v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (105,205) $ (81,490)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 26,318 18,237
Change in fair value of CVR liability 34,873 (1,800)
Gain on sale of in-process research and development asset (70,000) (10,000)
Net accretion of discount on marketable securities (5,152) (4,655)
Interest proceeds from maturities of zero coupon U.S. Treasury Bills 683 1,760
Changes in operating assets and liabilities:    
Accounts payable (3,182) 3,046
Accrued and other liabilities 225 (8,299)
Related party accounts payable 32 (572)
Prepaid expenses and other assets (5,841) (3,784)
Net cash used in operating activities (127,249) (87,557)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities and sales of marketable securities 217,187 178,249
Purchases of marketable securities (528,510) (106,312)
Proceeds from sale of in-process research and development asset 70,000 7,000
Net cash (used in) provided by investing activities (241,323) 78,937
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs 435,240 0
Proceeds from issuance of common stock in connection with at-the-market offering program, net of issuance costs 9,750 0
Payment of deferred offering costs in connection with shelf registration (454) (93)
Payments related to contingent value rights liability (22,933) 0
Proceeds from employee stock option exercises and employee stock plan purchases 23,255 949
Net cash provided by financing activities 444,858 856
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 76,286 (7,764)
CASH AND CASH EQUIVALENTS    
Beginning of period 85,721 89,423
End of period 162,007 81,659
Supplemental Disclosure of Non-Cash Financing Information:    
Proceeds from stock option exercises received in subsequent period 157 0
Allocation of deferred offering costs against proceeds of issuance of common stock 345 0
Unpaid deferred offering costs in connection with shelf registration 301 0
Conversion of Series B non-voting convertible preferred stock into common stock $ 9,395 $ 0