v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 70,849 $ 302 $ 314
Operating expenses:      
Research and development 338,929 238,254 159,765
Selling, general and administrative 95,315 61,083 94,999
Total operating expenses 434,244 299,337 254,764
Loss from operations (363,395) (299,035) (254,450)
Other income (expense), net:      
Interest income 27,399 31,597 18,240
Interest expense (4,948) (2,197) (1,331)
Other expense, net (1,657) (314) (193)
Total other income, net 20,794 29,086 16,716
Net loss (342,601) (269,949) (237,734)
Comprehensive loss:      
Net loss (342,601) (269,949) (237,734)
Other comprehensive income (loss):      
Unrealized gain (loss) on available-for-sale securities 457 (348) 728
Total other comprehensive income (loss) 457 (348) 728
Comprehensive loss $ (342,144) $ (270,297) $ (237,006)
Common Stock      
Other income (expense), net:      
Net loss per share, basic (in dollars per share) $ (3.32) $ (3.07) $ (3.91)
Net loss per share, diluted (in dollars per share) $ (3.32) $ (3.07) $ (3.91)
Weighted-average shares outstanding, basic (in shares) 84,803,355 67,885,831 44,755,475
Weighted-average shares outstanding, diluted (in shares) 84,803,355 67,885,831 44,755,475
License revenue      
Revenues:      
Total revenues $ 70,000 $ 0 $ 0
Collaboration revenue - related parties      
Revenues:      
Total revenues $ 849 $ 302 $ 314
Series A Convertible Preferred Stock | Convertible Preferred Stock      
Other income (expense), net:      
Net loss per share, basic (in dollars per share) $ (221.65) $ (204.82) $ (260.70)
Net loss per share, diluted (in dollars per share) $ (221.65) $ (204.82) $ (260.70)
Weighted-average shares outstanding, basic (in shares) 134,864 154,856 174,226
Weighted-average shares outstanding, diluted (in shares) 134,864 154,856 174,226
Series B Convertible Preferred Stock | Convertible Preferred Stock      
Other income (expense), net:      
Net loss per share, basic (in dollars per share) $ (221.65) $ (204.82) $ (260.69)
Net loss per share, diluted (in dollars per share) $ (221.65) $ (204.82) $ (260.69)
Weighted-average shares outstanding, basic (in shares) 138,875 144,862 66,385
Weighted-average shares outstanding, diluted (in shares) 138,875 144,862 66,385