v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (301,366) $ (137,295)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 57,500 5,000
Depreciation expense 14 46
Loss on disposal of property and equipment   107
Net amortization of premiums and accretion of discounts on investments (2,982) (1,510)
Non-cash interest expense on royalty obligation 20,553 1,679
Non-cash interest expense on senior secured term loan 4,146  
Non-cash interest expense on convertible senior notes 563  
Stock-based compensation expense 35,090 18,767
Non-cash lease expense 792 651
Prepaid expenses and other assets (5,204) (799)
Accounts payable (53) (11,159)
Accrued expenses 1,343 5,251
Operating lease liabilities (813) (657)
Net cash used in operating activities (190,417) (119,919)
Cash flows from investing activities:    
Purchases of property and equipment (3) (18)
Purchases of investments (545,834) (284,862)
Proceeds from sales and maturities of investments 328,035 131,358
Payments of milestones achieved pursuant to license agreements (57,500)  
Product candidate license acquisitions   (5,000)
Net cash used in investing activities (275,302) (158,522)
Cash flows from financing activities:    
Payments of other offering costs for the ATM offering and equity offering (548)  
Payments of debt issuance costs for the senior secured term loan and convertible senior notes (1,952)  
Payments of deferred offering costs for royalty obligation   (3,324)
Proceeds from exercise of stock options 9,077 2,485
Proceeds from issuance of common stock under employee stock purchase plan 1,189 276
Proceeds from senior secured term loan, net of discount 73,500  
Proceeds from the issuance of convertible senior notes, net of commissions 223,100  
Proceeds from royalty obligation   75,000
Net cash provided by financing activities 532,748 74,437
Effect of exchange rate changes on cash and cash equivalents 108 (263)
Net increase (decrease) in cash and cash equivalents 67,137 (204,267)
Cash and cash equivalents at beginning of period 110,641 319,832
Cash and cash equivalents at end of period 177,778 115,565
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained under operating lease arrangements 1,024 445
Deferred offering costs and debt issuance costs in accounts payable and accrued expenses   $ 1,204
ATM Program    
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of commissions 120,282  
Equity Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of commissions $ 108,100