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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 125,750 $ 165,810
Short-term investments – available for sale 375,913 539,929
Prepaid clinical trial and preclinical study costs 14,960 8,053
Prepaid expenses and other current assets 941 1,806
Total current assets 517,564 715,598
Right-of-use assets 4,010 85
Restricted cash 211 0
Deposits 113 46
Total assets 521,898 715,729
Current liabilities:    
Accounts payable 69,012 53,251
Other accrued liabilities 40,483 23,279
Lease liability, current 161 137
Total current liabilities 109,656 76,667
Lease liability, net of current portion 3,925 0
Total long-term liabilities 3,925 0
Total liabilities 113,581 76,667
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.00001 par value: 300,000,000 shares authorized at June 30, 2026 and December 31, 2025; 116,652,937 shares issued and outstanding at June 30, 2026 and 114,793,067 shares issued and outstanding at December 31, 2025 1 1
Additional paid-in capital 1,543,362 1,486,229
Accumulated deficit (1,133,893) (847,546)
Accumulated other comprehensive (loss) gain (1,153) 378
Total stockholders’ equity 408,317 639,062
Total liabilities and stockholders’ equity $ 521,898 $ 715,729