CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 28,871	$ 28,356
Marketable securities	489,702	696,925
Accounts and other receivables	2,015	700
Prepaid and other current assets	14,076	21,178
Total current assets	534,664	747,159
Property and equipment, net	5,334	4,346
Operating lease right-of-use assets, net	2,437	3,898
Intangible assets	27,190	27,190
Other assets	13,358	9,747
Total assets	582,983	792,340
Current liabilities:
Accounts payable	1,180	3,265
Accrued expenses	47,029	33,842
Current portion of operating lease liabilities	1,552	1,452
Current portion of long-term liabilities	1,230	942
Total current liabilities	50,991	39,501
Long-term portion of operating lease liabilities	784	2,361
Other long-term liabilities	4,043	3,473
Total liabilities	55,818	45,335
Commitments and contingent liabilities (Note 15)
Stockholders' equity:
Convertible preferred stock, $.01 par value; 3,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024
Common stock, $.001 par value; 297,000,000 shares authorized; 66,549,442 and 66,374,549 shares issued and outstanding at December 31, 2025 and 2024, respectively	67	66
Additional paid-in capital	2,337,453	2,298,849
Accumulated other comprehensive income	3,626	3,314
Accumulated deficit	(1,813,981)	(1,555,224)
Total stockholders' equity	527,165	747,005
Total liabilities and stockholders' equity	$ 582,983	$ 792,340