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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 65,257 $ 169,526
Marketable securities 312,467 118,737
Research and development prepaid expenses 4,955 13,424
Other prepaid expenses and current assets 10,611 4,501
Total current assets 393,290 306,188
Restricted cash, non-current 1,372 1,106
Property and equipment, net 19,058 20,968
Intangible assets 50,959  
Operating lease right-of-use assets, net 17,511 12,723
Other assets, non-current 5,824 7
Total assets 488,014 340,992
Current liabilities:    
Accounts payable 4,554 9,624
Research and development accrued expenses 37,629 29,149
Other accrued expenses and current liabilities 18,821 10,580
Operating lease liabilities, current 4,412 1,557
Total current liabilities 65,416 50,910
Operating lease liabilities, non-current 33,385 29,165
Deferred revenue, non-current 1,944  
Deferred income tax liability 2,140  
Share repurchase liability 187 813
Other liabilities, non-current 169  
Total liabilities 103,241 80,888
Commitments and contingencies (Note 9)
Stockholders' equity:    
Preferred stock, $0.0001 par value; 50,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and December 31, 2024
Additional paid-in capital 1,193,474 918,610
Accumulated other comprehensive income (loss) 234 40
Accumulated deficit (808,945) (658,551)
Total stockholders' equity 384,773 260,104
Total liabilities and stockholders' equity 488,014 340,992
Voting common stock    
Stockholders' equity:    
Common Stock 9 4
Non-voting common stock    
Stockholders' equity:    
Common Stock $ 1 $ 1