CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 149,578	$ 15,116
Short-term investments	419,026	230,636
Other current assets (including $432 and $429 as of March 31, 2026 and December 31, 2025, respectively, from a related party)	20,437	20,514
Total current assets	589,041	266,266
Long-term investments	162,993	0
Other assets	11,237	14,140
Total assets	763,271	280,406
Current liabilities:
Accounts payable (including $504 and $137 as of March 31, 2026 and December 31, 2025, respectively, to a related party)	10,026	10,770
Accrued expenses (including $1,148 and $994 as of March 31, 2026 and December 31, 2025, respectively, to a related party)	25,151	22,271
Operating lease liabilities, current portion	22,531	20,495
Total current liabilities	57,708	53,536
Operating lease liabilities, less current portion	60,631	65,256
Liabilities related to the sales of future royalties, net	60,270	63,157
Other long-term liabilities	8,446	8,625
Total liabilities	187,055	190,574
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares designated or outstanding at March 31, 2026 or December 31, 2025, respectively	0	0
Common stock, $0.0001 par value; 390,000,000 shares authorized; 29,472,092 shares and 20,378,832 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	3	2
Capital in excess of par value	4,382,437	3,850,099
Accumulated other comprehensive income (loss)	(1,034)	17
Accumulated deficit	(3,805,190)	(3,760,286)
Total stockholders' equity	576,216	89,832
Total liabilities and stockholders' equity	$ 763,271	$ 280,406