Collaboration and Research Service Agreements (Tables)

12 Months Ended

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

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(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

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(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.