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Collaboration and Research Service Agreements (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Summary of Revenue Recognized, Unrecognized Transaction Price and Estimated Revenue Expected to be Recognized | The following table presents revenue recognized, unrecognized transaction price, and estimated revenue expected to be recognized in the future as of December 31, 2025 (in thousands):
|  | Transaction Price |
Combined license, research and manufacturing services |  | $ | 247,846 |
Material right |  |  | 41,190 |
Total transaction price(1) |  | $ | 289,036 |
Revenue recognized(2) |  |  | (45,377 | )
Unrecognized transaction price as of December 31, 2025 |  | $ | 243,659 |
_____________________ (1) Comprised of the allocation of the $195.0 million one-time, non-refundable upfront payment, of which $153.8 million was allocated to the four R&D programs and manufacturing services and $41.2 million was allocated to the material right and $94.0 million of variable consideration related to estimated research and manufacturing services for the four R&D Programs. (2) Recorded within revenue in the statement of operations and comprehensive loss for the year ended December 31, 2025, comprised of $26.8 million recognized of the one-time, non-refundable upfront payment and $18.6 million variable considerations related to estimated research services for the four R&D Programs.
Summary of Changes in Deferred Revenue | The following table summarizes the changes in deferred revenue for the year ended December 31, 2025 (in thousands):
Balance at January 1, 2025 |  | $ | — |
Deferred revenue |  |  | 195,000 |
Recognized revenue |  |  | (26,814 | )
Balance at December 31, 2025(1) |  | $ | 168,186 |
_____________________ (1) Comprised of $62.3 million of deferred revenue, current and $105.9 million of deferred revenue, non-current, which is expected to be recognized over 3.5 years. As of December 31, 2025, all of the Company's performance obligations are outstanding.

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