Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 64,897	$ 89,423
Marketable securities	421,301	513,665
Prepaid expenses and other current assets	18,406	5,386
Total current assets	504,604	608,474
Other non-current assets	0	10
TOTAL ASSETS	504,604	608,484
CURRENT LIABILITIES
CVR liability	11,020	25,080
Accrued and other current liabilities	23,827	27,711
Total current liabilities	46,274	54,060
Non-current CVR liability	3,230	36,620
TOTAL LIABILITIES	49,504	90,680
Commitments and Contingencies (Note 6 and 7)
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 400,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 60,471,793 shares and 60,257,023 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.	13	13
Additional paid-in capital	1,363,581	1,334,223
Accumulated other comprehensive income	791	180
Accumulated deficit	(1,065,105)	(972,432)
TOTAL STOCKHOLDERS’ EQUITY	455,100	517,804
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	504,604	608,484
Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Series A non-voting convertible preferred stock & preferred stock shares authorized, issued, and outstanding, value	146,425	146,425
Series B Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Series A non-voting convertible preferred stock & preferred stock shares authorized, issued, and outstanding, value	9,395	9,395
Preferred Stock, Excluding Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Series A non-voting convertible preferred stock & preferred stock shares authorized, issued, and outstanding, value	0	0
Nonrelated Party
CURRENT LIABILITIES
Accounts payable	7,457	666
Related Party
CURRENT LIABILITIES
Related party accounts payable	$ 3,970	$ 603