CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 35,729	$ 28,871
Marketable securities	415,729	489,702
Accounts and other receivables	230	2,015
Prepaid and other current assets	7,534	14,076
Total current assets	459,222	534,664
Property and equipment, net	7,396	5,334
Operating lease right-of-use assets, net	2,012	2,437
Intangible assets	27,190	27,190
Other assets	15,434	13,358
Total assets	511,254	582,983
Current liabilities:
Accounts payable	10,359	1,180
Accrued expenses	38,418	47,029
Current portion of operating lease liabilities	1,465	1,552
Current portion of other long-term liabilities	1,230	1,230
Total current liabilities	51,472	50,991
Long-term portion of operating lease liabilities	443	784
Other long-term liabilities	3,113	4,043
Total liabilities	55,028	55,818
Commitments and contingent liabilities
Stockholders' equity:
Convertible preferred stock, $.01 par value; 3,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025
Common stock, $.001 par value; 297,000,000 shares authorized; 66,568,971 and 66,549,442 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	67	67
Additional paid-in capital	2,346,303	2,337,453
Accumulated other comprehensive income	2,522	3,626
Accumulated deficit	(1,892,666)	(1,813,981)
Total stockholders' equity	456,226	527,165
Total liabilities and stockholders' equity	$ 511,254	$ 582,983