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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 162,007 $ 85,721
Marketable securities 983,339 670,812
Prepaid expenses and other current assets 27,657 21,248
Total current assets 1,173,003 777,781
TOTAL ASSETS 1,173,003 777,781
CURRENT LIABILITIES    
CVR liability 31,350 22,820
Accrued and other current liabilities 26,184 26,947
Total current liabilities 63,302 58,685
Non-current CVR liability 7,270 3,860
Other non-current liabilities 1,290 0
TOTAL LIABILITIES 71,862 62,545
Commitments and Contingencies (Notes 6 and 7)
STOCKHOLDERS’ EQUITY    
Common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 88,064,133 shares and 78,189,811 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. 16 15
Additional paid-in capital 2,189,936 1,686,167
Accumulated other comprehensive (loss) income (2,396) 869
Accumulated deficit (1,232,840) (1,127,635)
TOTAL STOCKHOLDERS’ EQUITY 1,101,141 715,236
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY 1,173,003 777,781
Series A Non Voting Convertible Preferred Stock    
STOCKHOLDERS’ EQUITY    
Preferred stock 146,425 146,425
Series B Non Voting Convertible Preferred Stock    
STOCKHOLDERS’ EQUITY    
Preferred stock 0 9,395
Preferred Stock, Excluding Series A Non Voting Convertible Preferred Stock    
STOCKHOLDERS’ EQUITY    
Preferred stock 0 0
Nonrelated Party    
CURRENT LIABILITIES    
Accounts payable 5,722 8,904
Related Party    
CURRENT LIABILITIES    
Related party accounts payable $ 46 $ 14