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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 41,032 $ 44,252 [1]
Short-term investments 229,176 210,974 [1]
Other current assets (including $177 and $0 as of September 30, 2025 and December 31, 2024, respectively, from a related party) 11,149 6,066 [1]
Total current assets 281,357 261,292 [1]
Long-term investments 0 13,869 [1]
Property and equipment, net 2,826 3,411 [1]
Operating lease right-of-use assets 7,171 8,413 [1]
Equity method investment in Gannet BioChem 4,837 12,218 [1]
Other assets 5,156 4,647 [1]
Total assets 301,347 303,850 [1]
Current liabilities:    
Accounts payable 15,563 11,560 [1]
Accrued expenses (including $316 and $3,403 as of September 30, 2025 and December 31, 2024, respectively, to a related party) 28,594 29,972 [1]
Operating lease liabilities, current portion 22,183 19,868 [1]
Total current liabilities 66,340 61,400 [1]
Operating lease liabilities, less current portion 69,732 82,696 [1]
Liabilities related to the sales of future royalties, net 75,164 91,776 [1]
Other long-term liabilities 5,025 7,241 [1]
Total liabilities 216,261 243,113 [1]
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares designated or outstanding at September 30, 2025 or December 31, 2024, respectively 0 0 [1]
Common stock, $0.0001 par value; 390,000,000 shares and 300,000,000 shares authorized at September 30, 2025 and December 31, 2024; 19,652,513 shares and 12,937,308 shares issued at September 30, 2025 and December 31, 2024, respectively; 19,652,513 shares and 12,385,001 shares outstanding at September 30, 2025 and December 31, 2024, respectively 2 1 [1]
Capital in excess of par value 3,809,235 3,659,885 [1]
Treasury stock, at cost; 0 shares and 552,307 shares as of September 30, 2025 and December 31, 2024, respectively 0 (3,000) [1]
Accumulated other comprehensive income (loss) 56 61 [1]
Accumulated deficit (3,724,207) (3,596,210) [1]
Total stockholders' equity 85,086 60,737 [1]
Total liabilities and stockholders' equity $ 301,347 $ 303,850 [1]
[1] All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split (see Note 6).