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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 201,530 $ 205,326
Short-term marketable securities 508,941 662,553
Accounts receivable, net 3,927 0
Inventory 4,139 0
Prepaid expenses and other current assets 35,390 32,779
Total current assets 753,927 900,658
Long-term marketable securities 229,534 98,322
Property and equipment, net 49,926 52,402
Finance lease right-of-use asset 46,700 48,531
Operating lease right-of-use asset 16,793 19,002
Intangible asset, net 35,250 0
Other non-current assets 25,825 25,939
Total assets 1,157,955 1,144,854
Current liabilities:    
Accounts payable 11,807 505
Other accrued costs and current liabilities 78,276 97,846
Total current liabilities 90,083 98,351
Operating lease liability, less current portion 22,026 27,210
Finance lease liability, less current portion 5,479 5,532
Liability related to the revenue participation right agreement 205,189 0
Total liabilities 322,777 131,093
Commitments and contingencies (Note 10)
Stockholders' equity:    
Convertible preferred stock, $0.01 par value; 40,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 159,755,526 shares and 156,182,177 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,924 1,888
Additional paid-in capital 3,142,747 3,062,715
Accumulated other comprehensive income (loss) (1,969) 682
Accumulated deficit (2,307,524) (2,051,524)
Total stockholders' equity 835,178 1,013,761
Total liabilities and stockholders’ equity $ 1,157,955 $ 1,144,854