Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 97,185	$ 85,721
Marketable securities	644,282	670,812
Prepaid expenses and other current assets	22,486	21,248
Total current assets	763,953	777,781
TOTAL ASSETS	763,953	777,781
CURRENT LIABILITIES
CVR liability	50,260	22,820
Accrued and other current liabilities	29,160	26,947
Total current liabilities	85,162	58,685
Non-current CVR liability	6,690	3,860
Other non-current liabilities	1,290	0
TOTAL LIABILITIES	93,142	62,545
Commitments and Contingencies (Notes 6 and 7)
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 400,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 78,839,858 shares and 78,189,811 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	15	15
Additional paid-in capital	1,712,383	1,686,167
Accumulated other comprehensive (loss) income	(767)	869
Accumulated deficit	(1,196,640)	(1,127,635)
TOTAL STOCKHOLDERS’ EQUITY	670,811	715,236
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	763,953	777,781
Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	146,425	146,425
Series B Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	9,395	9,395
Preferred Stock, Excluding Series A Non Voting Convertible Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock	0	0
Nonrelated Party
CURRENT LIABILITIES
Accounts payable	5,692	8,904
Related Party
CURRENT LIABILITIES
Related party accounts payable	$ 50	$ 14