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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 101,536 $ 264,545
Restricted cash 0 500
Investment securities, amortized cost of $924,317 at December 31, 2025 and $1,088,561 at December 31, 2024 926,353 1,089,524
Trade accounts receivable, net 592 0
Inventory 2,022 0
Prepaid expenses and other current assets 17,839 20,819
Total current assets 1,048,342 1,375,388
Property and equipment, net 14,296 12,068
Operating lease right-of-use assets 40,492 43,507
Restricted cash, net of current portion 800 800
Prepaid expenses and other assets, net of current portion 22,327 2,829
Total assets 1,126,257 1,434,592
Current liabilities    
Accounts payable and accrued expenses 41,770 21,469
Accrued compensation and related expenses 35,578 28,887
Deferred revenue 1,235 2,176
Operating lease liabilities 6,489 7,152
Total current liabilities 85,072 59,684
Operating lease liabilities, non-current 42,052 44,570
Deferred revenue, non-current 3,810 4,704
Other non-current liabilities 3,240 829
Total liabilities 134,174 109,787
Commitments and contingencies (Note 7)
Stockholders’ equity    
Preferred stock, $0.001 par; 10,000 shares authorized, no shares issued or outstanding at December 31, 2025 or 2024 0 0
Common stock and paid-in capital, $0.001 par; 200,000 shares authorized, 92,926 shares issued and outstanding at December 31, 2025; 68,175 shares issued and outstanding at December 31, 2024 2,407,757 2,275,952
Accumulated other comprehensive income 1,865 963
Accumulated deficit (1,417,427) (952,110)
Stock held in trust (112) 0
Total stockholders’ equity 992,083 1,324,805
Total liabilities and stockholders’ equity $ 1,126,257 $ 1,434,592