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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 336,477 $ 134,930
Short-term investments 211,383 259,140
Accounts receivable, net 45,067 37,996
Inventory 33,164 32,754
Short-term deposits 6,406 19,616
Other receivable, net 2,703 6,404
Collaboration receivable, net 22,359 23,745
Prepaid expenses and other current assets 17,480 13,496
Total current assets 675,039 528,081
Long-term investments 27,217 0
Property and equipment, net 212 181
Right-of-use asset, net 1,082 1,342
Restricted cash 102 102
Total assets 703,652 529,706
Current liabilities:    
Accounts payable 4,874 16,580
Accrued expenses and other current liabilities 94,297 103,064
Current portion of right-of-use liability 506 470
Current portion of capital lease 0 2
Total current liabilities 99,677 120,116
Long-term liabilities:    
Royalty interest financing liability, less current portion 344,026 343,909
Convertible note liability 244,090 0
Right-of-use liability, less current portion 760 1,051
Total long-term liabilities 588,876 344,960
Total liabilities 688,553 465,076
Commitments and contingencies (Note 16)
Stockholders’ equity:    
Common stock, $0.0001 par value, 200,000,000 shares authorized; 89,150,619 and 87,405,979 shares issued and outstanding at June 30, 2026 and December 30, 2025, respectively 9 9
Additional paid-in capital 1,613,846 1,570,749
Accumulated other comprehensive (loss) gain (140) 452
Accumulated deficit (1,598,616) (1,506,580)
Total stockholders’ equity 15,099 64,630
Total liabilities and stockholders’ equity $ 703,652 $ 529,706