Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 82,727	$ 85,721
Marketable securities	989,180	670,812
Prepaid expenses and other current assets	27,821	21,248
Total current assets	1,099,728	777,781
TOTAL ASSETS	1,099,728	777,781
CURRENT LIABILITIES
CVR liability	0	22,820
Accrued and other current liabilities	30,595	26,947
Total current liabilities	40,143	58,685
Non-current CVR liability	6,760	3,860
Other non-current liabilities	1,290	0
TOTAL LIABILITIES	48,193	62,545
Commitments and Contingencies (Notes 6 and 7)
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 400,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 89,953,997 shares and 78,189,811 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively.	16	15
Additional paid-in capital	2,239,437	1,686,167
Accumulated other comprehensive (loss) income	(5,382)	869
Accumulated deficit	(1,328,961)	(1,127,635)
TOTAL STOCKHOLDERS’ EQUITY	1,051,535	715,236
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	1,099,728	777,781
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	0	9,395
Preferred Stock, Excluding Series A Non Voting Convertible Preferred Stock
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Preferred stock	0	0
Nonrelated Party
CURRENT LIABILITIES
Accounts payable	9,466	8,904
Related Party
CURRENT LIABILITIES
Related party accounts payable	$ 82	$ 14