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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 98,676 $ 91,145
Marketable securities 619,070 700,007
Prepaid expenses and other current assets 15,015 12,746
Total current assets 732,761 803,898
Property and equipment, net 980 1,159
Right-of-use assets, operating leases 834 1,096
Other assets 496 726
Total assets 735,071 806,879
Current liabilities:    
Accounts payable 6,840 9,018
Accrued external research and development expenses 14,324 11,451
Other accrued expenses 8,881 15,561
Operating lease liabilities, current 315 611
Total current liabilities 30,360 36,641
Long-term debt, net 59,340 29,159
Operating lease liabilities, non-current 1,207 1,253
Total liabilities 90,907 67,053
Commitments and contingencies (Note 14)
Stockholders' equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value; 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 38,345,666 and 37,890,616 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 4 4
Additional paid-in capital 1,278,990 1,249,043
Accumulated other comprehensive (loss) income (1,608) 965
Accumulated deficit (633,222) (510,186)
Total stockholders' equity 644,164 739,826
Total liabilities and stockholders' equity $ 735,071 $ 806,879