Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 85,721	$ 89,423
Marketable securities	670,812	513,665
Prepaid expenses and other current assets	21,248	5,386
Total current assets	777,781	608,474
Other non-current assets	0	10
TOTAL ASSETS	777,781	608,484
CURRENT LIABILITIES
CVR liability	22,820	25,080
Accrued and other current liabilities	26,947	27,711
Total current liabilities	58,685	54,060
Non-current CVR liability	3,860	36,620
TOTAL LIABILITIES	62,545	90,680
Commitments and Contingencies (Note 8, Note 9)
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 400,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 78,189,811 shares and 60,257,023 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	15	13
Additional paid-in capital	1,686,167	1,334,223
Accumulated other comprehensive income	869	180
Accumulated deficit	(1,127,635)	(972,432)
TOTAL CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	715,236	517,804
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	777,781	608,484
Series A Non-Voting Convertible Preferred Stock
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Preferred stock	146,425	146,425
Series B Non-Voting Convertible Preferred Stock
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Preferred stock	9,395	9,395
Preferred Stock, Excluding Non-Voting Stock
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Preferred stock	0	0
Nonrelated Party
CURRENT LIABILITIES
Accounts payable	8,904	666
Related Party
CURRENT LIABILITIES
Related party accounts payable	$ 14	$ 603