532 4,337
Cash and cash equivalents at beginning of period 61,148 41,666
Cash and cash equivalents at end of period 68,680 46,003
Supplemental disclosures of non-cash investing activities:    
Property and equipment purchases included in accounts payable   $ 47
Supplemental disclosures of cash flow information:    
Cash paid for income taxes, net [1] $ 46,432  
[1] Nine months ended September 30,