CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 212,382	$ 99,594
Marketable securities	662,270	617,990
Prepaid expenses and other current assets	19,581	20,877
Total current assets	894,233	738,461
Property and equipment, net	1,228	1,236
Operating lease right-of-use assets	2,421	2,205
Other assets	1,536	501
Total assets	899,418	742,403
Current liabilities:
Accounts payable	8,683	2,143
Total accrued liabilities	62,013	45,731
Total current liabilities	70,696	47,874
Long-term debt, net	49,940	20,582
Derivative liability	20,030	0
Liability related to the sale of future revenue, net	34,244	0
Other liabilities	2,341	2,308
Total liabilities	177,251	70,764
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 101,826,500 and 80,994,046 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1,018	810
Additional paid-in capital	1,927,104	1,477,811
Accumulated other comprehensive income (loss)	447	(10)
Accumulated deficit	(1,338,458)	(995,857)
Total stockholders’ equity	722,167	671,639
Total liabilities and stockholders’ equity	899,418	742,403
Series A Convertible Preferred Stock
Stockholders’ equity:
Preferred stock	61,188	61,188
Series B Convertible Preferred Stock
Stockholders’ equity:
Preferred stock	$ 70,868	$ 127,697

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).