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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Collaboration revenue:      
Collaboration revenue from customers [1] $ 0 $ 0 $ 330,531
Total collaboration revenue 0 0 330,531
Operating expenses:      
Research and development expense [2] 418,778 396,440 423,876
General and administration 136,564 105,438 103,354
Total operating expenses 555,342 501,878 527,230
Gain from divestiture of small molecule programs 0 14,537 0
Loss from operations (555,342) (487,341) (196,699)
Interest and other income, net 42,904 64,636 51,505
Loss before income taxes (512,438) (422,705) (145,194)
Income tax expense (102) (68) (30)
Net loss (512,540) (422,773) (145,224)
Other comprehensive income (loss):      
Net unrealized gain (loss) on marketable securities, net of tax (1,338) 1,377 7,529
Comprehensive loss $ (513,878) $ (421,396) $ (137,695)
Net loss per share, basic (usd per share) $ (2.97) $ (2.57) $ (1.06)
Net loss per share, diluted (usd per share) $ (2.97) $ (2.57) $ (1.06)
Weighted average number of shares outstanding, basic (in shares) 172,649,097 164,473,772 137,370,897
Weighted average number of shares outstanding, diluted (in shares) 172,649,097 164,473,772 137,370,897
[1] Includes related-party collaboration revenue from customers of $295.5 million for the year ended December 31, 2023.
[2] Includes expense for cost sharing payments to a related party of $17.7 million for the year ended December 31, 2023.