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 loss $ (337,738) $ (122,417)
Adjustments to reconcile net loss to net cash used in operating activities:    
Upfront payment pursuant to Fourth Amendment to License Agreement 200,000 0
Stock-based compensation 21,783 14,039
Accretion of discount on held-to-maturity securities (14,262) (5,671)
Amortization of debt discount and issuance costs related to senior secured term loan 972 0
Depreciation and amortization 17 46
Changes in operating assets and liabilities:    
Accrued interest receivable 183 15
Prepaid, other current assets, and other assets 999 902
Accounts payable and accrued liabilities 12,923 8,558
Net cash used in operating activities (115,123) (104,528)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (945,424) (546,264)
Maturities of marketable securities 920,000 260,000
Upfront payment pursuant to Fourth Amendment to License Agreement (200,000) 0
Security deposits (38) 0
Net cash used in investing activities (225,462) (286,264)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from senior secured term loan, net of debt discount and issuance costs with lender 97,503 0
Payment of debt issuance costs with third parties (1,639) 0
Proceeds from stock option exercises 8,995 7,826
Proceeds from issuance of common stock for cash under employee stock purchase plan 292 142
Payment of shelf offering costs (16) (86)
Net cash provided by financing activities 268,937 494,298
Net increase (decrease) in cash and cash equivalents (71,648) 103,506
Cash and cash equivalents – beginning 172,921 114,091
Cash and cash equivalents - ending [1] 101,273 217,597
Supplemental Disclosure of Non-Cash Financing Activities:    
Accretion of exit consideration on senior secured term loan 268 0
Offering costs included in accounts payable and accrued liabilities 38 317
Public Offering, September 2025    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock in public offerings, net of offering costs and Proceeds from issuance of common stock pursuant to ATM Agreement, net of ATM issuance costs 143,584 459,080
At the Market    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock in public offerings, net of offering costs and Proceeds from issuance of common stock pursuant to ATM Agreement, net of ATM issuance costs $ 20,218 $ 27,336
[1] Cash and cash equivalents as of September 30, 2026 exclude investments of $523.4 million. Cash, cash equivalents, and investments amounted to $624.7 million as of September 30, 2026.