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Subsequent Events
12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

8. Subsequent Events

In January 2026, the Company entered into an exclusive license and collaboration agreement (the “BMS Agreement”) with Bristol-Myers Squibb Company (“BMS”) to develop an undisclosed, novel tumor-activated therapeutic targeting a validated solid tumor antigen expressed across several human cancer types. Under the BMS Agreement, BMS received an exclusive worldwide license, under the relevant patents and know-how owned or in-licensed by the Company, to develop, manufacture, commercialize and otherwise exploit a tumor-activated therapeutic targeting the collaboration target. In addition, the Company is responsible for conducting, at its own expense and pursuant to an agreed joint development plan, pre-clinical development until Investigational New Drug application ("IND") submission for the collaboration target. In return, the Company will receive an upfront payment of $15.0 million and will be eligible to receive $785.0 million in additional payments contingent upon successful completion of certain milestones, including $35.0 million related to a near term milestone. The Company is also entitled to tiered royalties on global product sales, with the applicable royalty rates ranging from high-single digit to low-double digit percentages, subject to certain customary reductions.