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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 109,833 $ 123,080
Receivables from collaborative partners 75,685 40,765
Short-term investments 139,123 262,293
Prepaid expenses and other current assets 6,009 5,738
Total current assets 330,650 431,876
Property and equipment, net 1,500 1,849
Operating lease right-of-use assets 12,994 14,383
Long-term investments 7,698 35,470
Other long-term assets 256 256
Total assets 353,098 483,834
Current liabilities:    
Accounts payable 2,893 4,002
Accrued expenses 33,171 39,501
Current portion of operating lease liability 2,040 1,925
Total current liabilities 38,104 45,428
Liability related to sale of future royalties 331,844 353,426
Operating lease liability, net of current portion 12,566 14,112
Stockholders’ (deficit) equity:    
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at September 30, 2025 and December 31, 2024, respectively 0 0
Common stock, $0.001 par value, 500,000 shares authorized, 27,575 shares and 30,473 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 28 30
Additional paid in capital 792,682 829,860
Accumulated other comprehensive gain 47 305
Accumulated deficit (822,173) (759,327)
Total stockholders’ (deficit) equity (29,416) 70,868
Total liabilities and stockholders’ (deficit) equity $ 353,098 $ 483,834