CYTOKINETICS INC, 10-K filed on 2/26/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 23, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Trading Symbol CYTK    
Entity Registrant Name CYTOKINETICS, INCORPORATED    
Entity Central Index Key 0001061983    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   123,162,807  
Entity Public Float     $ 2.5
Entity Interactive Data Current Yes    
Title of 12(b) Security Common Stock, $0.001 par value    
Security Exchange Name NASDAQ    
Entity File Number 000-50633    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 94-3291317    
Entity Address, Address Line One 350 Oyster Point Boulevard    
Entity Address, City or Town South San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94080    
City Area Code 650    
Local Phone Number 624-3000    
Document Annual Report true    
Document Transition Report false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Documents Incorporated by Reference

Portions of the Registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission, no later than 120 days after the end of the fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K.

    
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location San Jose, California    
Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Cytokinetics, Incorporated (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ deficit equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 26, 2026 expressed an unqualified opinion thereon.

    
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 122,518 $ 94,857
Short-term investments 759,703 981,157
Accounts receivable 17,764 16,650
Prepaid expenses and other current assets 16,990 15,276
Total current assets 916,975 1,107,940
Long-term investments 335,048 145,055
Property and equipment, net 79,194 65,815
Operating lease right-of-use assets 75,979 75,158
Other assets 17,341 7,705
Total assets 1,424,537 1,401,673
Current liabilities:    
Accounts payable 22,337 20,369
Accrued liabilities 83,278 55,323
Short-term operating lease liabilities 19,111 18,978
Current portion of convertible and long-term debt 41,181 11,520
Derivative liabilities measured at fair value 31,100 11,300
Deferred revenue 1,612 52,370
Other current liabilities 3,833 9,814
Total current liabilities 202,452 179,674
Term loans, net 246,384 93,227
Convertible notes, net 869,597 552,370
Liabilities related to revenue participation right purchase agreements, net 520,559 462,192
Long-term operating lease liabilities 107,970 112,582
Liabilities related to RPI Transactions measured at fair value 137,200 137,000
Total liabilities 2,084,162 1,537,045
Commitments and contingencies
Stockholders' deficit:    
Preferred stock, $0.001 par value: Authorized: 10,000,000 shares; Issued and outstanding: none 0 0
Common stock, $0.001 par value: Authorized: 163,000,000 shares Issued and outstanding: 122,943,172 shares at December 31, 2025 and 118,209,139 shares at December 31, 2024 123 118
Additional paid-in capital 2,826,341 2,563,876
Accumulated other comprehensive income 630 2,398
Accumulated deficit (3,486,719) (2,701,764)
Total stockholders' deficit (659,625) (135,372)
Total liabilities and stockholders' deficit $ 1,424,537 $ 1,401,673
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 326,000,000 326,000,000
Common stock, shares issued 122,943,172 118,209,139
Common stock, shares outstanding 122,943,172 118,209,139
v3.25.4
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 88,039 $ 18,474 $ 7,530
Operating expenses:      
Research and development 416,026 339,408 330,123
General and administrative 284,271 215,314 173,612
Total operating expenses 700,297 554,722 503,735
Operating loss (612,258) (536,248) (496,205)
Interest expense (45,579) (37,701) (28,306)
Non-cash interest expense on liabilities related to revenue participation right purchase agreements (58,289) (48,811) (29,362)
Interest and other income, net 48,420 51,534 27,629
Change in fair value of derivative liabilities 4,200 1,300 0
Change in fair value of liabilities related to RPI Transactions (200) (19,600) 0
Debt conversion expense (121,249) 0 0
Net loss $ (784,955) $ (589,526) $ (526,244)
Net loss per share - basic $ (6.54) $ (5.26) $ (5.45)
Net loss per share - diluted $ (6.54) $ (5.26) $ (5.45)
Weighted-average number of shares used in computing net loss per share - basic 120,103 111,979 96,524
Weighted-average number of shares used in computing net loss per share - diluted 120,103 111,979 96,524
Other comprehensive (loss) gain:      
Unrealized (loss) gain on available-for-sale securities, net $ (990) $ 2,153 $ 3,600
Foreign currency translation adjustments (778) 255 (20)
Comprehensive loss (786,723) (587,118) (522,664)
License and Milestone Revenues [Member]      
Revenues:      
Total revenues 79,353 15,000 3,500
Collaboration Revenues [Member]      
Revenues:      
Total revenues $ 8,686 $ 3,474 $ 4,030
v3.25.4
Consolidated Statements of Stockholders' Deficit - USD ($)
$ in Thousands
Total
At The Market Offering [Member]
Public Offering [Member]
Common Stock [Member]
Common Stock [Member]
At The Market Offering [Member]
Common Stock [Member]
Public Offering [Member]
Additional Paid-in Capital [Member]
Additional Paid-in Capital [Member]
At The Market Offering [Member]
Additional Paid-in Capital [Member]
Public Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2022 $ (107,900)     $ 94     $ 1,481,590     $ (3,590) $ (1,585,994)
Beginning Balance, shares at Dec. 31, 2022       94,833,975              
Exercise of stock options, value 14,319     $ 2     14,317        
Exercise of stock options, shares       1,193,325              
Vesting of restricted stock units, value (1)     $ (1)              
Vesting of restricted stock units, shares       721,216              
Shares withheld related to net share settlement of equity awards (10,517)           (10,517)        
Shares withheld related to net share settlement of equity awards, shares       (262,829)              
Issuance of common stock under Employee Stock Purchase Plan, value 4,140           4,140        
Issuance of common stock under Employee Stock Purchase Plan, shares       136,065              
Issuance of common stock, net of issuance costs, value   $ 164,233     $ 5     $ 164,228      
Issuance of common stock, net of issuance costs, shares         5,016,170            
Stock-based compensation 72,065           72,065        
Unrealized (loss) gain on available-for-sale securities, net 3,600                 3,600  
Foreign currency translation adjustments (20)                 (20)  
Net loss (526,244)                   (526,244)
Ending Balance at Dec. 31, 2023 (386,323)     $ 102     1,725,823     (10) (2,112,238)
Ending Balance, shares at Dec. 31, 2023       101,637,922              
Exercise of stock options, value 48,408     $ 3     48,405        
Exercise of stock options, shares       2,425,991              
Vesting of restricted stock units, shares       797,880              
Shares withheld related to net share settlement of equity awards (19,631)           (19,631)        
Shares withheld related to net share settlement of equity awards, shares       (297,205)              
Exercise of warrants, net, share       11,335              
Conversion of 2026 Notes, share       151              
Issuance of common stock upon private placement, value 50,000     $ 1     49,999        
Issuance of common stock upon private placement, shares       980,392              
Issuance of common stock under Employee Stock Purchase Plan, value 4,608           4,608        
Issuance of common stock under Employee Stock Purchase Plan, shares       140,703              
Issuance of common stock, net of issuance costs, value   $ 93,640 $ 563,204   $ 1 $ 11   $ 93,639 $ 563,193    
Issuance of common stock, net of issuance costs, shares         1,237,460 11,274,510          
Stock-based compensation 97,840           97,840        
Unrealized (loss) gain on available-for-sale securities, net 2,153                 2,153  
Foreign currency translation adjustments 255                 255  
Net loss (589,526)                   (589,526)
Ending Balance at Dec. 31, 2024 (135,372)     $ 118     2,563,876     2,398 (2,701,764)
Ending Balance, shares at Dec. 31, 2024       118,209,139              
Exercise of stock options, value 31,152     $ 2     31,150        
Exercise of stock options, shares       1,551,261              
Vesting of restricted stock units, value (12)     $ (1)     (13)        
Vesting of restricted stock units, shares       883,236              
Shares withheld related to net share settlement of equity awards (2,455)           (2,455)        
Shares withheld related to net share settlement of equity awards, shares       (51,909)              
Issuance of common stock under Employee Stock Purchase Plan, value 4,827           4,827        
Issuance of common stock under Employee Stock Purchase Plan, shares       182,639              
Induced conversion of convertible notes 116,672     $ 2     116,670        
Induced conversion of convertible notes, shares       2,168,806              
Stock-based compensation 112,286           112,286        
Unrealized (loss) gain on available-for-sale securities, net (990)                 (990)  
Foreign currency translation adjustments (778)                 (778)  
Net loss (784,955)                   (784,955)
Ending Balance at Dec. 31, 2025 $ (659,625)     $ 123     $ 2,826,341     $ 630 $ (3,486,719)
Ending Balance, shares at Dec. 31, 2025       122,943,172              
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (784,955) $ (589,526) $ (526,244)
Adjustments to reconcile net loss to net cash used in operating activities:      
Non-cash interest expense on liabilities related to revenue participation right purchase agreement 58,367 48,917 29,474
Stock-based compensation expense 112,286 97,840 72,065
Non-cash lease expense 5,648 4,314 3,750
Loss on disposition of property and equipment 0 45 0
Depreciation of property and equipment 10,125 9,531 11,892
Change in fair value of derivative liabilities (4,200) (1,300) 0
Change in fair value of liabilities related to RPI Transactions 200 19,600 0
Realized (loss) gain on investment, net (25) (19) 35
Interest receivable and amortization on investments (15,977) (32,515) (15,735)
Non-cash interest expense related to debt 22,901 11,559 7,341
Debt conversion expense 121,249 0 0
Changes in operating assets and liabilities:      
Accounts receivable (1,114) (15,367) (1,136)
Prepaid and other assets (2,933) (2,438) 1,596
Accounts payable 2,663 (4,483) (3,483)
Deferred revenue (50,758) 52,370 0
Accrued and other liabilities 33,603 14,182 17,103
Operating lease liabilities (10,839) (7,244) (1,406)
Other non-current liabilities (6,250) (1,356) (9,585)
Net cash used in operating activities (510,009) (395,890) (414,333)
Cash flows from investing activities:      
Purchases of investments (1,063,173) (1,293,416) (635,211)
Investment in non-marketable equity security (5,000) 0 0
Maturities of investments 1,103,645 744,225 870,905
Sales of investments 6,001 0 4,975
Purchases of property and equipment (24,807) (3,906) (1,416)
Net cash (used in) provided by investing activities 16,666 (553,097) 239,253
Cash flows from financing activities:      
Repayment of finance lease liabilities (204) (939) (858)
Repayment of term loan (10,809) (8,679) 0
Repayment of convertible debt (402,500) 0 0
Proceeds from issuance of convertible debt, net 729,460 0 0
Proceeds from draw on RPI Multi Tranche Loan 175,000 200,000 50,000
Proceeds from issuance of common stock related to private placement, net of issuance costs 0 50,000 0
Proceeds from issuance of common stock under equity incentive and stock purchase plans 35,979 53,016 18,459
Taxes paid related to net share settlement of equity awards (2,468) (19,631) (10,517)
Net cash provided by financing activities 524,458 930,611 221,317
Effect of exchange rate changes (715) 209 (20)
Net (decrease) increase in cash, cash equivalents, and restricted cash 30,400 (18,167) 46,217
Cash, cash equivalents, and restricted cash, beginning of period 95,232 113,399 67,182
Cash, cash equivalents, and restricted cash, end of period 125,632 95,232 113,399
Supplemental cash flow disclosures:      
Cash paid for interest 22,914 25,970 10,295
Right-of-use assets recognized in exchange for operating lease obligations 6,255 481 0
Amounts unpaid for purchases of property and equipment 2,650 3,345 0
Issuance of common stock in connection with repurchase of convertible note 107,920 0 0
At The Market Offering [Member]      
Cash flows from financing activities:      
Proceeds from issuance of common stock related to at-the-market offering, net of issuance costs 0 93,640 164,233
Public Offering [Member]      
Cash flows from financing activities:      
Proceeds from issuance of common stock related to at-the-market offering, net of issuance costs $ 0 $ 563,204 $ 0
v3.25.4
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

Risk management and strategy

Cytokinetics recognizes the critical importance of developing, implementing, and maintaining cybersecurity measures designed to safeguard our information systems and protect the confidentiality, integrity, and availability of our critical data.

Managing Material Risks & Integrated Overall Risk Management

Our cybersecurity team, led by our Chief Information Security Officer, identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods including, for example, through manual and automated tools, internal and external audits, third-party threat assessments and third-party conducted red/blue team testing and tabletop incident response exercises and by subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting scans of the threat environment, evaluating our and our industry’s risk profile, evaluating threats reported to us, conducting threat assessments for internal and external threats and conducting vulnerability assessments.

Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: maintaining an incident response plan, a vulnerability management policy, disaster recovery and business continuity plans and a vendor risk management program; conducting employee training, systems monitoring and penetration testing; implementing security standards, network security controls, access controls and physical security; encrypting and segregating data; though asset management, tracking and disposal; and maintaining cybersecurity insurance.

We have strategically integrated cybersecurity risk management into our broader risk management framework to promote a culture of cybersecurity risk management. This integration is designed to make cybersecurity considerations an integral part of our decision-making processes. Our risk management team works closely with our IT department and cybersecurity team to evaluate and address cybersecurity risks connected with our business objectives and operational needs.

Engage Third-Parties on Risk Management

Recognizing the complexity and evolving nature of cybersecurity threats, Cytokinetics engages with a range of external experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing our risk management systems. These partnerships enable us to leverage specialized knowledge and insights. Our collaboration with these third parties includes periodic audits, threat assessments, and consultation on security enhancements.

Oversee Third-Party Risk

Because we are aware of the potentially material risks from cybersecurity threats associated with third-party service providers, Cytokinetics implements processes to oversee and manage these risks. Depending on the nature of the services provided and the identity of the service provider, we may conduct security assessments of the provider before engagement and may monitor their compliance with our cybersecurity policies after engagement. The monitoring includes periodic assessments by our Chief Information Security Officer and on an ongoing basis by our security specialists. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties.

Risks from Cybersecurity Threats

Since the beginning of the last fiscal year, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us. However, we face ongoing risks from cybersecurity threats that may materially affect the Company in the future. For more information, see Part I. Item 1A. Risk Factors in this Annual Report on Form 10-K, including the discussion under the heading “Significant disruptions of information technology systems or breaches of data security could adversely affect our business”.

Governance

Cytokinetics’ Board of Directors is aware of the critical nature of managing risks associated with cybersecurity threats. Our Board has established oversight mechanisms designed to ensure effective governance in managing material risks associated with cybersecurity threats because we recognize the significance of these threats to our operational integrity and stakeholder confidence.

Board of Directors Oversight

The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of Board members with diverse expertise, including, risk management, technology, and finance. The Audit Committee reports to the Board of Directors periodically regarding cybersecurity topics presented to the Audit Committee, and all materials made available to the Audit Committee are available to rest of the Board of Directors.

Management’s Role Managing Risk

Our Chief Information Security Officer, Chief Executive Officer and Chief Financial Officer play a pivotal role in informing the Audit Committee on cybersecurity risks. They provide cybersecurity briefings to the Audit Committee on a regular basis, at least once per year. These briefings encompass a broad range of topics, including as applicable: the current cybersecurity landscape and emerging threats, the status of ongoing cybersecurity initiatives and strategies, incident reports and learnings from any cybersecurity events, and compliance with regulatory requirements and industry practices.

In addition to our scheduled meetings, the Audit Committee, our Chief Information Security Officer, Chief Executive Officer and Chief Financial Officer maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates from one another, as appropriate, on any significant developments in the cybersecurity domain, ensuring the Board’s oversight is proactive and responsive. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering guidance and approval for major initiatives. This involvement ensures that cybersecurity considerations are integrated into the broader strategic objectives of Cytokinetics. The Audit Committee conducts an annual review of the company’s cybersecurity posture and the effectiveness of its risk management strategies. This review helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework.

Management Personnel in Cybersecurity

Primary responsibility for assessing, monitoring and managing our risks from cybersecurity threats rests with our Chief Information Security Officer, Mr. Eric Brown, Vice President of Information Technology. With over 10 years of experience in the field of cybersecurity and over 20 years of experience in IT more broadly, Mr. Brown brings a wealth of expertise to his role. His background includes extensive experience as an enterprise Chief Information Security Officer. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our Chief Information Security Officer has overall responsibility for the Company’s IT department and operations, including oversight over the cybersecurity team to ensure efforts to contain and remediate security incidents are sufficient and effective.

Monitor Cybersecurity Incidents

The CISO is responsible for staying apprised of the latest developments in cybersecurity, including potential threats and innovative risk management techniques. The CISO implements and oversees processes for the monitoring of our information systems. This includes the deployment of security measures and system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the CISO is equipped with a well-defined incident response plan. This plan includes immediate actions designed to mitigate the impact and long-term strategies for remediation and prevention of future incidents.

Reporting to Board of Directors

Our Chief Information Security Officer regularly informs our executive management team of material cybersecurity risks and incidents. This is how executive management is kept abreast of our cybersecurity posture and potentially material cybersecurity risks facing Cytokinetics. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated by any of our executive officers to the Audit Committee, so that the Audit Committee can oversee and provide guidance on critical cybersecurity issues.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have strategically integrated cybersecurity risk management into our broader risk management framework to promote a culture of cybersecurity risk management. This integration is designed to make cybersecurity considerations an integral part of our decision-making processes.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Board of Directors Oversight

The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of Board members with diverse expertise, including, risk management, technology, and finance. The Audit Committee reports to the Board of Directors periodically regarding cybersecurity topics presented to the Audit Committee, and all materials made available to the Audit Committee are available to rest of the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for this domain.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee reports to the Board of Directors periodically regarding cybersecurity topics presented to the Audit Committee, and all materials made available to the Audit Committee are available to rest of the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]

Management’s Role Managing Risk

Our Chief Information Security Officer, Chief Executive Officer and Chief Financial Officer play a pivotal role in informing the Audit Committee on cybersecurity risks. They provide cybersecurity briefings to the Audit Committee on a regular basis, at least once per year. These briefings encompass a broad range of topics, including as applicable: the current cybersecurity landscape and emerging threats, the status of ongoing cybersecurity initiatives and strategies, incident reports and learnings from any cybersecurity events, and compliance with regulatory requirements and industry practices.

In addition to our scheduled meetings, the Audit Committee, our Chief Information Security Officer, Chief Executive Officer and Chief Financial Officer maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates from one another, as appropriate, on any significant developments in the cybersecurity domain, ensuring the Board’s oversight is proactive and responsive. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering guidance and approval for major initiatives. This involvement ensures that cybersecurity considerations are integrated into the broader strategic objectives of Cytokinetics. The Audit Committee conducts an annual review of the company’s cybersecurity posture and the effectiveness of its risk management strategies. This review helps in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework.

Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Primary responsibility for assessing, monitoring and managing our risks from cybersecurity threats rests with our Chief Information Security Officer, Mr. Eric Brown, Vice President of Information Technology.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] With over 10 years of experience in the field of cybersecurity and over 20 years of experience in IT more broadly, Mr. Brown brings a wealth of expertise to his role.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our Chief Information Security Officer regularly informs our executive management team of material cybersecurity risks and incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ (784,955) $ (589,526) $ (526,244)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

During the quarter ended December 31, 2025, the following of our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K:

•
Robert I. Blum, President & Chief Executive Officer – Mr. Blum adopted a trading arrangement on December 24, 2025 intended to satisfy the affirmative defense provided for under Rule 10b5-1(c). Mr. Blum’s trading arrangement provides for the sale of up to 120,000 shares of our common stock and will terminate on the earlier of (x) November 30, 2026 and (y) the sale of all securities that are subject to the arrangement.
•
Sung Lee, Executive Vice President & Chief Financial Officer – Mr. Lee adopted a trading arrangement on December 23, 2025 intended to satisfy the affirmative defense provided for under Rule 10b5-1(c). Mr. Lee’s trading arrangement provides for the sale of up to 70,107 shares of our common stock and will terminate on the earlier of (x) December 31, 2026 and (y) the sale of all securities that are subject to the arrangement.
•
Fady Malik, Executive Vice President, Research & Development - Dr. Malik adopted a trading arrangement on December 23, 2025 intended to satisfy the affirmative defense provided for under Rule 10b5-1(c). Dr. Malik’s trading arrangement provides for the sale of up to 62,886 shares of our common stock and will terminate on the earlier of (x) December 18, 2026 and (y) the sale of all securities that are subject to the arrangement.
Robert I. Blum [Member]  
Trading Arrangements, by Individual  
Name Robert I. Blum
Title President & Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 24, 2025
Rule 10b5-1 Arrangement Terminated false
Expiration Date November 30, 2026
Arrangement Duration 342 days
Aggregate Available 120,000
Sung Lee [Member]  
Trading Arrangements, by Individual  
Name Sung Lee
Title Executive Vice President & Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 23, 2025
Rule 10b5-1 Arrangement Terminated false
Expiration Date December 31, 2026
Arrangement Duration 374 days
Aggregate Available 70,107
Fady Malik [Member]  
Trading Arrangements, by Individual  
Name Fady Malik
Title Executive Vice President, Research & Development
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 23, 2025
Rule 10b5-1 Arrangement Terminated false
Expiration Date December 18, 2026
Arrangement Duration 361 days
Aggregate Available 62,886
v3.25.4
Organization and Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Accounting Policies

Note 1 — Organization and Accounting Policies

Organization

Cytokinetics, Incorporated (the “Company”, “we” or “our”) was incorporated under the laws of the state of Delaware on August 5, 1997. We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. Our flagship commercial product is MYQORZO™ (aficamten), 5 mg, 10 mg, 15 mg, and 20 mg tablets for the treatment of adults with oHCM to improve functional capacity and symptoms, which the FDA approved in December 2025 and which first became available for prescription to patients on or around January 27, 2026

Our financial statements contemplate the conduct of our operations in the normal course of business. We have incurred an accumulated deficit of approximately $3.5 billion since inception and there can be no assurance that we will attain profitability. We had a net loss of $785.0 million and net cash used in operations of $510.0 million for the year ended December 31, 2025. Cash, cash equivalents, and investments was $1.2 billion as of December 31, 2025. We anticipate that we will have operating losses and net cash outflows in future periods.

We are subject to risks common to biopharmaceutical companies including, but not limited to, development of new drug candidates, dependence on key personnel, commercialization of our drugs and the ability to obtain additional capital as needed to fund our future plans. Our liquidity will be impaired if sufficient additional capital is not available on terms acceptable to us. To date, we have funded operations primarily through sales of our common stock, contract payments under our collaboration agreements, sales of future revenues and royalties, debt financing arrangements, and interest income, but we will increasingly rely on revenues generated from the commercial sales of MYQORZO to fund our operations and cash expenditures. We expect to commence commercial sales in the first quarter of 2026, but there can be no assurance as to the timing or level of revenues from such sales. Until we achieve profitable operations, we intend to continue to fund operations through payments from strategic collaborations, additional sales of equity securities, grants and debt financings in addition to our commercial sales revenue.

Our success is dependent on our ability to obtain additional capital by entering into financings or new strategic collaborations, and ultimately on our and our collaborators’ ability to successfully develop and market our drugs and drug candidates. We cannot be certain that sufficient funds will be available from financings or such collaborators when needed or on satisfactory terms. Additionally, there can be no assurance that MYQORZO or any of our drug candidates will be accepted in the marketplace or that any future products can be developed or manufactured at an acceptable cost. These factors could have a material adverse effect on our future financial results, financial position and cash flows.

Based on the current status of our research and development and commercialization activities, we believe that our existing cash, cash equivalents and investments will be sufficient to fund cash requirements for at least the next 12 months after the issuance of these consolidated financial statements. If, at any time, our prospects for financing our research and development programs decline, we may decide to reduce research and development expenses by delaying, discontinuing or reducing our funding of one or more of our research or development programs. Alternatively, we might raise funds through strategic collaborations, public or private financings or other arrangements. Such funding, if needed, may not be available on favorable terms, or at all. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates on an ongoing basis. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results could significantly differ from those estimates.

Basis of Presentation

The consolidated financial statements include the accounts of Cytokinetics, Incorporated and its wholly-owned subsidiaries and have been prepared in accordance with GAAP. Intercompany transactions and balances have been eliminated in consolidation.

Segment Information

We have one primary business activity and operate in one reportable segment.

Our chief operating decision maker (“CODM”) is our Chief Executive Officer ("CEO") who evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. The measures of profitability and the significant segment expenses reviewed by the CODM are consistent with these financial statements and footnotes.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject us to concentrations of risk consist principally of cash, cash equivalents, restricted cash, investments, and accounts receivable.i

Our cash, cash equivalents, restricted cash, and investments held with large financial institutions in the United States and deposits may exceed the Federal Deposit Insurance Corporation’s insurance limit.

Cash, Cash Equivalents, and Restricted Cash

We consider all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

A reconciliation of cash, cash equivalents, and restricted cash reported in our consolidated balance sheets to the amount reported within our consolidated statements of cash flows was as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

122,518

 

 

$

94,857

 

Restricted cash

 

 

3,114

 

 

 

375

 

Total cash, cash equivalents, and restricted cash as reported within our consolidated statement of cash flows

 

$

125,632

 

 

$

95,232

 

As of December 31, 2025, our restricted cash balance of $3.1 million, recorded in other assets, is used to collateralize certain credit instruments.

Investments

Our investments consist of U.S. Treasury securities, U.S. government agency securities, commercial paper, corporate obligations, and money market funds. We designate all investments as available-for-sale and report them at fair value, based on quoted market prices, with unrealized gains and losses recorded in accumulated other comprehensive loss. The cost of securities sold is based on the specific-identification method. Investments with original maturities greater than three months and remaining maturities of one year or less are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments.

All of our available-for-sale investments are subject to a periodic impairment review. For each available-for-sale investment whose fair value is below its amortized cost, we determine if the impairment is a result of a credit-related loss or other factors using both quantitative and qualitative factors. If the impairment is a result of a credit-related loss, we recognize an allowance for credit losses. If the impairment is not a result of a credit loss, we recognize the loss in other comprehensive loss.

Investment in non-marketable equity security

In the first quarter of 2025, we made an equity investment of $5.0 million that does not have a readily determinable fair value. We elected the measurement alternative under which we measure the investment at cost, less any impairment. If we observe price changes in orderly transactions for identical or similar securities of the same issuer, we will remeasure the investment at fair value as of the date of the observable transaction. As of December 31, 2025, the investment has a carrying value of $5.0 million and is classified as “Other assets” on the condensed consolidated balance sheet.

Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the related assets, which are generally three years for computer equipment and software, five years for laboratory equipment and office equipment, and seven years for furniture and fixtures. Amortization of leasehold improvements and finance lease right-of-use assets are computed using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the related assets, typically ranging from three to twelve years.

Impairment of Long-lived Assets

We review long-lived assets, including property, equipment and right-of-use assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Impairment is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value. We would recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount.

Leases

We determine if the arrangement contains a lease at inception based on whether the contract conveys the right to control the use of an identified asset. The lease classification is determined at lease commencement, which is the date the underlying asset is available for use by the Company, and preliminary based on whether the arrangement is effectively a financed purchase of the underlying asset (finance lease) or not (operating lease). We determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. In addition to the fixed minimum lease payments required under the lease arrangements, certain leases include payments of operating expenses that may be revised based on the landlord’s estimate. These variable payments are excluded from the lease payments used to determine the right-of-use asset and lease liability and are recognized when the associated activity occurs.

We recognize right-of-use assets and short-term and long-term lease liabilities on our consolidated balance sheets for operating leases. The right-of-use asset and short-term and long-term lease liabilities for finance leases are recognized in property and equipment, other current liabilities, and other non-current liabilities, respectively, on the consolidated balance sheets.

In determining the present value of lease payments, we estimated our incremental borrowing rate based on information available upon commencement. We base the lease liabilities on the present value of remaining lease payments over the remaining terms of the leases using an estimated rate of interest that we would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The initial right-of-use asset, for both operating and finance leases, is measured based on the lease liability adjusted for any initial direct costs, lease prepayments, and lease incentives.

We recognize rent expense for operating leases on a straight-line basis over the lease term in operating expenses on the consolidated statements of operations. Finance lease right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest, which is recorded in interest expense.

We exclude from our consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases). We account for lease and non-lease components as a single component for our operating leases.

Revenue Recognition

We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration for those goods or services.

At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. For example, a license to our intellectual property is determined to be distinct from other performance obligations if licensee is able to use and benefit from the license on its own.

We enter into collaborative arrangements with partners that typically include payment to us for one of more of the following: (i) up-front license fees; (ii) milestone payments related to the achievement of developmental, regulatory, or commercial goals; (iii) royalties on net sales of licensed products; and (iv) research and development cost reimbursements. Up-front license fees are included in the transaction price. Development and regulatory milestone payments are included in the transaction price using the most likely amount method, if we conclude it is probable that a significant revenue reversal would not occur. For contracts that include sales-based royalties or sales-based milestones, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty or sales-based milestone has been allocated has been satisfied. For collaborative agreements that have a performance obligation where the counterparty is a customer for the unit of account, we apply ASC 606, Revenue Recognition, to the unit of account and the revenue is classified as License and milestone revenue in our consolidated statement of operations. For other transactions in collaborative arrangements, consisting of research and development cost reimbursements, we recognize the research and development cost reimbursements as collaboration revenues in our consolidated statement of operations.

When a collaborative agreement has more than one performance obligation, we must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. The stand-alone selling price may include such items as, forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success, to determine the transaction price to allocate to each performance obligation.

For performance obligations that consist of the delivery of an intellectual property license, the revenue is recognized at the point in time that the license is delivered.

Accrued Research and Development Expenditures

Clinical trial costs are a component of research and development expense. We accrue and expense clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research and manufacturing organizations and clinical sites. We determine the actual costs through monitoring patient enrollment, discussions with internal personnel and external service providers regarding the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services.

Revenue Participation Right Purchase Agreements

We have entered into certain revenue participation right purchase agreements with RPI ICAV, pursuant to which such investors purchased rights to royalties from aficamten and omecamtiv mecarbil revenue streams in exchange for consideration. We account for such agreements as liabilities to be amortized under the effective interest rate method over the life of the related royalty stream, when we have continuing involvement with the underlying R&D. We are required to update our estimates, at each reporting period, related to the amount and timing of future royalty payments to be paid to the counterparties of the revenue participation right purchase agreements. We have adopted an accounting policy to not reduce the effective borrowing rate below 0%. The estimates of the future royalty payment determine the measurement of the non-cash interest expense and the carrying value of the liability.

Revenue participation right purchase agreements are measured using significant unobservable inputs. The estimates of future royalties requires the use of several assumptions such as: the probability of clinical success, the probability of regulatory approval, the estimated date of a product launch, estimates of eligible patient populations, estimates of prescribing behavior and patient compliance behavior, estimates of pricing, payor reimbursement and coverage, and sales ramp. In December 2025, the FDA approved MYQORZO, 5 mg, 10 mg, 15 mg, and 20 mg tablets for the treatment of adults with oHCM to improve functional capacity and symptoms. As MYQORZO sales have not commenced and products containing omecamtiv mecarbil and ulacamten have not yet been approved as of December 31, 2025, the estimates are highly subjective.

Fair Value of 2024 RPI transactions

In May 2024, the Company entered into 2024 RPI transactions including the 2024 RP OM Loan Agreement, the RP Ulacamten RPA, the RP Stock Purchase Agreement, the 2022 RP Multi Tranche Loan Agreement Amendment and the RP Aficamten RPA Amendment. As permitted under Accounting Standards Codification 825, Financial Instruments, or ASC 825, the Company elected the fair value option for recognition of the liabilities related to 2024 RP OM Loan Agreement and the RP Ulacamten RPA. In accordance with ASC 825, the Company records the liabilities at fair value and remeasures the liabilities at fair value each reporting period with changes in fair value associated with non-credit components are recognized in Other income (expense), net, while the change in fair value associated with credit components is recognized in accumulated other comprehensive loss. The fair value of the liabilities is based on significant unobservable inputs, including the probability of clinical success, the probability of regulatory approval, the estimated date of a product launch, estimates of pricing, sales ramp, variables for the timing of the related events, probability of change of control, discount rates and other estimates, which are deemed to be Level 3 inputs in the fair value hierarchy. As products containing omecamtiv mecarbil and ulacamten have not yet been commercialized, the estimates are highly subjective.

Derivative Liabilities

We recognize liabilities of our embedded derivative instruments related to the RP Multi Tranche Loan at fair value in the consolidated balance sheets. Each period, the fair value of the derivative liabilities are recalculated and resulting gains and losses from the changes in fair value of the derivatives with non-credit components are recognized in income, while the change in fair value associated with credit components is recognized in accumulated other comprehensive loss. Estimating fair values of derivative instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Since derivative instruments are initially and subsequently carried at fair value, the Company’s income will reflect the volatility in these estimate and assumption changes.

Research and Development Expenditures

Research and development costs are charged to operations as incurred. Research and development expenses consist primarily of clinical trial costs, clinical manufacturing costs, preclinical study expenses, technical operations, inventory manufactured before FDA approval, consulting and other third-party costs, employee compensation, supplies and materials, allocation of overhead and occupancy costs, facilities costs and depreciation of equipment.

Income Taxes

We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized.

We recognize uncertain tax positions taken or expected to be taken on a tax return. Tax positions are initially recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense.

Stock-Based Compensation

We maintain equity incentive plans under which incentive stock options may be granted to employees and nonqualified stock options, restricted stock awards, performance-based stock units and stock appreciation rights may be granted to employees, directors, consultants and advisors. In addition, we maintain an ESPP under which employees may purchase shares of our common stock through payroll deductions.

Stock-based compensation expense related to stock options granted to employees and directors is recognized based on the grant date estimated fair values using the Black Scholes option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period.

Stock-based compensation expense related to performance-based stock units granted to employees is recognized based on the grant-date fair value of each award and recorded as expense over the vesting period using the ratable method when the underlying performance conditions are deemed probable.

Stock-based compensation expense related to the ESPP is recognized based on the fair value of each award estimated on the first day of the offering period using the Black Scholes option pricing model and recorded as expense over the service period using the straight-line method.
v3.25.4
Net Loss Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share

Note 2 — Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares, including outstanding stock options, unvested restricted stock, warrants, convertible preferred stock and shares issuable under our ESPP, during the period using the treasury stock method and convertible notes using the if-converted method.

The following instruments were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been antidilutive (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Options to purchase common stock

 

 

10,868

 

 

 

10,420

 

 

 

11,780

 

Warrants to purchase common stock

 

 

—

 

 

 

—

 

 

 

13

 

Restricted stock and performance units

 

 

2,574

 

 

 

1,865

 

 

 

1,375

 

Shares issuable related to the ESPP

 

 

16

 

 

 

15

 

 

 

16

 

Shares issuable upon conversion of 2026 Notes

 

 

2,003

 

 

 

2,003

 

 

 

2,003

 

Shares issuable upon conversion of 2027 Notes

 

 

2,751

 

 

 

10,572

 

 

 

10,572

 

Shares issuable upon conversion of 2031 Notes

 

 

10,962

 

 

 

—

 

 

 

—

 

Total shares

 

 

29,174

 

 

 

24,875

 

 

 

25,759

 
v3.25.4
Agreements with Royalty Pharma
 12 Months Ended
Dec. 31, 2025
Agreements with Royalty Pharma [Abstract]  
Agreements with Royalty Pharma Note 3 — Agreements with Royalty Pharma

On January 7, 2022, we entered into the 2022 RPI Transactions with affiliates of Royalty Pharma International plc. Pursuant to the 2022 RPI Transactions, the RP Multi Tranche Loan Agreement and the RP Aficamten RPA described below, are determined to be debt instruments subsequently measured at amortized cost and were entered into with parties that were at the time of our entry into the 2022 RPI Transactions affiliated and in contemplation of one another. We used the relative fair value method and made separate estimates of the fair value of each freestanding financial instrument and then allocated the proceeds in proportion to those fair value amounts. Arrangement consideration for the RP Multi Tranche Loan Agreement and the RP Aficamten RPA totaled $150 million, consisting of the two $50 million up front payments for the signing of the RP Multi Tranche Loan Agreement and the RP Aficamten RPA and milestone of $50 million for the initiation of the first pivotal trial in oHCM for aficamten that was deemed probable at the signing of the agreements.

On May 22, 2024, we entered into the 2024 RPI Transactions with affiliates of Royalty Pharma International plc, which included an amendment to the RP Aficamten RPA, a component of the 2022 RPI Transactions. The 2024 RPI Transactions include the 2024 RP OM Loan Agreement, the RP Ulacamten RPA, the RP Stock Purchase Agreement, the RP Multi Tranche Loan Agreement Amendment and the RP Aficamten RPA Amendment, as described below, are accounted for as a debt modification of the 2022 RPI Transactions.

Under the 2024 RPI Transactions, the consideration of $200.0 million received was allocated as follows (in thousands):

 

 

Allocation

 

Units of Accounting:

 

 

 

RP Aficamten RPA

 

$

33,300

 

Tranche 6 of RP Multi Tranche Loan Agreement

 

 

41,200

 

Tranche 6 of RP Multi Tranche Loan Agreement - Embedded Derivatives

 

 

4,400

 

Tranche 4 of RP Multi Tranche Loan Agreement - Embedded Derivatives

 

 

3,700

 

RP Ulacamten RPA

 

 

12,700

 

RP OM Loan Agreement

 

 

104,700

 

Total consideration

 

$

200,000

 

Liabilities Related to RPI Transactions Measured at Fair Value

As permitted under ASC 825, we elected the fair value option for recognizing the liabilities related to the 2024 RP OM Loan Agreement and the RP Ulacamten RPA. The fair value option was elected because these liabilities included embedded derivatives which would have otherwise required separate recognition and measurement. The Company elected the fair value option as it is believed to be more practical for each liability as a single unit of account at fair value. Under the fair value option, debt issuance costs are expensed as incurred and the Company is required to record the fair value option elected arrangements at their fair value on the date of issuance and at each balance sheet thereafter. Changes in the estimated fair value of the arrangements are recognized as changes in fair value of liabilities related to RPI Transactions in the consolidated statement of operations and comprehensive loss.

RP OM Loan

The RP OM Loan Agreement provides for a loan in a principal amount of $100.0 million that was drawn at the closing.

The loan under the RP OM Loan Agreement matures on the 10 year anniversary of the funding date and is repayable in quarterly installments as follows:

•
Scenario 1: If the Phase 3 clinical trial of Cytokinetics’ proprietary small molecule cardiac myosin activator known as omecamtiv mecarbil is successful (defined as meeting the composite primary endpoint of the first event, whichever occurs first, comprising of cardiovascular death, heart failure event, LVAD implementation/cardiac transplantation, or stroke, with a hazard ratio (HR) of less than 0.85 and cardiovascular death endpoint HR of less than 1.0) by June 30, 2028 and we receive the marketing approval from the FDA for omecamtiv mecarbil on or prior to December 31, 2029 (“OM Approval Date”), commencing on the calendar quarter during which the FDA approval is obtained, we are required to pay RPDF (x) (i) $75.0 million ten business days after the OM Approval Date and (ii) $25.0 million on the first anniversary of the OM Approval Date and (y) on a quarterly basis an amount equal to 2.0% of the annual worldwide net sales of omecamtiv mecarbil, subject to a minimum floor amount ranging from $5.0 million to $8.0 million during the first 18 calendar quarters (the payment of the 2.0% of the annual worldwide net sales starting from the 19th calendar quarter shall be referred to as the “Royalty Payment”). Our obligation to pay the Royalty Payment will continue after maturity of the Loan;
•
Scenario 2: If the Phase 3 clinical trial of omecamtiv mecarbil is successful by June 30, 2028 but we have not received the marketing approval from the FDA for omecamtiv mecarbil on or prior to December 31, 2029, we are required to pay RPDF 18 equal quarterly cash payments totaling 237.5% of the principal amount of the loan commencing on March 31, 2030; and
•
Scenario 3: If the Phase 3 clinical trial of omecamtiv mecarbil is not successful by June 30, 2028, we are required to pay RPDF 22 equal quarterly cash payments totaling 227.5% of the principal amount of the loan commencing on September 30, 2028;

(the aggregate amount to be paid by us with respect to each scenario is referred to as the “Scheduled Payment Amount”).

The interest of the loan is included in the Scheduled Payment Amount for each scenario. In each scenario, we may prepay the loan in full (but not in part) at any time at its option by paying an amount equal to the unpaid portion of Scheduled Payment Amount for the outstanding loan; provided that, in scenario 1, we would be required to continue to pay the Royalty Payment after such prepayment.

In addition, upon the occurrence of a change of control of the Company, the loan is repayable in full at the option of either the Company or the lender in an amount equal to (x) depending on when such change of control occurs, 150.0% to 237.5% of the principal amount of the loan minus (y) the then paid Scheduled Payment Amount. The RP OM Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to the Company and its subsidiaries, including, among other things, restrictions on dispositions, mergers, indebtedness, encumbrances, distributions, stock repurchases, investments and transactions with affiliates.

The RP OM Loan Agreement also includes customary events of default, including but not limited to the nonpayment of principal or interest, violations of covenants, material adverse changes, attachment, levy, restraint on business, cross-defaults on material indebtedness, bankruptcy, delisting, material judgments, misrepresentations, governmental approvals, payment defaults under other royalty purchase agreements and development funding agreements with RPDF or RPI ICAV. Upon an event of default or simultaneously with payment in full of the term loans in the RP OM Loan Agreement, the lenders may, among other things, accelerate the loan (with the amount payable between 227.5% and 237.5% of the principal amount (less amounts previously paid) in the case of other events of default).

Upon execution of the RP OM Loan Agreement in the second quarter of 2024, we recorded liabilities of $104.7 million using the probability-weighted expected return method and the fair value inputs are classified as Level 3 in the fair value hierarchy.

The following table demonstrates the future minimum payments for our RP OM Loan under Scenario 3, based on 227.5% of the principal amount with repayment expected to start in 2028 as defined above, as of December 31, 2025 (in thousands):

Years ending December 31:

 

 

 

2026

 

 

—

 

2027

 

 

—

 

2028

 

 

20,682

 

2029

 

 

41,363

 

2030

 

 

41,364

 

Thereafter

 

 

124,091

 

Future minimum payments

 

$

227,500

 

The minimum repayment schedule under Scenario 2 would be 237.5% of the principal amount with quarterly payments starting in 2030. The minimum repayment schedule under Scenario 1 would be a total of 124.0% of the principal amount and the royalty payment with quarterly payments starting in 2028. In addition, under Scenario 1 we would be obligated to make the royalty payment each quarter, and such amounts are not determinable at this time.

RP Ulacamten RPA

Pursuant to the RP Ulacamten RPA, RPI ICAV purchased the right to receive 1% of annual net sales of ulacamten by us, our affiliates or licensees, in exchange for $50 million which was paid up-front.

Following the initiation of the first Phase 3 clinical trial (or the Phase 3 portion of the first Phase 2b/3 clinical trial) in heart failure with preserved ejection fraction in humans for ulacamten, at RPI ICAV’s sole option and discretion, it may invest up to in aggregate $150 million in quarterly payments to fund 50.0% of the research and development cost for a potential Phase 3 clinical trial of ulacamten in exchange for an incremental 3.5% for annual net sales of ulacamten (depending on the aggregate amounts funded by RPI ICAV), subject to reduction in certain circumstances. RPI ICAV will also be entitled to a milestone payment equal to 75% of its aggregate investment in ulacamten upon market approval by the FDA, or if market approval of ulacamten by the European Medicines Agency is obtained prior to market approval by the FDA, a 37.5% milestone payment of its aggregate investment in ulacamten for such obtained approval and an additional 37.5% milestone payment for its aggregate investment in ulacamten upon subsequent market approval by the FDA.

Upon execution of the RP Ulacamten RPA in the second quarter of 2024, we recorded a liability of $12.7 million using a combination of the discounted cash flow method and the probability-weighted expected return method. The fair value inputs are classified as Level 3 in the fair value hierarchy. We account for the RP Ulacamten RPA as a liability because, among other reasons, we have significant continuing involvement in generating the related revenue stream from which the liability will be repaid.

Accounting for RPI Transactions Measured at Fair Value

The fair values of the liabilities for the RP OM Loan Agreement and RP Ulacamten RPA are based on significant unobservable inputs, including the probability of clinical success and regulatory approval based on historical industry success rates for product development specific to cardiovascular products, the estimated date of a product launch, estimates of pricing, sales ramp, variables for the timing of the related events, probability of change of control, and discount rates (which range from 10% to 18% as of December 31, 2025 and 2024), which are deemed to be Level 3 inputs in the fair value hierarchy. As products containing omecamtiv mecarbil and ulacamten have not yet been commercialized, the estimates are highly subjective. For example, assumed increases in the probability of the clinical success for the omecamtiv mecarbil or ulacamten programs could increase the value of the liabilities. Similarly, assumed decreases in the discount rates used in the fair value measurements could also increase the value of the liabilities at period end.

The Company recorded a loss of $0.2 million in 2025 and a loss of $19.6 million for 2024, associated with the change in fair value of the liabilities related to 2024 RP OM Loan Agreement and the RP Ulacamten RPA. The change in the fair value has been recognized in the consolidated statement of operations and comprehensive loss.

The following tables summarize the changes of the fair value of the RP Ulacamten RPA and RP OM Loan (in thousands):

 

 

2025

 

 

2024

 

 

 

RP Ulacamten RPA

 

 

RP OM Loan

 

 

RP Ulacamten RPA

 

 

RP OM Loan

 

Beginning balance, January 1

 

$

14,000

 

 

 

123,000

 

 

$

—

 

 

$

—

 

Initial recognition

 

 

—

 

 

 

—

 

 

 

12,700

 

 

 

104,700

 

Change in fair value

 

 

(300

)

 

 

500

 

 

 

1,300

 

 

 

18,300

 

Ending balance, December 31

 

$

13,700

 

 

$

123,500

 

 

$

14,000

 

 

$

123,000

 

Liabilities Related to Revenue Participation Right Purchase Agreements

RP Aficamten Royalty Purchase Agreement

On January 7, 2022, we entered into the RP Aficamten RPA with RPI ICAV, pursuant to which RPI ICAV purchased rights to certain revenue streams from net sales of pharmaceutical products containing aficamten by us, our affiliates and our licensees in exchange for up to $150.0 million in consideration, $50.0 million of which was paid on the closing date, $50.0 million of which was paid to us in March 2022 following the initiation of the first pivotal trial in oHCM for aficamten, and $50.0 million of which was paid to us in September 2023 following the initiation of the first pivotal clinical trial in nHCM for aficamten. The RP Aficamten RPA also provides that the parties will negotiate terms for additional funding if we achieve proof of concept results in certain other indications for aficamten, with a reduction in the applicable royalty if we and RPI ICAV fail to agree on such terms in certain circumstances.

Pursuant to the RP Aficamten RPA, RPI ICAV purchased the right to receive a percentage of net sales equal to 4.5% for annual worldwide net sales of pharmaceutical products containing aficamten up to $1 billion and 3.5% for annual worldwide net sales of pharmaceutical products containing aficamten in excess of $1 billion, subject to reduction in certain circumstances. On May 22, 2024, we entered into the RP Aficamten RPA Amendment to restructure the royalty so that RPI will now be entitled to receive 4.5% of the first $5.0 billion of worldwide annual net sales of aficamten and 1% of any incremental annual worldwide net sales of aficamten by us and our licensees. Our liability to RPI ICAV is referred to as the “RP Aficamten Liability”.

We account for the RP Aficamten Liability as a liability primarily because we have significant continuing involvement in generating the related revenue stream from which the liability will be repaid. If and when aficamten is commercialized and royalties become due, we will recognize the portion of royalties paid to RPI ICAV as a decrease to the RP Aficamten Liability and a corresponding reduction in cash.

The carrying amount of the RP Aficamten Liability is based on our estimate of the future royalties to be paid to RPI ICAV over the life of the arrangement as discounted using an imputed rate of interest. In the second quarter of 2024, we recorded an additional $33.3 million to the carrying value related to the 2024 RPI Transactions entered into May 22, 2024. The imputed rate of interest on the carrying value of the RP Aficamten Liability was approximately 22.6% and 23.5% as of December 31, 2025 and 2024, respectively.

In 2025, we updated our analysis of the RP Aficamten RPA to reflect our revised assumptions resulting from ongoing global market research and to reflect other adjustments in connection with our anticipated commercialization. Our estimates regarding the amount of future royalty payments under the RP Aficamten RPA changed from 2024 due to changes in management’s estimates of unobservable inputs related to market and patient dynamics and timing to include projections of future royalty payments. The adjustment is accounted for on a prospective basis in our liability calculation and resulted in changes in our imputed interest rate. In 2025, the change in estimate decreased our non-cash interest expense by $3.6 million and net loss per share by $0.03.

2017 RP Omecamtiv Mecarbil Royalty Purchase Agreement

In February 2017, we entered into the RP OM RPA pursuant to which we sold a portion of our right to receive royalties from Amgen on future net sales of omecamtiv mecarbil to RPFT for a one-time payment of $90 million, which is non-refundable even if omecamtiv mecarbil is never commercialized. Concurrently, we entered into a common stock purchase agreement with RPFT through which RPFT purchased 875,656 shares of the Company’s common stock for $10.0 million. We allocated the consideration and issuance costs on a relative fair value basis to our liability to RPFT related to sale of future royalties under the RP OM RPA (the “RP OM Liability”) and the common stock sold to RPFT, which resulted in the RP OM Liability being initially recognized at $92.3 million. The RP OM RPA, as amended, provides for the sale of a royalty to RPFT of 5.5% on worldwide net sales of omecamtiv mecarbil.

We account for the RP OM Liability as a liability primarily because we have significant continuing involvement in generating the related revenue stream from which the liability will be repaid. If and when omecamtiv mecarbil is commercialized and royalties become due, we will recognize the portion of royalties paid to RPFT as a decrease to the RP OM Liability and a corresponding reduction in cash.

The carrying amount of the RP OM Liability is based on our estimate of the future royalties to be paid to RPFT over the life of the arrangement as discounted using an imputed rate of interest. The excess of future estimated royalty payments over the $92.3 million of allocated proceeds, less issuance costs, is recognized as non-cash interest expense using the effective interest method. The imputed rate of interest on the RP OM Liability is reassessed periodically and is not reduced below 0%. The imputed rate of interest on the carrying value of the RP OM Liability was 0.0% and approximately 0.1% as of December 31, 2025 and 2024, respectively.

Accounting for Revenue Participation Right Purchase Agreements

We periodically assess the amount and timing of expected royalty payments using a combination of internal projections and forecasts from external sources. The RP OM Liability and the RP Aficamten Liability are measured using the effective interest method based on estimates of future royalty payments over the life of the arrangements. To the extent such payments are greater or less than our initial estimates or the timing of such payments is materially different than its original estimates, we will prospectively adjust the amortization of the RP OM Liability and the RP Aficamten Liability and the effective interest rate. A significant change to unobservable inputs could also result in a material increase or decrease to the effective interest rate of the liabilities. Note, for the RP OM Liability, the effective interest rate is reassessed periodically and will not be reduced below 0%.

There are a number of factors that could materially affect the amount and timing of royalty payments, a number of which are not within our control. The RP OM Liability and the RP Aficamten Liability are recognized using significant unobservable inputs. The estimates of future royalties require the use of several assumptions such as: the probability of clinical success, the probability of regulatory approval, the estimated date of a product launch, estimates of eligible patient populations, estimates of prescribing behavior and patient compliance behavior, estimates of pricing, payor reimbursement and coverage, and sales ramp. A significant change in unobservable inputs could result in a material increase or decrease to the effective interest rate of the RP OM Liability and the RP Aficamten Liability.

We recorded $50.0 million of additional carrying value associated with the 2022 RP Aficamten Royalty Purchase Agreement upon receipt of the cash in the third quarter of 2023. In the second quarter of 2024, we recorded an additional $33.3 million to the carrying value related to the 2024 RPI Transactions entered on May 22, 2024.

We review our assumptions on a regular basis and our estimates may change in the future as we refine and reassess our assumptions. Changes to the RP Aficamten Liability and the RP OM Liability are as follows (in thousands):

 

 

RP Aficamten Liability

 

 

RP OM Liability

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 Beginning balance, January 1

 

$

262,599

 

 

$

180,591

 

 

$

105,117

 

 

$

199,593

 

 

$

199,384

 

 

$

195,384

 

 Additional consideration

 

 

—

 

 

 

—

 

 

 

50,000

 

 

 

 

 

 

—

 

 

 

—

 

 Modification in the 2024 RPI Transactions

 

 

—

 

 

 

33,300

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 Interest accretion

 

 

58,165

 

 

 

48,708

 

 

 

25,474

 

 

 

124

 

 

 

103

 

 

 

3,888

 

 Amortization of issuance costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

78

 

 

 

106

 

 

 

112

 

 Ending balance, December 31

 

$

320,764

 

 

$

262,599

 

 

$

180,591

 

 

$

199,795

 

 

$

199,593

 

 

$

199,384

 

RP Multi Tranche Term Loan

On May 22, 2024, we entered into the RP Multi Tranche Loan Agreement Amendment which provides for two additional tranches (6 & 7) as follows:

•
$50.0 million tranche 6 term loan, which was drawn on May 22, 2024; and
•
$175.0 million tranche 7 term loan drawable at Cytokinetics’ discretion within one year of FDA approval of aficamten in oHCM.

In December 2023, we announced positive topline results from SEQUOIA-HCM, the Phase 3 trial for aficamten. This entitled us to draw $75.0 million under tranche 4 at any time prior to April 3, 2025. In April 2025, $75.0 million was disbursed to us under tranche 4 of the RP Multi Tranche Loan Agreement.

In November 2024, we announced that FDA accepted our NDA for aficamten. This entitled us to draw $100.0 million under tranche 5 at any time prior to November 25, 2025. In October 2025, $100.0 million was disbursed to us under tranche 5 of the RP Multi Tranche Loan agreement.

Each term loan under the RP Multi Tranche Loan Agreement matures on the 10 year anniversary of the funding date for such term loan and is repayable in quarterly installments of principal, interest and fees commencing on the last business day of the seventh full calendar quarter following the calendar quarter of the applicable funding date for such term loan, with the aggregate amount payable in respect of each term loan (including interest and other applicable fees) equal to 190% of the principal amount of the term loan for the tranche 1, tranche 4, tranche 5, tranche 6, and tranche 7 term loans (such amount with respect to each term loan, “Final Payment Amount”). We account for amounts drawn under the RP Multi Tranche Loan Agreement using the effective interest method.

The RP Multi Tranche Loan Agreement and amendment contains embedded derivative features. The fair values of the embedded derivatives are based on significant unobservable inputs, including the probability of change of control, the probability of default, discount rates and other factors. We have bifurcated and recognized the embedded derivatives as Derivative Liabilities Measured at Fair Value as discussed below.

We may prepay the term loans in full (but not in part) at any time at our option by paying an amount equal to the unpaid portion of Final Payment Amount for the outstanding term loans under the RP Multi Tranche Loan Agreement. In addition, the term loans under the RP Multi Tranche Loan Agreement are repayable in full at the option of either us or the lender in an amount equal to the unpaid portion of Final Payment Amount for the outstanding term loans upon a change of control of Cytokinetics.

Future minimum payments under the existing borrowing under Tranche 1, Tranche 4, Tranche 5, and Tranche 6 of the RP Multi Tranche Loan are (in thousands):

Years ending December 31:

 

 

 

2026

 

$

20,160

 

2027

 

 

41,760

 

2028

 

 

63,360

 

2029

 

 

63,360

 

2030

 

 

63,360

 

Thereafter

 

 

247,640

 

Future minimum payments

 

 

499,640

 

Less: Unamortized interest and loan costs

 

 

(233,096

)

Term Loan, net

 

$

266,544

 

The weighted-average effective rate of interest on the RP Multi Tranche Loan was approximately 13.0% and 11.8% as of December 31, 2025 and 2024, respectively.

As of December 31, 2025, the estimated fair value of the Tranche 1, Tranche 4, Tranche 5, and Tranche 6 term loans was $278.8 million. The fair value was estimated based on Level 3 inputs.

Derivative Liabilities Measured at Fair Value

We have bifurcated and recognized the embedded derivatives in the RP Multi Tranche Loan Agreement. These embedded derivatives include repayment features based upon a change in control. During the year ended December 31, 2025, we recognized $27.9 million of additional embedded derivatives related to the change of control repayment features of Tranche 4 and Tranche 5. In addition, a previously bifurcated embedded derivative related to the mandatory draw was settled in connection with the drawing on Tranche 4 and was reclassified into the carrying value of the associated term loan.

We recognize the derivative liabilities at fair value in the consolidated balance sheets. Each period, the fair value of the derivative liabilities will be recalculated and resulting gains and losses from the changes in fair value of the derivatives with non-credit components are recognized in income, while the change in fair value associated with credit components is recognized in accumulated other comprehensive loss. Estimating fair values of derivative instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors.

The fair values of the derivative liabilities is determined using the probability-weighted expected return method and the “with and without” method. The fair values are based on significant unobservable inputs, including the probability of change of control, the probability of default (less than 10%), discount rates (ranging from 10% to 15% for 2025 and 10% to 16% for 2024) and other factors.

The Company recorded a gain of $4.2 million in 2025 and $1.3 million in 2024 associated with the change in fair value of the derivative liabilities. The amounts have been recorded in the consolidated statement of operations and comprehensive loss.

The following table summarizes the changes of the fair value of the derivative liabilities for the RP Multi Tranche Loan Agreement (in thousands):

 

 

RP Multi Tranche Loan Agreement Derivatives

 

 

 

2025

 

 

2024

 

Beginning balance, January 1

 

$

11,300

 

 

$

—

 

Initial recognition

 

 

27,900

 

 

 

12,600

 

Settlement

 

 

(3,900

)

 

 

—

 

Change in fair value

 

 

(4,200

)

 

 

(1,300

)

Ending balance, December 31

 

$

31,100

 

 

$

11,300

 

 

RP Stock Purchase Agreement

Concurrently with the closing of our underwritten public offering on May 28, 2024, RPI ICAV purchased 980,392 shares of Common Stock in a private placement transaction at a price of $51.00 per share. The proceeds from this private placement were $50 million.
v3.25.4
Research and Development Arrangements
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
Research and Development Arrangements

Note 4 — Research and Development Arrangements

Collaboration for Commercialization of Aficamten in Greater China

On July 14, 2020, we entered into the Corxel Aficamten License Agreement, pursuant to which we granted to Corxel an exclusive license to develop and commercialize aficamten in China and Taiwan. On December 17, 2024, Corxel assigned all of its rights under our license and collaboration agreement to Sanofi. As a result of the Corxel assignment transaction with Sanofi, we received a $15.0 million non-refundable payment in connection with a modification of the original license prior to the assignment of Corxel’s rights under our license and collaboration agreement for the development and commercialization of aficamten in China to Sanofi.

In the fourth quarter of 2024, we entered into an agreement to modify the Corxel Aficamten License Agreement. The $15.0 million up-front payment was recognized upon execution of the modification as all performance obligations were satisfied at December 31, 2024. In the fourth quarter of 2025, under the Sanofi License Agreement for MYQORZO, a $15.0 million regulatory milestone payment was triggered upon receipt of marketing approvals from the NMPA and the FDA. The $15.0 million was recognized as revenue in 2025 upon satisfaction of all related conditions and we expect payment in the first quarter of 2026.

Effective December 17, 2024, Sanofi has an exclusive license to develop and commercialize aficamten in China and Taiwan (the "Sanofi License Agreement"). The total maximum development and commercial milestone payments achievable for development and commercial milestone events in the field of oHCM and nHCM are $160.0 million, of which we have already earned $10.0 million as of December 31, 2024 as described above, and $15.0 million as of December 31, 2025, following regulatory approval of MYQORZO by the National Medical Products Administration (NMPA) in China and the FDA in the United States. We are also entitled to receive tiered royalties in the low-to-high teens range on the net sales of pharmaceutical products containing aficamten in China and Taiwan, subject to certain reductions for generic competition, patent expiration and payments for licenses to third party patents.

The Sanofi License Agreement will, unless terminated earlier, continue on a market-by-market basis until expiration of the relevant royalty term.

Collaboration revenues for China for 2025, 2024, and 2023 were $0.6 million, $3.3 million, and $1.3 million, respectively, related to certain development cost reimbursements. Accounts receivable was $15.1 million as of December 31, 2025 from Sanofi and was $16.5 million from Corxel as of December 31, 2024.

Collaboration for Commercialization of Aficamten in Japan

On November 19, 2024, we announced that we had entered into a collaboration and license agreement with Bayer Consumer Care AG, an affiliate of Bayer AG, for the exclusive development and commercialization of aficamten in Japan, subject to certain reserved development rights of Cytokinetics to continue to conduct certain clinical trials (the "Bayer License Agreement").

The Company received an upfront payment of €50.0 million (equivalent to $52.4 million) and was, at the time, eligible to receive up to an additional €90.0 million upon the achievement of development and commercial milestones (we have since earned €10.0 million in the first quarter of 2026 and remain eligible to receipt up to an additional €70.0 million). The Company is also eligible to receive up to an additional €490.0 million in commercial milestone payments upon the achievement of certain sales milestones, and tiered royalties on net sales of aficamten in Japan.

Accounting for the License and Collaboration Agreement in Japan

In the fourth quarter of 2024, we assessed the Bayer License Agreement under ASC 606 and concluded that there was one performance obligation, for which the counterparty is a customer for the unit of account, relating to the license of functional intellectual property. The €50.0 million (equivalent to $52.4 million) up-front payment received under this agreement was recorded as deferred revenue in the fourth quarter of 2024, as the technology transfer related to the license of functional intellectual property had not yet been satisfied. The agreement also includes additional milestone payments, including future milestone payments totaling up to an additional €90.0 million (€10.0 million of which was earned as of December 31, 2025) upon achievement of development and commercial milestones. These payments are constrained due to uncertainties related to regulatory and development progress and will be recognized as revenue only when it becomes probable that a significant revenue reversal will not occur. In addition, we are eligible to receive up to €490.0 million in commercial milestone payments based on the achievement of specific sales thresholds in addition to tiered royalties on net sales of aficamten in Japan. The sales-based milestone payments, including royalties, will be recognized when the related sales occur under the sales and usage-based royalty exception of ASC 606 as these amounts have been determined to relate predominantly to the license.

License and milestone revenues from Bayer were $64.3 million in 2025, including $52.4 million related to the successful completion of the technology transfer that was recorded as deferred revenue as of December 31, 2024, and certain clinical milestone achievements. The license and milestone revenues included two €5.0 million milestones (equivalent to $5.9 million each) recognized in connection with the achievement of the first dose of aficamten to the first patient in Japan in a Phase 3 clinical trial in nHCM and in a Phase 3 clinical trial in oHCM during the second quarter of 2025. The first dose of aficamten in Japan in a Phase 3 clinical trial in nHCM occurred in June 2025 and the first dose of aficamten in Japan in a Phase 3 clinical trial in oHCM occurred in August 2025. There are no outstanding receivable related to license and milestone revenues from Bayer as of December 31, 2025.

Collaboration revenues from Bayer were $8.1 million and $0.1 million in 2025 and 2024, respectively, related to certain research and development cost reimbursements. We had accounts receivable from Bayer of $2.6 million as of December 31, 2025 and accounts receivable was immaterial at December 31, 2024.

We re-evaluate the probability of achievement of development milestones and any related constraints each reporting period. We will include consideration, without constraint, in the transaction price to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

Research Collaboration

In May 2025, we entered into a research collaboration where we will reimburse our collaborative research partner for their research expenses. The reimbursement of research expenses was $4.4 million in 2025 which is recorded as research and development. Subject to the terms of the agreement, our collaborative research partner may receive potential research, development and commercial milestone and royalty payments from us and we may develop and commercialize development candidates.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5 — Fair Value Measurements

We value our financial assets and liabilities at fair value, defined as the price that would be received for assets when sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that we believe market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable.

We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best information reasonably available. Accordingly, we use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and consider the security issuers’ and the third-party issuers’ credit risk in our assessment of fair value.

We classify fair value based on the observability of those inputs using a hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement):

Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and

Level 3 — Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as internally-developed valuation models.

Fair Value of Financial Assets:

The following tables set forth the fair value of our financial assets, which consists of cash equivalents and investments classified as available-for-sale securities, that were measured on a recurring basis (in thousands):

 

 

December 31, 2025

 

 

 

Fair Value Hierarchy Level

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Money market funds

 

Level 1

 

$

89,509

 

 

$

—

 

 

$

—

 

 

$

89,509

 

U.S. Treasury securities

 

Level 1

 

 

239,097

 

 

 

574

 

 

 

(7

)

 

 

239,664

 

U.S. Government agency securities

 

Level 2

 

 

201,788

 

 

 

162

 

 

 

(38

)

 

 

201,912

 

Commercial paper

 

Level 2

 

 

289,447

 

 

 

96

 

 

 

(26

)

 

 

289,517

 

Asset-backed securities

 

Level 2

 

 

7,579

 

 

 

7

 

 

 

—

 

 

 

7,586

 

Corporate obligations

 

Level 2

 

 

363,645

 

 

 

457

 

 

 

(53

)

 

 

364,049

 

 

 

 

 

$

1,191,065

 

 

$

1,296

 

 

$

(124

)

 

$

1,192,237

 

 

 

 

December 31, 2024

 

 

 

Fair Value Hierarchy Level

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Money market funds

 

Level 1

 

$

71,515

 

 

$

—

 

 

$

—

 

 

$

71,515

 

U.S. Treasury securities

 

Level 1

 

 

404,377

 

 

 

1,192

 

 

 

(74

)

 

 

405,495

 

U.S. Government agency securities

 

Level 2

 

 

134,547

 

 

 

339

 

 

 

(23

)

 

 

134,863

 

Commercial paper

 

Level 2

 

 

302,043

 

 

 

399

 

 

 

(128

)

 

 

302,314

 

Asset-backed securities

 

Level 2

 

 

13,924

 

 

 

42

 

 

 

-

 

 

 

13,966

 

Corporate obligations

 

Level 2

 

 

290,616

 

 

 

598

 

 

 

(182

)

 

 

291,032

 

 

 

 

 

$

1,217,022

 

 

$

2,570

 

 

$

(407

)

 

$

1,219,185

 

Investments in corporate debt securities, commercial paper, asset-backed securities and U.S. Government agency securities are classified as Level 2 as they are valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third-party data providers, including but not limited to benchmark yields, interest rate curves, reported trades, broker/dealer quotes and reference data.

No credit losses on debt securities were recognized in the periods presented. In its evaluation to determine expected credit losses, management considered all available historical and current information, expectations of future economic conditions, the type of security, the credit rating of the security, and the size of the loss position, as well as other relevant information. The unrealized losses as of December 31, 2025 are attributed to market interest rate changes and are not attributed to credit. The Company does not intend to sell any of these available-for-sale investments before their effective maturity or market price recovery.
v3.25.4
Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components

Note 6 — Balance Sheet Components

Property and equipment consisted of (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Property and equipment, net:

 

 

 

 

 

 

Laboratory equipment

 

$

23,337

 

 

$

21,398

 

Computer equipment and software

 

 

3,263

 

 

 

3,263

 

Office equipment, furniture and fixtures

 

 

8,719

 

 

 

6,159

 

Leasehold improvements

 

 

80,203

 

 

 

66,874

 

Construction in progress

 

 

10,351

 

 

 

4,067

 

Right-of-use assets, finance lease

 

 

622

 

 

 

1,231

 

Total property and equipment

 

 

126,495

 

 

 

102,992

 

Less: Accumulated depreciation

 

 

(47,301

)

 

 

(37,177

)

Total property and equipment, net

 

$

79,194

 

 

$

65,815

 

Depreciation expense was $10.1 million, $9.5 million, and $11.9 million for 2025, 2024, and 2023, respectively.

Accrued liabilities were as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accrued liabilities:

 

 

 

 

 

 

Clinical and preclinical costs

 

$

24,561

 

 

$

13,567

 

Compensation related

 

 

45,150

 

 

 

35,132

 

Other accrued expenses

 

 

13,567

 

 

 

6,624

 

Total accrued liabilities

 

$

83,278

 

 

$

55,323

 

We sponsor a 401(k) defined contribution plan covering all employees and contributed $3.6 million, $2.7 million, and $2.5 million to this plan in 2025, 2024, and 2023, respectively.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt

Note 7 — Debt

Convertible Notes

On November 13, 2019, we issued $138.0 million aggregate principal amount of 2026 Notes. On July 6, 2022, we issued $540.0 million aggregate principal amount of 2027 Notes and used approximately $140.3 million of the net proceeds from the offering of 2027 Notes and issued 8,071,343 shares of common stock to repurchase approximately $116.9 million aggregate principal amount of the 2026 Notes pursuant to privately negotiated exchange agreements entered into with certain holders of the 2026 Notes concurrently with the pricing of the offering of the 2027 Notes.

On September 19, 2025, we issued $750.0 million aggregate principal amount of 2031 Notes and used approximately $402.5 million of the net proceeds from the offering of 2031 Notes and issued 2,168,806 shares of common stock to repurchase approximately $399.5 million aggregate principal amount of the 2027 Notes pursuant to privately negotiated exchange agreements entered into with certain holders of the 2027 Notes concurrently with the pricing of the offering of the 2031 Notes. This resulted in recording a debt conversion expense in the third quarter of 2025 of $121.2 million, consisting of the difference between the consideration provided to the holders pursuant to the exchange agreements and the if-converted value of the 2027 Notes under the original terms.

As of December 31, 2025, there remains $21.1 million aggregate principal amount of 2026 Notes outstanding and reflected as current in the consolidated balance sheet, $140.5 million of aggregate principal amount of 2027 Notes outstanding, and $750.0 million of aggregate principal amount of 2031 Notes outstanding.

2031 Notes

The 2031 Notes are our senior unsecured obligations and shares equal in right of payment with our other indebtedness, including the 2026 Notes and 2027 Notes. The 2031 Notes bear interest at a rate of 1.75% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning April 1, 2026. The 2031 Notes will mature on October 1, 2031, unless earlier converted, redeemed, or repurchased. Holders of the 2031 Notes may convert their 2031 Notes, under certain circumstances, into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on an initial conversion rate of 14.6156 shares per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $68.42 per share.

As of December 31, 2025, the holders of the 2031 Notes have the option to convert their 2031 Notes only in the following circumstances: (i) if the last reported sale price per share of our common stock exceeds 130% of the conversion price for at least 20 trading days within a 30-day period starting from the last trading day of the preceding quarter after December 31, 2025; (ii) within 5 consecutive business days following any 10 consecutive trading day period if the trading price per $1,000 principal amount of 2031 Notes during such period falls below 98% of the product of the last reported sale price per share of our common stock and the conversion rate; (iii) upon certain corporate events or distributions on our common stock outlined in the 2031 Indenture; (iv) upon our call for redemption of the 2031 Notes; and (v) from July 1, 2031, until the second scheduled trading day immediately preceding the maturity date. We may not redeem the 2031 Notes at our option at any time before October 6, 2028. In 2025, the conditions allowing holders of the 2031 Notes to convert were not met. As a result, the 2031 Notes are not convertible as of December 31, 2025 at the option of the holders thereof.

The 2031 Notes are not redeemable prior to October 6, 2028 by the Company. On or after October 6, 2028, the 2031 Notes will be redeemable, in whole or in part (subject to the Partial Redemption Limitation), at our option at any time and from time to time, and, in the case of any partial redemption, on or before the 40th scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the 2031 Notes are freely tradable and all accrued and unpaid additional interest, if any, has been paid in full, as of the first interest payment date occurring on or before such redemption notice date, and the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we may send the related redemption notice; and (ii) the trading day immediately before the date we may send such notice.

The conversion rate for the 2031 Notes, 2027 Notes, and 2026 Notes will be subject to adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the each respective indenture for the 2026 Notes, 2027 Notes and 2031 Notes), we will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its notes in connection with such make-whole fundamental change.

The following table presents the total amount of interest cost recognized relating to the 2031 Notes (in thousands):

 

 

2025

 

Contractual interest expense

 

$

3,682

 

Amortization of debt issuance costs

 

 

964

 

Total interest expense recognized

 

$

4,646

 

The effective interest rate of the 2031 Notes was 2.23% as of December 31, 2025. As of December 31, 2025, the unamortized debt issuance cost for the 2031 Notes was $19.6 million and will be amortized over approximately 5.8 years.

2027 Notes

As of December 31, 2025, the 2027 Notes aggregate principal balance was $140.5 million. The 2027 Notes are our senior unsecured obligations and shares equal in right of payment with our other indebtedness, including the 2026 Notes and the 2031 Notes. The 2027 Notes bear interest at a rate of 3.50% per year, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2023. The 2027 Notes will mature on July 1, 2027, unless earlier converted, redeemed or repurchased. The 2027 Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on the applicable conversion rate(s). The initial conversion rate for the 2027 Notes is 19.5783 shares of our common stock per $1,000 principal amount of such Notes, which is equivalent to an initial conversion price of approximately $51.08 per share.

As of December 31, 2025, the holders of the 2027 Notes have the option to convert their convertible 2027 Notes only in the following circumstances: (i) if the last reported sale price per share of our common stock exceeds 130% of the conversion price for at least 20 trading days within a 30-day period starting from the last trading day of the preceding quarter after September 30, 2022; (ii) within 5 consecutive business days following any 10 consecutive trading day period if the trading price per $1,000 principal amount of 2027 Notes during such period falls below 98% of the product of the last reported sale price per share of our common stock and the conversion rate; (iii) upon certain corporate events or distributions on our common stock outlined in the 2027 Indenture; (iv) upon our call for redemption of the 2027 Notes; and (v) from March 1, 2027, until the scheduled trading day immediately preceding the maturity date. In 2025, the conditions allowing holders of the 2027 Notes to convert were not met. As a result, the 2027 Notes are not convertible as of December 31, 2025 at the option of the holders thereof.

The 2027 Notes are redeemable, in whole or in part (subject to the Partial Redemption Limitation), at our option at any time, and from time to time, and, in the case of any partial redemption, on or before the 60th scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we may send the related redemption notice; and (ii) the trading day immediately before the date we may send such notice.

The following table presents the total amount of interest cost recognized relating to the 2027 Notes (in thousands):

 

 

2025

 

 

2024

 

 

2023

 

Contractual interest expense

 

$

14,939

 

 

$

18,900

 

 

$

18,900

 

Amortization of debt issuance costs

 

 

2,600

 

 

 

3,265

 

 

 

3,074

 

Total interest expense recognized

 

$

17,539

 

 

$

22,165

 

 

$

21,974

 

The effective interest rate of the 2027 Notes was 4.2% as of December 31, 2025, 2024 and 2023. As of December 31, 2025, the unamortized debt issuance cost for the 2027 Notes was $1.4 million and will be amortized over approximately 1.5 years. In 2025, the conditions allowing holders of the Notes to convert were not met. As a result, the 2027 Notes are not convertible as of December 31, 2025.

2026 Notes

As of December 31, 2025, the 2026 Notes aggregate principal balance was $21.1 million and is presented as a current liability as of December 31, 2025. The 2026 Notes are senior unsecured obligations and bear interest at an annual rate of 4.0% per year, payable semi-annually on May 15 and December 15 of each year, beginning May 15, 2020. The 2026 Notes will mature on November 15, 2026, unless earlier repurchased or redeemed by us or converted at the option of the holders. We may redeem the 2026 Notes prior to the maturity date but we are not required to and no sinking fund is provided for the 2026 Notes. The 2026 Notes may be converted, under certain circumstances, based on an initial conversion rate of 94.7811 shares of common stock per $1,000 principal amount (which represents an initial conversion price of $10.55 per share).

As of December 31, 2025, the holders of the 2026 Notes have the option to convert their 2026 Notes only in the following circumstances: (i) if the last reported sale price per share of our common stock exceeds 130% of the conversion price for at least 20 trading days within a 30-day period; (ii) within 5 consecutive business days following any 10 consecutive trading day period if the trading price per $1,000 principal amount of 2026 Notes during such period falls below 98% of the product of the last reported sale price per share of our common stock and the conversion rate; (iii) upon certain corporate events or distributions on our common stock outlined in the 2026 Indenture; (iv) upon our call for redemption of the 2026 Notes; and (v) from July 15, 2026, until the scheduled trading day immediately preceding the maturity date. In 2025, the sale price condition was met. As a result, the 2026 Notes are convertible as of December 31, 2025 at the option of the holders thereof.

The 2026 Notes are redeemable by the Company, in whole or in part, at our option at any time, and from time to time, and, in the case of any partial redemption, on or before the 60th scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we may send the related redemption notice; and (ii) the trading day immediately before the date we may send such notice.

The following table presents the total amount of interest cost recognized relating to the 2026 Notes (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Contractual interest expense

 

$

844

 

 

$

844

 

 

$

844

 

Amortization of debt issuance costs

 

 

119

 

 

 

115

 

 

 

108

 

Total interest expense recognized

 

$

963

 

 

$

959

 

 

$

952

 

The effective interest rate of the 2026 Notes was 4.6% as of December 31, 2025, 2024, and 2023. As of December 31, 2025, the unamortized debt issuance cost for the 2026 Notes was $0.1 million and will be amortized over approximately 0.9 years. The 2026 Notes are convertible at December 31, 2025 at the option of the holder.

Future minimum payments under the 2031 Notes, 2027 Notes and 2026 Notes are (in thousands):

Years ending December 31:

 

2031 Notes

 

 

2027 Notes

 

 

2026 Notes

 

 

Total

 

2026

 

$

13,526

 

 

$

2,459

 

 

$

21,978

 

 

$

37,963

 

2027

 

 

13,125

 

 

 

145,448

 

 

 

—

 

 

 

158,573

 

2028

 

 

13,125

 

 

 

—

 

 

 

—

 

 

 

13,125

 

2029

 

 

13,125

 

 

 

—

 

 

 

—

 

 

 

13,125

 

2030

 

 

13,125

 

 

 

—

 

 

 

—

 

 

 

13,125

 

Thereafter

 

 

763,125

 

 

 

—

 

 

 

—

 

 

 

763,125

 

Future minimum payments

 

 

829,151

 

 

 

147,907

 

 

 

21,978

 

 

 

999,036

 

Less: Interest

 

 

(79,151

)

 

 

(7,378

)

 

 

(845

)

 

 

(87,374

)

Convertible notes, principal amount

 

 

750,000

 

 

 

140,529

 

 

 

21,133

 

 

 

911,662

 

Less: Unamortized debt issuance costs on the convertible notes

 

 

(19,577

)

 

 

(1,355

)

 

 

(112

)

 

 

(21,044

)

Net carrying amount of the convertible notes

 

$

730,423

 

 

$

139,174

 

 

$

21,021

 

 

$

890,618

 

As of December 31, 2025, the estimated fair value of the 2031 Notes, 2027 Notes, and 2026 Notes was $919.7 million, $200.0 million and $127.8 million, respectively, and was based upon observable, Level 2 inputs, including pricing information from recent trades of the Convertible Notes.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity

Note 8 — Stockholders’ Equity

Public Offering of Common Stock and Concurrent Private Placement

On May 28, 2024, the Company closed an underwritten public offering of 9,803,922 shares of Common Stock at a public offering price of $51.00 per share, which included the exercise in full by the underwriters of their option to purchase up to 1,470,588 shares of Common Stock at the public offering price. The gross proceeds to the Company from the offering were approximately $575.0 million and net proceeds were approximately $563.2 million, after deducting the applicable underwriting discounts and commissions. Concurrently with the closing of the underwritten public offering, RPI ICAV purchased 980,392 shares of Common Stock pursuant to the RP Common Stock Purchase Agreement at a price of $51.00 per share in a concurrent private placement. The proceeds from the concurrent private placement were $50.0 million.

Common Stock

In May 2025, our stockholders further approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock available for issuance by the Company from 163.0 million to 326.0 million shares.

Equity Incentive Plan

Our 2004 Plan provides for us to grant incentive stock options, non-statutory stock options, restricted stock, stock appreciation rights, restricted stock units, performance shares and performance units to employees, directors, and consultants. We may grant options for terms of up to ten years at prices not lower than 100% of the fair market value of our common stock on the date of grant. Options granted to new employees generally vest 25% after one year and monthly thereafter over a period of four years. Options granted to existing employees generally vest monthly over a period of four years.

In February 2023, our board of directors approved an amendment to the 2004 Plan to increase the number of authorized shares reserved for issuance under the 2004 Plan by an additional 1.0 million shares for inducement grants to new employees. In May 2025, our stockholders approved an amendment to the 2004 Plan to increase the number of authorized shares reserved for issuance under the 2004 Plan by an additional 5.0 million shares.

As of December 31, 2025, the total authorized shares under the 2004 Plan available for grant was 6.1 million.

Stock option activity in 2025, 2024, and 2023 was as follows:

 

 

Stock Options
Outstanding

 

 

Weighted
Average Exercise
Price per Share

 

 

Weighted
Average
Remaining
Contractual Life
(in years)

 

 

Aggregate
Intrinsic Value
(in millions)

 

 Balance at December 31, 2022

 

 

10,992,403

 

 

$

22.13

 

 

 

 

 

 

 

 Granted

 

 

2,447,225

 

 

 

38.59

 

 

 

 

 

 

 

 Exercised

 

 

(1,200,895

)

 

 

12.13

 

 

 

 

 

 

 

 Forfeited

 

 

(458,503

)

 

 

35.01

 

 

 

 

 

 

 

 Balance at December 31, 2023

 

 

11,780,230

 

 

$

26.07

 

 

 

 

 

 

 

 Granted

 

 

1,551,042

 

 

 

60.13

 

 

 

 

 

 

 

 Exercised

 

 

(2,437,856

)

 

 

20.20

 

 

 

 

 

 

 

 Forfeited

 

 

(473,893

)

 

 

40.89

 

 

 

 

 

 

 

 Balance at December 31, 2024

 

 

10,419,523

 

 

$

31.84

 

 

 

 

 

 

 

 Granted

 

 

2,580,453

 

 

 

43.84

 

 

 

 

 

 

 

 Exercised

 

 

(1,609,130

)

 

 

21.22

 

 

 

 

 

 

 

 Forfeited

 

 

(523,186

)

 

 

47.04

 

 

 

 

 

 

 

 Balance at December 31, 2025

 

 

10,867,660

 

 

$

35.53

 

 

 

6.6

 

 

$

305.4

 

 Exercisable at December 31, 2025

 

 

7,155,206

 

 

$

30.00

 

 

 

5.5

 

 

$

240.4

 

We have elected to account for forfeitures as they occur. The intrinsic value of stock options exercised, calculated based on the difference between the market value at the date of exercise and the exercise price, was $51.7 million for 2025, $112.6 million for 2024, and $33.8 million for 2023. The weighted-average grant date fair value of options to purchase common stock granted was $29.21, $40.65, and $24.67 per share in the years ended December 31, 2025, 2024, and 2023, respectively. The total grant-date fair value of options to purchase common stock vested was $69.3 million, $57.5 million and $51.1 million in the year ended December 31, 2025, 2024, and 2023, respectively.

RSU, including PSU, activity in 2025, 2024, and 2023 was as follows:

 

 

Number of
Restricted
Stock Units

 

 

Weighted
Average Award
Date Fair Value
per Share

 

 Balance at December 31, 2022

 

 

1,214,264

 

 

$

30.07

 

 Granted

 

 

965,863

 

 

 

39.09

 

 Exercised

 

 

(721,215

)

 

 

27.40

 

 Forfeited

 

 

(84,290

)

 

 

35.46

 

 Balance at December 31, 2023

 

 

1,374,622

 

 

$

37.47

 

 Granted

 

 

1,538,343

 

 

 

54.87

 

 Exercised

 

 

(797,880

)

 

 

38.17

 

 Forfeited

 

 

(250,027

)

 

 

46.94

 

 Balance at December 31, 2024

 

 

1,865,058

 

 

$

49.58

 

 Granted

 

 

1,948,740

 

 

 

44.86

 

 Exercised

 

 

(897,090

)

 

 

50.23

 

 Forfeited

 

 

(342,495

)

 

 

33.41

 

 Balance at December 31, 2025

 

 

2,574,213

 

 

$

47.82

 

RSUs generally vest annually over two to three years.

The fair value of vested RSUs, including PSUs, calculated based on the units vested multiplied by the closing price of our common stock on the date of vesting, was $40.7 million for 2025, $52.6 million for 2024, and $28.6 million for 2023.

Performance Stock Units

During 2024 through the first quarter of 2025, the Compensation Committee granted a total of 467,804 performance stock units ("PSUs") to certain employees with a grant date fair value ranging from $44.36 to $63.75 per unit. The fair value of the PSUs was determined on the grant date based on the fair value of the Company’s common stock at such time. The PSU awards are subject to performance goals and will be earned as to a pre-determined fixed number of shares subject to the certification by the Compensation and Talent Committee of the Company’s Board of Directors (the “Compensation Committee”) that the Company has achieved one or more of the relevant performance goals, in each case vesting as to 50% of the earned shares on applicable Compensation Committee certification date and as to the remaining 50% of the earned shares following the one-year anniversary of the applicable Compensation Committee certification date.

The Company recognized expense for the PSUs of $1.5 million and $7.6 million in 2025 and 2024, respectively. The decrease year over year was due to our Prescription Drug User Fee Act ("PDUFA") target action date for NDA for aficamten in oHCM was extended to December 2025. This resulted in a revision of the PSU assumptions. The PSU attainment was finalized as of December 31, 2025 and there was $0.6 million of unamortized stock-based compensation related to the portion of PSUs vesting that is deemed probable.

Employee Stock Purchase Plan

Under our ESPP, employees may purchase common stock up to a specified maximum amount at a price equal to 85% of the fair market value at certain plan-defined dates.

We issued 182,639 shares at an average price of $26.43 per share during 2025, 140,703 shares at an average price of $32.76 per share in 2024, and 136,065 shares at an average price of $30.43 per share in 2023 pursuant to the ESPP. At December 31, 2025, we have 80,480 shares of common stock reserved for issuance under the ESPP.

Stock-Based Compensation Expense

We use the Black-Scholes option pricing model to determine the fair value of stock option grants to employees and directors and employee stock purchase plan shares. The fair value of share-based payments was estimated on the date of grant based on the following assumptions:

 

 

Year Ended December
31, 2025

 

Year Ended December
31, 2024

 

Year Ended December
31, 2023

 

 

Options

 

ESPP

 

Options

 

ESPP

 

Options

 

ESPP

Risk-free interest rate

 

3.85% to 4.44%

 

3.75% to 4.31%

 

3.63% to 4.33%

 

4.43% to 5.39%

 

3.57% to 4.6%

 

5.33% to 5.44%

Volatility

 

70% to 71%

 

56% to 65%

 

72%

 

37% to 112%

 

67%

 

49% to 50%

Expected term in years

 

6.1

 

0.5

 

6.1 to 6.3

 

0.5

 

6.3

 

0.5

Expected dividend yield

 

0%

 

0%

 

0%

 

0%

 

0%

 

0%

We use U.S. Treasury zero-coupon issues with remaining terms similar to the expected terms of the options for the risk-free interest rate. We use our own volatility history based on our stock trading history and our own historical exercise to estimate expected term for option grants. We do not anticipate paying dividends in the foreseeable future and use an expected dividend yield of zero. We do not estimate forfeitures in our stock-based compensation.

We measure compensation expense for restricted stock units at fair value on the date of grant and recognize the expense over the expected vesting period. We recognize stock-based compensation expense on a ratable basis over the requisite service period, generally the vesting period of the award for share-based awards.

Stock-based compensation expense for 2025, 2024, and 2023 was as follows (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Research and development

 

$

54,539

 

 

$

44,014

 

 

$

32,134

 

General and administrative

 

 

57,747

 

 

 

53,826

 

 

 

39,931

 

 

 

$

112,286

 

 

$

97,840

 

 

$

72,065

 

As of December 31, 2025, we expect to recognize $108.6 million of unrecognized compensation cost related to unvested stock options over a weighted-average period of 2.5 years, and $78.5 million of unrecognized compensation cost related to unvested restricted stock over a weighted-average period of 1.9 years.

Controlled Equity Offering Sales Agreement

On February 27, 2025, we entered into an Open Market Sale AgreementSM with Jefferies LLC under which we may offer and sell, from time to time, at our sole discretion, shares of common stock in “at the market offerings” pursuant to Rule 415(a)(4) under the Securities Act of 1933 through Jefferies LLC, as sales agent. As of December 31, 2025, we have not sold any shares of common stock under the Open Market Sale AgreementSM with Jefferies LLC.

Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co.

On March 1, 2023, we entered into the Amended ATM Facility, with Cantor, under which we may offer and sell, from time to time at our sole discretion, shares of the Common Stock having an aggregate offering price of up to $300.0 million through Cantor, as sales agent. Cantor may sell the Common Stock by any method that is deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or any other trading market for our common stock. Cantor will use commercially reasonable efforts to sell the Common Stock from time to time, based upon instructions from us (including any price, time or size limits or other customary parameters or conditions we may impose). We will pay Cantor a commission of up to 3.0% of the aggregate gross sales proceeds of any common stock sold through Cantor under the Amended ATM Facility, and also have provided Cantor with customary indemnification rights.

In 2023, we issued 5,016,170 shares of our common stock for net proceeds of $164.2 million under the Amended ATM Facility. We issued 1,237,460 shares of our common stock for net proceeds of $93.6 million under the Amended ATM Facility in 2024. This facility expired upon execution of the Jefferies LLC Open Market Sale Agreement described above.

Warrants

As of December 31, 2025, we had no warrants outstanding.

v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 9 — Commitments and Contingencies

Operating Leases

In July 2019, we entered into the Oyster Point Lease of office and laboratory space at a facility located in South San Francisco, California, and we entered into amendments to the Oyster Point Lease in 2020 through 2024. The Oyster Point Lease commenced on March 31, 2021 and has an expiration date of October 31, 2033.

In January 2022, we entered into a series of lease agreements with the sub-landlord and landlord and leased an office space at a facility located in Radnor, Pennsylvania (the "Radnor Lease"). The Radnor Lease commenced in September 2022, when the leasehold improvements were substantially completed, and we gained control over the use of the underlying assets. The Radnor Lease had an original expiration date of July 31, 2027 with one five-year option to extend the lease. In February 2025, the Company amended the Radnor Lease to include additional office space and to extend the lease term for both the existing and the newly leased spaces through July 2029, with one five-year renewal option. As a result of the lease modification for the existing office space, the Company remeasured and increased its operating lease right-of-use asset and lease liability by $1.1 million. Upon commencement of the lease for the additional office space, the Company recognized a right-of-use asset and lease liability of $2.4 million, using a discount rate of 8.9%.

In August 2025, we entered into a new operating lease for office space located in Zug, Switzerland (the "Zug Lease"). The lease has an initial term of approximately five years, with an option to extend for an additional five years that is not reasonably certain to be exercised as of the commencement date. Upon lease commencement in August 2025, the Company recognized a right-of-use asset and lease liability of approximately $2.6 million, using a discount rate of 9.0%.

The weighted-average remaining lease term of the operating leases was 7.6 years, 8.7 years, and 9.7 years as of December 31, 2025, 2024, and 2023, respectively. The weighted-average discount rate used to determine the related operating lease liabilities was 8.7% as of December 31, 2025, 2024, and 2023.

Cash paid for operating leases for the years ended December 31, 2025, 2024, and 2023 was $28.9 million, $26.1 million, and $17.8 million, respectively, and was included in net cash used in operating activities in our consolidated statements of cash flows.

Finance Leases

During the third quarter of 2021, we entered into a master lease agreement for laboratory equipment leases that commenced in the fourth quarter of 2021. The leases commenced through the second quarter of 2022, with the lease term ending in the fourth quarter of 2026. The master lease agreement provides a purchase option with a bargain purchase price, which we expect to exercise at the end of the term. The Company classified the leases as finance leases.

Finance leases are accounted for on the consolidated balance sheets with right-of-use assets and lease liabilities recognized in property and equipment, other current liabilities, and other non-current liabilities, respectively. The finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets calculated on a straight-line basis over the five-year estimated useful life for laboratory equipment and interest expense for the outstanding lease liabilities using the determined discount rates.

As of December 31, 2025, the weighted average remaining lease term for the finance leases is 1.0 year. The weighted average discount rate used to determine the finance lease liabilities is 9.5%.

The cash paid for finance lease for the years ended December 31, 2025, 2024, and 2023 was $0.2 million, $0.9 million, and $0.9 million, respectively, which was included in financing activities in our consolidated statement of cash flows.

Future minimum lease payments under non-cancellable operating leases as of December 31, 2025 is as follows (in thousands):

Years ending December 31:

 

Operating
Leases

 

 

2026

 

$

20,096

 

 

2027

 

 

22,171

 

 

2028

 

 

22,828

 

 

2029

 

 

22,908

 

 

2030

 

 

22,471

 

 

Thereafter

 

 

66,487

 

 

Total future minimum lease payments

 

 

176,961

 

 

Less: Imputed interest

 

 

(49,880

)

 

Total lease liability

 

$

127,081

 

 

There was no future minimum lease payments for finance leases as of December 31, 2025.

Rent expense for operating and finance leases was $25.4 million, $19.4 million, and $22.1 million for 2025, 2024, and 2023, respectively.

Legal Proceedings

The Company recognizes accruals for legal actions to the extent that it concludes that a loss is both probable and reasonably estimable. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10 — Income Taxes

We did not record an income tax provision in 2025, 2024, and 2023 because we had net taxable losses. Our significant jurisdictions are the United States and California.

Reconciliation of Statutory Federal Income Tax Rate to the Effective Income Tax Rate

Below is a tabular rate reconciliation for the years ended December 31, 2025, 2024, and 2023 (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

Tax at federal statutory tax rate

 

$

(160,679

)

 

 

21.00

%

 

$

(122,779

)

 

 

21.00

%

 

$

(109,217

)

 

 

21.00

%

State and local income taxes, net of federal benefit

 

 

2

 

 

 

0.00

%

 

 

2

 

 

 

0.00

%

 

 

2

 

 

 

0.00

%

Foreign tax effects

 

 

30

 

 

 

0.00

%

 

 

—

 

 

 

0.00

%

 

 

—

 

 

 

0.00

%

Tax credits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D Tax Credit

 

 

(9,780

)

 

 

1.28

%

 

 

(13,928

)

 

 

2.38

%

 

 

(7,734

)

 

 

1.49

%

Orphan Drug Credit

 

 

(13,354

)

 

 

1.75

%

 

 

(17,728

)

 

 

3.03

%

 

 

(20,292

)

 

 

3.90

%

Change in valuation allowance

 

 

137,963

 

 

 

(18.03

)%

 

 

142,733

 

 

 

(24.41

)%

 

 

120,814

 

 

 

(23.23

)%

Non-taxable or non-deductible items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Section 162(m) Limitation

 

 

4,164

 

 

 

(0.54

)%

 

 

8,442

 

 

 

(1.45

)%

 

 

4,425

 

 

 

(0.85

)%

Stock Compensation Expense

 

 

(82

)

 

 

0.01

%

 

 

(15,822

)

 

 

2.71

%

 

 

(3,951

)

 

 

0.76

%

Convertible Notes Due 2027

 

 

25,462

 

 

 

(3.33

)%

 

 

—

 

 

 

0.00

%

 

 

—

 

 

 

0.00

%

Expiration of Attributes

 

 

10,489

 

 

 

(1.37

)%

 

 

9,073

 

 

 

(1.55

)%

 

 

8,982

 

 

 

(1.73

)%

Other

 

 

1,464

 

 

 

(0.20

)%

 

 

4,514

 

 

 

(0.77

)%

 

 

371

 

 

 

(0.07

)%

Changes in Unrecognized Tax Benefits

 

 

4,321

 

 

 

(0.57

)%

 

 

5,493

 

 

 

(0.94

)%

 

 

6,600

 

 

 

(1.27

)%

Income tax expense

 

$

—

 

 

 

0.00

%

 

$

—

 

 

 

0.00

%

 

$

—

 

 

 

0.00

%

Income Tax Payments

The Company did not pay any income taxes by jurisdiction for the years ended December 31, 2025, 2024, and 2023.

Deferred Tax Assets

Deferred tax assets, net, reflecting the net tax effect of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes, were as follows (in thousands):

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

498,689

 

 

$

282,974

 

Tax credits

 

 

168,303

 

 

 

146,883

 

Liability related to sale of future royalties

 

 

113,812

 

 

 

102,134

 

Reserves and accruals

 

 

52,245

 

 

 

43,108

 

Capitalized R&D

 

 

22,215

 

 

 

133,933

 

Long-term lease liability

 

 

24,480

 

 

 

25,919

 

Total noncurrent deferred tax assets

 

 

879,744

 

 

 

734,951

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation and amortization

 

 

(4,973

)

 

 

(5,834

)

Operating lease right-of-use assets

 

 

(15,450

)

 

 

(15,778

)

Unrealized Loss

 

 

(419

)

 

 

(432

)

Total noncurrent deferred tax liabilities

 

 

(20,842

)

 

 

(22,044

)

Less: Valuation allowance

 

 

(858,902

)

 

 

(712,907

)

Net deferred tax assets

 

$

—

 

 

$

—

 

Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain.
Based upon the weight of available evidence, which includes our historical operating performance, reported cumulative net losses
since inception, expected future losses, and difficulty in accurately forecasting our future results and an assessment of both positive
and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable, we maintained a full valuation allowance on the net deferred tax assets as of December 31, 2025 and 2024. The valuation allowance increased by $146.0 million in 2025 and increased by $140.4 million in 2024.

At December 31, 2025 federal NOL carryforwards were $2,210.0 million, apportioned state NOL carryforwards before federal
benefits were $443.9 million, and foreign NOL carryforwards were $20.3 million. If not utilized, federal and state net operating loss
carryforwards incurred prior to 2018 will expire in various amounts beginning 2026 and 2028, respectively, and the foreign net
operating loss carryforwards will begin to expire in 2030.

At December 31, 2025, tax credits of $177.6 million and $32.6 million for federal and California income tax purposes,
respectively consisted of Research and Development Credits and Orphan Drug Credits. If not utilized, the federal carryforwards will
expire in various amounts beginning in 2026. California based credit carryforwards do not expire.

In general, under Section 382, a corporation that undergoes an ‘ownership change’ is subject to limitations on its ability to
utilize its pre-change net operating losses and tax credits to offset future taxable income. We do not believe the Company has experienced an ownership change since 2006, however, a portion of its NOLs and tax credits prior to 2007 will be subject to limitations under Section 382.

On July 4, 2025, H.R. 1, commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”), was enacted. The OBBBA legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. These changes are reflected in the income tax provision for the period ended December 31, 2025. The Company does not expect this law to have a significant effect on the Company's financial statements due to the full valuation allowance against deferred
tax.

Activity related to our gross unrecognized tax benefits were (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance at the beginning of the year

 

$

31,005

 

 

$

25,232

 

 

$

18,355

 

Increase related to prior year tax positions

 

 

—

 

 

 

—

 

 

 

—

 

Decrease related to prior year tax positions

 

 

(188

)

 

 

(97

)

 

 

(97

)

Increase related to current year tax positions

 

 

5,128

 

 

 

5,870

 

 

 

6,974

 

Balance at the end of the year

 

$

35,945

 

 

$

31,005

 

 

$

25,232

 

We are subject to federal and various state & local and foreign income tax examinations for all fiscal years with unutilized NOLs and tax credit carryforwards.

v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note 11 — Subsequent Events

Our first commercial sale of MYQORZO occurred in the first quarter of 2026 and we invoiced Bayer for €10.0 million in accordance with the licensing agreement.
v3.25.4
Organization and Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

Organization

Cytokinetics, Incorporated (the “Company”, “we” or “our”) was incorporated under the laws of the state of Delaware on August 5, 1997. We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. Our flagship commercial product is MYQORZO™ (aficamten), 5 mg, 10 mg, 15 mg, and 20 mg tablets for the treatment of adults with oHCM to improve functional capacity and symptoms, which the FDA approved in December 2025 and which first became available for prescription to patients on or around January 27, 2026

Our financial statements contemplate the conduct of our operations in the normal course of business. We have incurred an accumulated deficit of approximately $3.5 billion since inception and there can be no assurance that we will attain profitability. We had a net loss of $785.0 million and net cash used in operations of $510.0 million for the year ended December 31, 2025. Cash, cash equivalents, and investments was $1.2 billion as of December 31, 2025. We anticipate that we will have operating losses and net cash outflows in future periods.

We are subject to risks common to biopharmaceutical companies including, but not limited to, development of new drug candidates, dependence on key personnel, commercialization of our drugs and the ability to obtain additional capital as needed to fund our future plans. Our liquidity will be impaired if sufficient additional capital is not available on terms acceptable to us. To date, we have funded operations primarily through sales of our common stock, contract payments under our collaboration agreements, sales of future revenues and royalties, debt financing arrangements, and interest income, but we will increasingly rely on revenues generated from the commercial sales of MYQORZO to fund our operations and cash expenditures. We expect to commence commercial sales in the first quarter of 2026, but there can be no assurance as to the timing or level of revenues from such sales. Until we achieve profitable operations, we intend to continue to fund operations through payments from strategic collaborations, additional sales of equity securities, grants and debt financings in addition to our commercial sales revenue.

Our success is dependent on our ability to obtain additional capital by entering into financings or new strategic collaborations, and ultimately on our and our collaborators’ ability to successfully develop and market our drugs and drug candidates. We cannot be certain that sufficient funds will be available from financings or such collaborators when needed or on satisfactory terms. Additionally, there can be no assurance that MYQORZO or any of our drug candidates will be accepted in the marketplace or that any future products can be developed or manufactured at an acceptable cost. These factors could have a material adverse effect on our future financial results, financial position and cash flows.

Based on the current status of our research and development and commercialization activities, we believe that our existing cash, cash equivalents and investments will be sufficient to fund cash requirements for at least the next 12 months after the issuance of these consolidated financial statements. If, at any time, our prospects for financing our research and development programs decline, we may decide to reduce research and development expenses by delaying, discontinuing or reducing our funding of one or more of our research or development programs. Alternatively, we might raise funds through strategic collaborations, public or private financings or other arrangements. Such funding, if needed, may not be available on favorable terms, or at all. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our estimates on an ongoing basis. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results could significantly differ from those estimates.
Basis of Presentation

Basis of Presentation

The consolidated financial statements include the accounts of Cytokinetics, Incorporated and its wholly-owned subsidiaries and have been prepared in accordance with GAAP. Intercompany transactions and balances have been eliminated in consolidation.
Segment Information

Segment Information

We have one primary business activity and operate in one reportable segment.

Our chief operating decision maker (“CODM”) is our Chief Executive Officer ("CEO") who evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. The measures of profitability and the significant segment expenses reviewed by the CODM are consistent with these financial statements and footnotes.
Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject us to concentrations of risk consist principally of cash, cash equivalents, restricted cash, investments, and accounts receivable.i

Our cash, cash equivalents, restricted cash, and investments held with large financial institutions in the United States and deposits may exceed the Federal Deposit Insurance Corporation’s insurance limit.
Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

We consider all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

A reconciliation of cash, cash equivalents, and restricted cash reported in our consolidated balance sheets to the amount reported within our consolidated statements of cash flows was as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

122,518

 

 

$

94,857

 

Restricted cash

 

 

3,114

 

 

 

375

 

Total cash, cash equivalents, and restricted cash as reported within our consolidated statement of cash flows

 

$

125,632

 

 

$

95,232

 

As of December 31, 2025, our restricted cash balance of $3.1 million, recorded in other assets, is used to collateralize certain credit instruments.
Investments and Investment in Non-Marketable Equity Security

Investments

Our investments consist of U.S. Treasury securities, U.S. government agency securities, commercial paper, corporate obligations, and money market funds. We designate all investments as available-for-sale and report them at fair value, based on quoted market prices, with unrealized gains and losses recorded in accumulated other comprehensive loss. The cost of securities sold is based on the specific-identification method. Investments with original maturities greater than three months and remaining maturities of one year or less are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments.

All of our available-for-sale investments are subject to a periodic impairment review. For each available-for-sale investment whose fair value is below its amortized cost, we determine if the impairment is a result of a credit-related loss or other factors using both quantitative and qualitative factors. If the impairment is a result of a credit-related loss, we recognize an allowance for credit losses. If the impairment is not a result of a credit loss, we recognize the loss in other comprehensive loss.

Investment in non-marketable equity security

In the first quarter of 2025, we made an equity investment of $5.0 million that does not have a readily determinable fair value. We elected the measurement alternative under which we measure the investment at cost, less any impairment. If we observe price changes in orderly transactions for identical or similar securities of the same issuer, we will remeasure the investment at fair value as of the date of the observable transaction. As of December 31, 2025, the investment has a carrying value of $5.0 million and is classified as “Other assets” on the condensed consolidated balance sheet.
Property and Equipment, net

Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the related assets, which are generally three years for computer equipment and software, five years for laboratory equipment and office equipment, and seven years for furniture and fixtures. Amortization of leasehold improvements and finance lease right-of-use assets are computed using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the related assets, typically ranging from three to twelve years.

Impairment of Long-lived Assets

Impairment of Long-lived Assets

We review long-lived assets, including property, equipment and right-of-use assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Impairment is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value. We would recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount.

Leases

Leases

We determine if the arrangement contains a lease at inception based on whether the contract conveys the right to control the use of an identified asset. The lease classification is determined at lease commencement, which is the date the underlying asset is available for use by the Company, and preliminary based on whether the arrangement is effectively a financed purchase of the underlying asset (finance lease) or not (operating lease). We determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. In addition to the fixed minimum lease payments required under the lease arrangements, certain leases include payments of operating expenses that may be revised based on the landlord’s estimate. These variable payments are excluded from the lease payments used to determine the right-of-use asset and lease liability and are recognized when the associated activity occurs.

We recognize right-of-use assets and short-term and long-term lease liabilities on our consolidated balance sheets for operating leases. The right-of-use asset and short-term and long-term lease liabilities for finance leases are recognized in property and equipment, other current liabilities, and other non-current liabilities, respectively, on the consolidated balance sheets.

In determining the present value of lease payments, we estimated our incremental borrowing rate based on information available upon commencement. We base the lease liabilities on the present value of remaining lease payments over the remaining terms of the leases using an estimated rate of interest that we would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The initial right-of-use asset, for both operating and finance leases, is measured based on the lease liability adjusted for any initial direct costs, lease prepayments, and lease incentives.

We recognize rent expense for operating leases on a straight-line basis over the lease term in operating expenses on the consolidated statements of operations. Finance lease right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest, which is recorded in interest expense.

We exclude from our consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases). We account for lease and non-lease components as a single component for our operating leases.
Revenue Recognition

Revenue Recognition

We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration for those goods or services.

At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. For example, a license to our intellectual property is determined to be distinct from other performance obligations if licensee is able to use and benefit from the license on its own.

We enter into collaborative arrangements with partners that typically include payment to us for one of more of the following: (i) up-front license fees; (ii) milestone payments related to the achievement of developmental, regulatory, or commercial goals; (iii) royalties on net sales of licensed products; and (iv) research and development cost reimbursements. Up-front license fees are included in the transaction price. Development and regulatory milestone payments are included in the transaction price using the most likely amount method, if we conclude it is probable that a significant revenue reversal would not occur. For contracts that include sales-based royalties or sales-based milestones, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty or sales-based milestone has been allocated has been satisfied. For collaborative agreements that have a performance obligation where the counterparty is a customer for the unit of account, we apply ASC 606, Revenue Recognition, to the unit of account and the revenue is classified as License and milestone revenue in our consolidated statement of operations. For other transactions in collaborative arrangements, consisting of research and development cost reimbursements, we recognize the research and development cost reimbursements as collaboration revenues in our consolidated statement of operations.

When a collaborative agreement has more than one performance obligation, we must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. The stand-alone selling price may include such items as, forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success, to determine the transaction price to allocate to each performance obligation.

For performance obligations that consist of the delivery of an intellectual property license, the revenue is recognized at the point in time that the license is delivered.
Accrued Research and Development Expenditures

Accrued Research and Development Expenditures

Clinical trial costs are a component of research and development expense. We accrue and expense clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research and manufacturing organizations and clinical sites. We determine the actual costs through monitoring patient enrollment, discussions with internal personnel and external service providers regarding the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services.
Revenue Participation Right Purchase Agreements

Revenue Participation Right Purchase Agreements

We have entered into certain revenue participation right purchase agreements with RPI ICAV, pursuant to which such investors purchased rights to royalties from aficamten and omecamtiv mecarbil revenue streams in exchange for consideration. We account for such agreements as liabilities to be amortized under the effective interest rate method over the life of the related royalty stream, when we have continuing involvement with the underlying R&D. We are required to update our estimates, at each reporting period, related to the amount and timing of future royalty payments to be paid to the counterparties of the revenue participation right purchase agreements. We have adopted an accounting policy to not reduce the effective borrowing rate below 0%. The estimates of the future royalty payment determine the measurement of the non-cash interest expense and the carrying value of the liability.

Revenue participation right purchase agreements are measured using significant unobservable inputs. The estimates of future royalties requires the use of several assumptions such as: the probability of clinical success, the probability of regulatory approval, the estimated date of a product launch, estimates of eligible patient populations, estimates of prescribing behavior and patient compliance behavior, estimates of pricing, payor reimbursement and coverage, and sales ramp. In December 2025, the FDA approved MYQORZO, 5 mg, 10 mg, 15 mg, and 20 mg tablets for the treatment of adults with oHCM to improve functional capacity and symptoms. As MYQORZO sales have not commenced and products containing omecamtiv mecarbil and ulacamten have not yet been approved as of December 31, 2025, the estimates are highly subjective.
Fair Value of 2024 RPI transactions

Fair Value of 2024 RPI transactions

In May 2024, the Company entered into 2024 RPI transactions including the 2024 RP OM Loan Agreement, the RP Ulacamten RPA, the RP Stock Purchase Agreement, the 2022 RP Multi Tranche Loan Agreement Amendment and the RP Aficamten RPA Amendment. As permitted under Accounting Standards Codification 825, Financial Instruments, or ASC 825, the Company elected the fair value option for recognition of the liabilities related to 2024 RP OM Loan Agreement and the RP Ulacamten RPA. In accordance with ASC 825, the Company records the liabilities at fair value and remeasures the liabilities at fair value each reporting period with changes in fair value associated with non-credit components are recognized in Other income (expense), net, while the change in fair value associated with credit components is recognized in accumulated other comprehensive loss. The fair value of the liabilities is based on significant unobservable inputs, including the probability of clinical success, the probability of regulatory approval, the estimated date of a product launch, estimates of pricing, sales ramp, variables for the timing of the related events, probability of change of control, discount rates and other estimates, which are deemed to be Level 3 inputs in the fair value hierarchy. As products containing omecamtiv mecarbil and ulacamten have not yet been commercialized, the estimates are highly subjective.

Derivative Liabilities

Derivative Liabilities

We recognize liabilities of our embedded derivative instruments related to the RP Multi Tranche Loan at fair value in the consolidated balance sheets. Each period, the fair value of the derivative liabilities are recalculated and resulting gains and losses from the changes in fair value of the derivatives with non-credit components are recognized in income, while the change in fair value associated with credit components is recognized in accumulated other comprehensive loss. Estimating fair values of derivative instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Since derivative instruments are initially and subsequently carried at fair value, the Company’s income will reflect the volatility in these estimate and assumption changes.

Research and Development Expenditures

Research and Development Expenditures

Research and development costs are charged to operations as incurred. Research and development expenses consist primarily of clinical trial costs, clinical manufacturing costs, preclinical study expenses, technical operations, inventory manufactured before FDA approval, consulting and other third-party costs, employee compensation, supplies and materials, allocation of overhead and occupancy costs, facilities costs and depreciation of equipment.
Income Taxes

Income Taxes

We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized.

We recognize uncertain tax positions taken or expected to be taken on a tax return. Tax positions are initially recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense.
Stock-Based Compensation

Stock-Based Compensation

We maintain equity incentive plans under which incentive stock options may be granted to employees and nonqualified stock options, restricted stock awards, performance-based stock units and stock appreciation rights may be granted to employees, directors, consultants and advisors. In addition, we maintain an ESPP under which employees may purchase shares of our common stock through payroll deductions.

Stock-based compensation expense related to stock options granted to employees and directors is recognized based on the grant date estimated fair values using the Black Scholes option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period.

Stock-based compensation expense related to performance-based stock units granted to employees is recognized based on the grant-date fair value of each award and recorded as expense over the vesting period using the ratable method when the underlying performance conditions are deemed probable.

Stock-based compensation expense related to the ESPP is recognized based on the fair value of each award estimated on the first day of the offering period using the Black Scholes option pricing model and recorded as expense over the service period using the straight-line method.
v3.25.4
Organization and Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reconciliation of Cash, Cash Equivalents, and Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash reported in our consolidated balance sheets to the amount reported within our consolidated statements of cash flows was as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

122,518

 

 

$

94,857

 

Restricted cash

 

 

3,114

 

 

 

375

 

Total cash, cash equivalents, and restricted cash as reported within our consolidated statement of cash flows

 

$

125,632

 

 

$

95,232

 
v3.25.4
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Instruments Excluded from the Computation of Diluted Net Loss Per Share

The following instruments were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been antidilutive (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Options to purchase common stock

 

 

10,868

 

 

 

10,420

 

 

 

11,780

 

Warrants to purchase common stock

 

 

—

 

 

 

—

 

 

 

13

 

Restricted stock and performance units

 

 

2,574

 

 

 

1,865

 

 

 

1,375

 

Shares issuable related to the ESPP

 

 

16

 

 

 

15

 

 

 

16

 

Shares issuable upon conversion of 2026 Notes

 

 

2,003

 

 

 

2,003

 

 

 

2,003

 

Shares issuable upon conversion of 2027 Notes

 

 

2,751

 

 

 

10,572

 

 

 

10,572

 

Shares issuable upon conversion of 2031 Notes

 

 

10,962

 

 

 

—

 

 

 

—

 

Total shares

 

 

29,174

 

 

 

24,875

 

 

 

25,759

 
v3.25.4
Agreements with Royalty Pharma (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Schedule of Transactions Consideration

Under the 2024 RPI Transactions, the consideration of $200.0 million received was allocated as follows (in thousands):

 

 

Allocation

 

Units of Accounting:

 

 

 

RP Aficamten RPA

 

$

33,300

 

Tranche 6 of RP Multi Tranche Loan Agreement

 

 

41,200

 

Tranche 6 of RP Multi Tranche Loan Agreement - Embedded Derivatives

 

 

4,400

 

Tranche 4 of RP Multi Tranche Loan Agreement - Embedded Derivatives

 

 

3,700

 

RP Ulacamten RPA

 

 

12,700

 

RP OM Loan Agreement

 

 

104,700

 

Total consideration

 

$

200,000

 
Summary of Changes of the Fair Value of Liabilities

The following tables summarize the changes of the fair value of the RP Ulacamten RPA and RP OM Loan (in thousands):

 

 

2025

 

 

2024

 

 

 

RP Ulacamten RPA

 

 

RP OM Loan

 

 

RP Ulacamten RPA

 

 

RP OM Loan

 

Beginning balance, January 1

 

$

14,000

 

 

 

123,000

 

 

$

—

 

 

$

—

 

Initial recognition

 

 

—

 

 

 

—

 

 

 

12,700

 

 

 

104,700

 

Change in fair value

 

 

(300

)

 

 

500

 

 

 

1,300

 

 

 

18,300

 

Ending balance, December 31

 

$

13,700

 

 

$

123,500

 

 

$

14,000

 

 

$

123,000

 
Schedule of Activity within Liabilities Related to Sale of Future Royalties Changes to the RP Aficamten Liability and the RP OM Liability are as follows (in thousands):

 

 

RP Aficamten Liability

 

 

RP OM Liability

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 Beginning balance, January 1

 

$

262,599

 

 

$

180,591

 

 

$

105,117

 

 

$

199,593

 

 

$

199,384

 

 

$

195,384

 

 Additional consideration

 

 

—

 

 

 

—

 

 

 

50,000

 

 

 

 

 

 

—

 

 

 

—

 

 Modification in the 2024 RPI Transactions

 

 

—

 

 

 

33,300

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 Interest accretion

 

 

58,165

 

 

 

48,708

 

 

 

25,474

 

 

 

124

 

 

 

103

 

 

 

3,888

 

 Amortization of issuance costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

78

 

 

 

106

 

 

 

112

 

 Ending balance, December 31

 

$

320,764

 

 

$

262,599

 

 

$

180,591

 

 

$

199,795

 

 

$

199,593

 

 

$

199,384

 
Summary of Changes of Fair Value of Derivative Liabilities

The following table summarizes the changes of the fair value of the derivative liabilities for the RP Multi Tranche Loan Agreement (in thousands):

 

 

RP Multi Tranche Loan Agreement Derivatives

 

 

 

2025

 

 

2024

 

Beginning balance, January 1

 

$

11,300

 

 

$

—

 

Initial recognition

 

 

27,900

 

 

 

12,600

 

Settlement

 

 

(3,900

)

 

 

—

 

Change in fair value

 

 

(4,200

)

 

 

(1,300

)

Ending balance, December 31

 

$

31,100

 

 

$

11,300

 

 
RP OM Loan Agreement [Member]  
Debt Instrument [Line Items]  
Schedule of Future Minimum Payments under Loan Agreement

The following table demonstrates the future minimum payments for our RP OM Loan under Scenario 3, based on 227.5% of the principal amount with repayment expected to start in 2028 as defined above, as of December 31, 2025 (in thousands):

Years ending December 31:

 

 

 

2026

 

 

—

 

2027

 

 

—

 

2028

 

 

20,682

 

2029

 

 

41,363

 

2030

 

 

41,364

 

Thereafter

 

 

124,091

 

Future minimum payments

 

$

227,500

 
RP Multi Tranche Loan [Member]  
Debt Instrument [Line Items]  
Schedule of Future Minimum Payments under Loan Agreement

Future minimum payments under the existing borrowing under Tranche 1, Tranche 4, Tranche 5, and Tranche 6 of the RP Multi Tranche Loan are (in thousands):

Years ending December 31:

 

 

 

2026

 

$

20,160

 

2027

 

 

41,760

 

2028

 

 

63,360

 

2029

 

 

63,360

 

2030

 

 

63,360

 

Thereafter

 

 

247,640

 

Future minimum payments

 

 

499,640

 

Less: Unamortized interest and loan costs

 

 

(233,096

)

Term Loan, net

 

$

266,544

 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Financial Assets Consists of Cash Equivalents and Investments Classified as Available-for-sale Securities Measured on Recurring Basis

The following tables set forth the fair value of our financial assets, which consists of cash equivalents and investments classified as available-for-sale securities, that were measured on a recurring basis (in thousands):

 

 

December 31, 2025

 

 

 

Fair Value Hierarchy Level

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Money market funds

 

Level 1

 

$

89,509

 

 

$

—

 

 

$

—

 

 

$

89,509

 

U.S. Treasury securities

 

Level 1

 

 

239,097

 

 

 

574

 

 

 

(7

)

 

 

239,664

 

U.S. Government agency securities

 

Level 2

 

 

201,788

 

 

 

162

 

 

 

(38

)

 

 

201,912

 

Commercial paper

 

Level 2

 

 

289,447

 

 

 

96

 

 

 

(26

)

 

 

289,517

 

Asset-backed securities

 

Level 2

 

 

7,579

 

 

 

7

 

 

 

—

 

 

 

7,586

 

Corporate obligations

 

Level 2

 

 

363,645

 

 

 

457

 

 

 

(53

)

 

 

364,049

 

 

 

 

 

$

1,191,065

 

 

$

1,296

 

 

$

(124

)

 

$

1,192,237

 

 

 

 

December 31, 2024

 

 

 

Fair Value Hierarchy Level

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Money market funds

 

Level 1

 

$

71,515

 

 

$

—

 

 

$

—

 

 

$

71,515

 

U.S. Treasury securities

 

Level 1

 

 

404,377

 

 

 

1,192

 

 

 

(74

)

 

 

405,495

 

U.S. Government agency securities

 

Level 2

 

 

134,547

 

 

 

339

 

 

 

(23

)

 

 

134,863

 

Commercial paper

 

Level 2

 

 

302,043

 

 

 

399

 

 

 

(128

)

 

 

302,314

 

Asset-backed securities

 

Level 2

 

 

13,924

 

 

 

42

 

 

 

-

 

 

 

13,966

 

Corporate obligations

 

Level 2

 

 

290,616

 

 

 

598

 

 

 

(182

)

 

 

291,032

 

 

 

 

 

$

1,217,022

 

 

$

2,570

 

 

$

(407

)

 

$

1,219,185

 
v3.25.4
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Property and Equipment

Property and equipment consisted of (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Property and equipment, net:

 

 

 

 

 

 

Laboratory equipment

 

$

23,337

 

 

$

21,398

 

Computer equipment and software

 

 

3,263

 

 

 

3,263

 

Office equipment, furniture and fixtures

 

 

8,719

 

 

 

6,159

 

Leasehold improvements

 

 

80,203

 

 

 

66,874

 

Construction in progress

 

 

10,351

 

 

 

4,067

 

Right-of-use assets, finance lease

 

 

622

 

 

 

1,231

 

Total property and equipment

 

 

126,495

 

 

 

102,992

 

Less: Accumulated depreciation

 

 

(47,301

)

 

 

(37,177

)

Total property and equipment, net

 

$

79,194

 

 

$

65,815

 
Summary of Accrued Liabilities

Accrued liabilities were as follows (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accrued liabilities:

 

 

 

 

 

 

Clinical and preclinical costs

 

$

24,561

 

 

$

13,567

 

Compensation related

 

 

45,150

 

 

 

35,132

 

Other accrued expenses

 

 

13,567

 

 

 

6,624

 

Total accrued liabilities

 

$

83,278

 

 

$

55,323

 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Interest Cost Relating to Notes

The following table presents the total amount of interest cost recognized relating to the 2031 Notes (in thousands):

 

 

2025

 

Contractual interest expense

 

$

3,682

 

Amortization of debt issuance costs

 

 

964

 

Total interest expense recognized

 

$

4,646

 

The following table presents the total amount of interest cost recognized relating to the 2027 Notes (in thousands):

 

 

2025

 

 

2024

 

 

2023

 

Contractual interest expense

 

$

14,939

 

 

$

18,900

 

 

$

18,900

 

Amortization of debt issuance costs

 

 

2,600

 

 

 

3,265

 

 

 

3,074

 

Total interest expense recognized

 

$

17,539

 

 

$

22,165

 

 

$

21,974

 

The following table presents the total amount of interest cost recognized relating to the 2026 Notes (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Contractual interest expense

 

$

844

 

 

$

844

 

 

$

844

 

Amortization of debt issuance costs

 

 

119

 

 

 

115

 

 

 

108

 

Total interest expense recognized

 

$

963

 

 

$

959

 

 

$

952

 
Schedule of Maturities of Notes

Future minimum payments under the 2031 Notes, 2027 Notes and 2026 Notes are (in thousands):

Years ending December 31:

 

2031 Notes

 

 

2027 Notes

 

 

2026 Notes

 

 

Total

 

2026

 

$

13,526

 

 

$

2,459

 

 

$

21,978

 

 

$

37,963

 

2027

 

 

13,125

 

 

 

145,448

 

 

 

—

 

 

 

158,573

 

2028

 

 

13,125

 

 

 

—

 

 

 

—

 

 

 

13,125

 

2029

 

 

13,125

 

 

 

—

 

 

 

—

 

 

 

13,125

 

2030

 

 

13,125

 

 

 

—

 

 

 

—

 

 

 

13,125

 

Thereafter

 

 

763,125

 

 

 

—

 

 

 

—

 

 

 

763,125

 

Future minimum payments

 

 

829,151

 

 

 

147,907

 

 

 

21,978

 

 

 

999,036

 

Less: Interest

 

 

(79,151

)

 

 

(7,378

)

 

 

(845

)

 

 

(87,374

)

Convertible notes, principal amount

 

 

750,000

 

 

 

140,529

 

 

 

21,133

 

 

 

911,662

 

Less: Unamortized debt issuance costs on the convertible notes

 

 

(19,577

)

 

 

(1,355

)

 

 

(112

)

 

 

(21,044

)

Net carrying amount of the convertible notes

 

$

730,423

 

 

$

139,174

 

 

$

21,021

 

 

$

890,618

 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Summary of Stock Option Activity

Stock option activity in 2025, 2024, and 2023 was as follows:

 

 

Stock Options
Outstanding

 

 

Weighted
Average Exercise
Price per Share

 

 

Weighted
Average
Remaining
Contractual Life
(in years)

 

 

Aggregate
Intrinsic Value
(in millions)

 

 Balance at December 31, 2022

 

 

10,992,403

 

 

$

22.13

 

 

 

 

 

 

 

 Granted

 

 

2,447,225

 

 

 

38.59

 

 

 

 

 

 

 

 Exercised

 

 

(1,200,895

)

 

 

12.13

 

 

 

 

 

 

 

 Forfeited

 

 

(458,503

)

 

 

35.01

 

 

 

 

 

 

 

 Balance at December 31, 2023

 

 

11,780,230

 

 

$

26.07

 

 

 

 

 

 

 

 Granted

 

 

1,551,042

 

 

 

60.13

 

 

 

 

 

 

 

 Exercised

 

 

(2,437,856

)

 

 

20.20

 

 

 

 

 

 

 

 Forfeited

 

 

(473,893

)

 

 

40.89

 

 

 

 

 

 

 

 Balance at December 31, 2024

 

 

10,419,523

 

 

$

31.84

 

 

 

 

 

 

 

 Granted

 

 

2,580,453

 

 

 

43.84

 

 

 

 

 

 

 

 Exercised

 

 

(1,609,130

)

 

 

21.22

 

 

 

 

 

 

 

 Forfeited

 

 

(523,186

)

 

 

47.04

 

 

 

 

 

 

 

 Balance at December 31, 2025

 

 

10,867,660

 

 

$

35.53

 

 

 

6.6

 

 

$

305.4

 

 Exercisable at December 31, 2025

 

 

7,155,206

 

 

$

30.00

 

 

 

5.5

 

 

$

240.4

 
Summary of Restricted Stock Unit Activity Including Performance Stock Units

RSU, including PSU, activity in 2025, 2024, and 2023 was as follows:

 

 

Number of
Restricted
Stock Units

 

 

Weighted
Average Award
Date Fair Value
per Share

 

 Balance at December 31, 2022

 

 

1,214,264

 

 

$

30.07

 

 Granted

 

 

965,863

 

 

 

39.09

 

 Exercised

 

 

(721,215

)

 

 

27.40

 

 Forfeited

 

 

(84,290

)

 

 

35.46

 

 Balance at December 31, 2023

 

 

1,374,622

 

 

$

37.47

 

 Granted

 

 

1,538,343

 

 

 

54.87

 

 Exercised

 

 

(797,880

)

 

 

38.17

 

 Forfeited

 

 

(250,027

)

 

 

46.94

 

 Balance at December 31, 2024

 

 

1,865,058

 

 

$

49.58

 

 Granted

 

 

1,948,740

 

 

 

44.86

 

 Exercised

 

 

(897,090

)

 

 

50.23

 

 Forfeited

 

 

(342,495

)

 

 

33.41

 

 Balance at December 31, 2025

 

 

2,574,213

 

 

$

47.82

 
Fair Value of Share-Based Payments was Estimated on Date of Grant Based on Assumptions

We use the Black-Scholes option pricing model to determine the fair value of stock option grants to employees and directors and employee stock purchase plan shares. The fair value of share-based payments was estimated on the date of grant based on the following assumptions:

 

 

Year Ended December
31, 2025

 

Year Ended December
31, 2024

 

Year Ended December
31, 2023

 

 

Options

 

ESPP

 

Options

 

ESPP

 

Options

 

ESPP

Risk-free interest rate

 

3.85% to 4.44%

 

3.75% to 4.31%

 

3.63% to 4.33%

 

4.43% to 5.39%

 

3.57% to 4.6%

 

5.33% to 5.44%

Volatility

 

70% to 71%

 

56% to 65%

 

72%

 

37% to 112%

 

67%

 

49% to 50%

Expected term in years

 

6.1

 

0.5

 

6.1 to 6.3

 

0.5

 

6.3

 

0.5

Expected dividend yield

 

0%

 

0%

 

0%

 

0%

 

0%

 

0%
Summary of Stock-Based Compensation Expense

Stock-based compensation expense for 2025, 2024, and 2023 was as follows (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Research and development

 

$

54,539

 

 

$

44,014

 

 

$

32,134

 

General and administrative

 

 

57,747

 

 

 

53,826

 

 

 

39,931

 

 

 

$

112,286

 

 

$

97,840

 

 

$

72,065

 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Lease Payments under Non-cancellable Lease

Future minimum lease payments under non-cancellable operating leases as of December 31, 2025 is as follows (in thousands):

Years ending December 31:

 

Operating
Leases

 

 

2026

 

$

20,096

 

 

2027

 

 

22,171

 

 

2028

 

 

22,828

 

 

2029

 

 

22,908

 

 

2030

 

 

22,471

 

 

Thereafter

 

 

66,487

 

 

Total future minimum lease payments

 

 

176,961

 

 

Less: Imputed interest

 

 

(49,880

)

 

Total lease liability

 

$

127,081

 

 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate

Below is a tabular rate reconciliation for the years ended December 31, 2025, 2024, and 2023 (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

Tax at federal statutory tax rate

 

$

(160,679

)

 

 

21.00

%

 

$

(122,779

)

 

 

21.00

%

 

$

(109,217

)

 

 

21.00

%

State and local income taxes, net of federal benefit

 

 

2

 

 

 

0.00

%

 

 

2

 

 

 

0.00

%

 

 

2

 

 

 

0.00

%

Foreign tax effects

 

 

30

 

 

 

0.00

%

 

 

—

 

 

 

0.00

%

 

 

—

 

 

 

0.00

%

Tax credits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D Tax Credit

 

 

(9,780

)

 

 

1.28

%

 

 

(13,928

)

 

 

2.38

%

 

 

(7,734

)

 

 

1.49

%

Orphan Drug Credit

 

 

(13,354

)

 

 

1.75

%

 

 

(17,728

)

 

 

3.03

%

 

 

(20,292

)

 

 

3.90

%

Change in valuation allowance

 

 

137,963

 

 

 

(18.03

)%

 

 

142,733

 

 

 

(24.41

)%

 

 

120,814

 

 

 

(23.23

)%

Non-taxable or non-deductible items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Section 162(m) Limitation

 

 

4,164

 

 

 

(0.54

)%

 

 

8,442

 

 

 

(1.45

)%

 

 

4,425

 

 

 

(0.85

)%

Stock Compensation Expense

 

 

(82

)

 

 

0.01

%

 

 

(15,822

)

 

 

2.71

%

 

 

(3,951

)

 

 

0.76

%

Convertible Notes Due 2027

 

 

25,462

 

 

 

(3.33

)%

 

 

—

 

 

 

0.00

%

 

 

—

 

 

 

0.00

%

Expiration of Attributes

 

 

10,489

 

 

 

(1.37

)%

 

 

9,073

 

 

 

(1.55

)%

 

 

8,982

 

 

 

(1.73

)%

Other

 

 

1,464

 

 

 

(0.20

)%

 

 

4,514

 

 

 

(0.77

)%

 

 

371

 

 

 

(0.07

)%

Changes in Unrecognized Tax Benefits

 

 

4,321

 

 

 

(0.57

)%

 

 

5,493

 

 

 

(0.94

)%

 

 

6,600

 

 

 

(1.27

)%

Income tax expense

 

$

—

 

 

 

0.00

%

 

$

—

 

 

 

0.00

%

 

$

—

 

 

 

0.00

%
Summary of Deferred Tax Assets, Net

Deferred tax assets, net, reflecting the net tax effect of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes, were as follows (in thousands):

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

498,689

 

 

$

282,974

 

Tax credits

 

 

168,303

 

 

 

146,883

 

Liability related to sale of future royalties

 

 

113,812

 

 

 

102,134

 

Reserves and accruals

 

 

52,245

 

 

 

43,108

 

Capitalized R&D

 

 

22,215

 

 

 

133,933

 

Long-term lease liability

 

 

24,480

 

 

 

25,919

 

Total noncurrent deferred tax assets

 

 

879,744

 

 

 

734,951

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation and amortization

 

 

(4,973

)

 

 

(5,834

)

Operating lease right-of-use assets

 

 

(15,450

)

 

 

(15,778

)

Unrealized Loss

 

 

(419

)

 

 

(432

)

Total noncurrent deferred tax liabilities

 

 

(20,842

)

 

 

(22,044

)

Less: Valuation allowance

 

 

(858,902

)

 

 

(712,907

)

Net deferred tax assets

 

$

—

 

 

$

—

 
Schedule of Activity Related to our Gross Unrecognized Tax Benefits

Activity related to our gross unrecognized tax benefits were (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance at the beginning of the year

 

$

31,005

 

 

$

25,232

 

 

$

18,355

 

Increase related to prior year tax positions

 

 

—

 

 

 

—

 

 

 

—

 

Decrease related to prior year tax positions

 

 

(188

)

 

 

(97

)

 

 

(97

)

Increase related to current year tax positions

 

 

5,128

 

 

 

5,870

 

 

 

6,974

 

Balance at the end of the year

 

$

35,945

 

 

$

31,005

 

 

$

25,232

 
v3.25.4
Organization and Accounting Policies - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Business
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2025
USD ($)
Summary Of Significant Accounting Policies [Line Items]        
Accumulated deficit incurred $ (3,486,719) $ (2,701,764)    
Cash requirements term 12 months      
Net loss $ (784,955) (589,526) $ (526,244)  
Cash, cash equivalents and investments 1,200,000      
Net cash used in operating activities $ 510,009 395,890 $ 414,333  
Effective borrowing rate 0.00%      
Restricted cash $ 3,114 $ 375    
Equity investment without readily determinable fair value       $ 5,000
Number of business activity | Business 1      
Number of reportable segments | Segment 1      
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Our chief operating decision maker (“CODM”) is our Chief Executive Officer ("CEO") who evaluates performance and makes operating decisions about allocating resources based on financial data presented on a consolidated basis. The measures of profitability and the significant segment expenses reviewed by the CODM are consistent with these financial statements and footnotes.      
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember      
Other Assets [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Equity investment without readily determinable fair value $ 5,000      
Computer Equipment and Software [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Property and equipment estimated useful lives 3 years      
Laboratory Equipment and Office Equipment [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Property and equipment estimated useful lives 5 years      
Furniture and Fixtures [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Property and equipment estimated useful lives 7 years      
Leasehold Improvements [Member] | Minimum [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Property and equipment estimated useful lives 3 years      
Leasehold Improvements [Member] | Maximum [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Property and equipment estimated useful lives 12 years      
v3.25.4
Organization and Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash Equivalents (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash and cash equivalents $ 122,518 $ 94,857
Restricted cash 3,114 375
Total cash, cash equivalents, and restricted cash as reported within our consolidated statement of cash flows $ 125,632 $ 95,232
v3.25.4
Net Loss Per Share - Instruments Excluded from the Computation of Diluted Net Loss Per Share (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 29,174 24,875 25,759
Options to Purchase Common Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 10,868 10,420 11,780
Warrants to Purchase Common Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 0 0 13
Restricted Stock and Performance Units [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 2,574 1,865 1,375
Shares Issuable Related to the ESSP [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 16 15 16
2026 Notes [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 2,003 2,003 2,003
2027 Notes [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 2,751 10,572 10,572
2031 Notes [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total shares 10,962 0 0
v3.25.4
Agreements with Royalty Pharma - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
May 22, 2024
Jan. 07, 2022
Sep. 30, 2023
Mar. 31, 2022
Feb. 28, 2017
Jun. 30, 2024
Sep. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Oct. 31, 2025
Apr. 30, 2025
Nov. 30, 2024
Dec. 31, 2023
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Arrangement consideration of debt transaction   $ 150,000                      
Debt Instrument, face amount               $ 911,662          
Purchase of common stock shares               122,943,172 118,209,139        
Liabilities               $ 2,084,162 $ 1,537,045        
Initial Recognition [Member] | Term Loan Tranche 4 and Tranche 5                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Additional embedded derivatives recognized               $ 27,900          
RP Loan Agreement [Member] | Term Loan Tranche 4 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Term loan, drawn amount                     $ 75,000    
RP OM Loan Agreement [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Term loan, maturity year 10 years                        
Debt Instrument, face amount $ 100,000                        
RP OM Loan Agreement [Member] | Minimum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percentage of change of control occur of principal amount of loan 150.00%                        
Percentage of amount payable of principal amount 227.50%                        
RP OM Loan Agreement [Member] | Maximum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percentage of change of control occur of principal amount of loan 237.50%                        
Percentage of amount payable of principal amount 237.50%                        
RP OM Loan Agreement [Member] | Scenario 1 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Payment of RPDF for ten business days after OM approval date $ 75,000                        
Payment of RPDF for first anniversary after of OM approval date $ 25,000                        
Percentage of net sales payable 2.00%                        
Percentage of net sales payable for excess of annual worldwide net sales 2.00%                        
Repayable loan percentage to principal amount               124.00%          
RP OM Loan Agreement [Member] | Scenario 1 [Member] | Minimum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Subject to minimum floor amount $ 5,000                        
RP OM Loan Agreement [Member] | Scenario 1 [Member] | Maximum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Subject to minimum floor amount $ 8,000                        
RP OM Loan Agreement [Member] | Scenario 2 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Number of RPDF equal quarterly 18 equal quarterly                        
Percentage of cash payments of principal amount 237.50%                        
Loan commencing, date Mar. 31, 2030                        
Repayable loan percentage to principal amount               237.50%          
RP OM Loan Agreement [Member] | Scenario 3 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Number of RPDF equal quarterly 22 equal quarterly                        
Percentage of cash payments of principal amount 227.50%                        
Loan commencing, date Sep. 30, 2028                        
Repayable loan percentage to principal amount               227.50%          
RP OM Loan Agreement and RP Ulacamten RPA [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Change in fair value of liabilities               $ (200) $ (19,600)        
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]               Liabilities, Fair Value Adjustment Liabilities, Fair Value Adjustment        
RP OM Loan Agreement and RP Ulacamten RPA [Member] | Minimum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percentage of discount rates for fair values of derivative liabilities               10.00% 10.00%        
RP OM Loan Agreement and RP Ulacamten RPA [Member] | Maximum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percentage of discount rates for fair values of derivative liabilities               18.00% 18.00%        
RP Multi Tranche Loan [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Change in fair value derivative liabilities               $ 4,200 $ 1,300        
Percentage of probability of default of derivative liabilities               10.00%          
Additional embedded derivatives recognized               $ 31,100 $ 11,300       $ 0
RP Multi Tranche Loan [Member] | Minimum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percentage of discount rates for fair values of derivative liabilities               10.00% 10.00%        
RP Multi Tranche Loan [Member] | Maximum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percentage of discount rates for fair values of derivative liabilities               15.00% 16.00%        
RP Multi Tranche Loan [Member] | Term Loan Tranche 1, Tranche 4, Tranche 5, and Tranche 6 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Long term debt               $ 266,544          
RP Multi Tranche Loan [Member] | Initial Recognition [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Additional embedded derivatives recognized                 $ 27,900       12,600
RP Ulacamten RPA, RPI ICAV [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percentage of annual net sales 0.01                        
Debt Instrument, face amount $ 150,000                        
Percentage of payment to fund of research and development cost 50.00%                        
Percentage of incremental for annual net sales 3.50%                        
Percentage of milestone payment aggregate investment 75.00%                        
Percentage of prior to market aggregate investment 37.50%                        
Percentage of aggregate investment subsequent market approval 37.50%                        
Purchased rights to certain revenue streams from net sales in consideration payment $ 50,000                        
Level 3 [Member] | RP OM Loan Agreement [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Liabilities at fair value           $ 104,700              
Level 3 [Member] | RP Ulacamten RPA, RPI ICAV [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Liabilities at fair value           12,700              
2022 Royalty Pharma Transactions [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Milestone payment   50,000                      
2022 Royalty Pharma Transactions [Member] | RP Aficamten RPA, RPI ICAV [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Upfront payment   $ 50,000                      
Percentage of net sales payable 4.50% 4.50%                      
Percentage of net sales payable for incremental annual worldwide net sales 1.00%                        
Percentage of net sales payable for excess of annual worldwide net sales   3.50%                      
Purchased rights to certain revenue streams from net sales in consideration payment   $ 50,000                      
4.5% of net revenue to be receivable from annual worldwide net sales $ 5,000,000 1,000,000                      
3.5% of net sales payable for excess of annual worldwide net sales   1,000,000                      
Imputed rate of interest on unamortized portion of liability               22.60% 23.50%        
2022 Royalty Pharma Transactions [Member] | RP Aficamten RPA, RPI ICAV [Member] | oHCM [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Additional consideration amount paid of first pivotal clinical trail       $ 50,000                  
2022 Royalty Pharma Transactions [Member] | RP Aficamten RPA, RPI ICAV [Member] | nHCM [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Additional consideration amount paid of first pivotal clinical trail     $ 50,000                    
2022 Royalty Pharma Transactions [Member] | RP Aficamten RPA, RPI ICAV [Member] | Maximum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Purchased rights to certain revenue streams from net sales in consideration payment   150,000                      
2022 Royalty Pharma Transactions [Member] | RP Aficamten RPA, RPI ICAV [Member] | Change in Accounting Estimate [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Decrease in non-cash interest expense and net loss               $ 3,600          
Reduction in net loss per share               $ 0.03          
2022 Royalty Pharma Transactions [Member] | RP Multi Tranche Loan [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Term loan, maturity year 10 years                        
Weighted-average effective rate of interest               13.00% 11.80%        
2022 Royalty Pharma Transactions [Member] | RP Multi Tranche Loan [Member] | Term Loan Tranche 1 Tranche 4 Tranche 5 Tranche 6 and Tranche 7 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Repayable loan percentage to principal amount Including interest and other fees 190.00%                        
2022 Royalty Pharma Transactions [Member] | RP Multi Tranche Loan [Member] | Term Loan Tranche 1, Tranche 4, Tranche 5, and Tranche 6 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Estimated fair value of long term debt               $ 278,800          
2022 Royalty Pharma Transactions [Member] | RP Aficamten RPA [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Additional carrying value             $ 50,000            
2024 RPI Transactions [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Consideration fair value allocation $ 200,000                        
Additional carrying value           $ 33,300              
RPOM Liability [Member] | RP OM RPA [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Imputed rate of interest on unamortized portion of liability               0.00% 0.10%        
Non-cash interest expense recognized               $ 92,300          
CRL Option [Member] | RP Loan Agreement [Member] | Term Loan Tranche 4 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Term loan, drawn amount                         $ 75,000
CRL Option [Member] | RP Multi Tranche Loan [Member] | Term Loan Tranche 6 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Long term debt   50,000                      
CRL Option [Member] | RP Multi Tranche Loan [Member] | Term Loan Tranche 7 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Long term debt   $ 175,000                      
CRL Option [Member] | 2022 Royalty Pharma Transactions [Member] | RP Loan Agreement [Member] | Term Loan Tranche 5 [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Term loan, drawn amount                   $ 100,000   $ 100,000  
CRL Option [Member] | Royalty Purchase Finance Trust Agreement [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Cash payment under royalty agreement         $ 90,000                
Purchase of common stock shares         875,656                
Stock issued during period, value, issued for services         $ 10,000                
Liabilities         $ 92,300                
CRL Option [Member] | Royalty Purchase Finance Trust Agreement [Member] | Minimum [Member]                          
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]                          
Percent of royalty on net sale         5.50%                
v3.25.4
Agreements with Royalty Pharma - Additional Information (Detail 1) - RP Stock Purchase Agreement [Member] - Private Placement [Member]
$ / shares in Units, $ in Millions
May 28, 2024
USD ($)
$ / shares
shares
Liabilities Related to Revenue Participation Right Purchase Agreements [Line Items]  
Issuance of shares of common stock | shares 980,392
Public offering price per share | $ / shares $ 51
Gross proceeds from issuance of private placement | $ $ 50
v3.25.4
Agreements with Royalty Pharma - Schedule of Transactions Consideration (Detail) - 2024 RPI Transactions [Member]
$ in Thousands
May 22, 2024
USD ($)
Debt Instrument [Line Items]  
Consideration allocation $ 200,000
RP Aficamten RPA [Member]  
Debt Instrument [Line Items]  
Consideration allocation 33,300
Tranche 6 of RP Multi Tranche Loan Agreement [Member]  
Debt Instrument [Line Items]  
Consideration allocation 41,200
Tranche 6 of RP Multi Tranche Loan Agreement - Embedded Derivatives [Member]  
Debt Instrument [Line Items]  
Consideration allocation 4,400
Tranche 4 of RP Multi Tranche Loan Agreement - Embedded Derivatives [Member]  
Debt Instrument [Line Items]  
Consideration allocation 3,700
RP Ulacamten RPA [Member]  
Debt Instrument [Line Items]  
Consideration allocation 12,700
RP OM Loan Agreement [Member]  
Debt Instrument [Line Items]  
Consideration allocation $ 104,700
v3.25.4
Agreements with Royalty Pharma - Schedule of Future Minimum Payments of Principal Amount with Repayment (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 37,963
2027 158,573
2028 13,125
2029 13,125
2030 13,125
Thereafter 763,125
Future minimum payments 999,036
RP OM Loan Agreement [Member] | Scenario 3 [Member]  
Debt Instrument [Line Items]  
2026 0
2027 0
2028 20,682
2029 41,363
2030 41,364
Thereafter 124,091
Future minimum payments $ 227,500
v3.25.4
Agreements with Royalty Pharma - Summary of Changes of Fair Value of Liabilities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
RP Ulacamten RPA [Member]    
Debt Instrument [Line Items]    
Beginning balance $ 14,000  
Change in fair value (300)  
Ending balance 13,700 $ 14,000
2024 RPI Transactions [Member] | RP Ulacamten RPA [Member]    
Debt Instrument [Line Items]    
Beginning balance 14,000 0
Initial recognition 0 12,700
Change in fair value   1,300
Ending balance   14,000
2024 RPI Transactions [Member] | RP OM Loan Agreement [Member]    
Debt Instrument [Line Items]    
Beginning balance 123,000 0
Initial recognition 0 104,700
Change in fair value 500 18,300
Ending balance $ 123,500 $ 123,000
v3.25.4
Agreements with Royalty Pharma - Schedule Represents Allocation of Transaction Consideration on a Relative Fair Value Basis to the Liability and the Common Stock (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
RP Aficamten Liability [Member]      
Royalty Liability [Line Items]      
Liabilities related to revenue participation right purchase agreements, net beginning balance $ 262,599 $ 180,591 $ 105,117
Additional consideration 0 0 50,000
Modification in 2024 RPI transactions 0 33,300 0
Interest accretion 58,165 48,708 25,474
Amortization of issuance costs 0 0 0
Liabilities related to revenue participation right purchase agreements, net ending balance 320,764 262,599 180,591
RPOM Liability [Member]      
Royalty Liability [Line Items]      
Liabilities related to revenue participation right purchase agreements, net beginning balance 199,593 199,384 195,384
Additional consideration   0 0
Modification in 2024 RPI transactions 0 0 0
Interest accretion 124 103 3,888
Amortization of issuance costs 78 106 112
Liabilities related to revenue participation right purchase agreements, net ending balance $ 199,795 $ 199,593 $ 199,384
v3.25.4
Agreements with Royalty Pharma - Schedule of Future Minimum Payments under Loan Agreement (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 37,963
2027 158,573
2028 13,125
2029 13,125
2030 13,125
Thereafter 763,125
Future minimum payments 999,036
Less: Unamortized interest and loan costs (21,044)
RP Multi Tranche Loan [Member] | Loan Tranche 1, Tranche 4, Tranche 5, and Tranche 6 [Member]  
Debt Instrument [Line Items]  
2026 20,160
2027 41,760
2028 63,360
2029 63,360
2030 63,360
Thereafter 247,640
Future minimum payments 499,640
Less: Unamortized interest and loan costs (233,096)
Future minimum payments $ 266,544
v3.25.4
Agreements with Royalty Pharma - Summary of Changes of Fair Value of Derivative Liabilities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]      
Change in fair value $ 4,200 $ 1,300 $ 0
RP Multi Tranche Loan [Member]      
Derivatives, Fair Value [Line Items]      
Beginning balance 11,300 0  
Settlement (3,900) 0  
Change in fair value (4,200) (1,300)  
Ending balance 31,100 11,300 0
RP Multi Tranche Loan [Member] | Initial Recognition [Member]      
Derivatives, Fair Value [Line Items]      
Beginning balance $ 27,900 12,600  
Ending balance   $ 27,900 $ 12,600
v3.25.4
Research and Development Arrangements - Additional Information (Detail)
$ in Thousands, € in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 19, 2024
EUR (€)
May 31, 2025
USD ($)
Mar. 31, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
EUR (€)
Nov. 19, 2024
USD ($)
Nov. 19, 2024
EUR (€)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Total revenues                 $ 88,039   $ 18,474 $ 7,530      
Accounts receivable       $ 17,764     $ 16,650   17,764   16,650        
Deferred revenue       1,612     52,370   1,612   52,370        
Research and development                 416,026   339,408 330,123      
Corxel Aficamten License and Collaboration Agreement [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Nonrefundable payment obligation       15,000         15,000            
Maximum future development and commercial milestone payments achievable       160,000         160,000            
Development and commercial milestone received                 15,000   10,000        
Bayer License Agreement [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Potential additional milestone earned | €                   € 10.0          
Accounts receivable       2,600         2,600            
Upfront payment received             52,400       52,400   € 50.0 $ 52,400 € 50.0
Bayer License Agreement [Member] | Forecast [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Potential additional milestone earned | €     € 10.0                        
Potential milestone payments and royalties unearned and receivable upon achievement of milestone | €     € 70.0                        
Corxel License Agreements [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Accounts receivable             16,500       16,500        
Sanofi License Agreement [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Accounts receivable       15,100         15,100            
Regulatory based milestone payments       $ 15,000                      
Research Collaboration [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Research and development   $ 4,400                          
Maximum [Member] | Bayer License Agreement [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Potential additional payments receivable | €                         € 90.0   € 90.0
Commercial based milestone payments | € € 490.0             € 490.0              
License and Milestone Revenues [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Total revenues                 79,353   15,000 3,500      
License and Milestone Revenues [Member] | Bayer License Agreement [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Total revenues                 64,300            
Deferred revenue             52,400       52,400        
License and Milestone Revenues [Member] | Bayer License Agreement [Member] | nHCM [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Milestone revenues recognized         $ 5,900 € 5.0                  
License and Milestone Revenues [Member] | Bayer License Agreement [Member] | oHCM [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Milestone revenues recognized         $ 5,900 € 5.0                  
License and Milestone Revenues [Member] | Accounting for the License and Collaboration Agreements in China [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Total revenues             $ 15,000   15,000            
Collaboration Revenues [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Total revenues                 8,686   3,474 4,030      
Collaboration Revenues [Member] | China [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Total revenues                 600   3,300 $ 1,300      
Collaboration Revenues [Member] | Bayer License Agreement [Member]                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Total revenues                 $ 8,100   $ 100        
v3.25.4
Fair Value Measurements - Summary of Fair Value of Financial Assets Consists of Cash Equivalents and Investments Classified as Available-for-sale Securities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - Cash and Cash Equivalents and Investments [Member] - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Amortized Cost $ 1,191,065 $ 1,217,022
Unrealized Gains 1,296 2,570
Unrealized Losses (124) (407)
Fair Value 1,192,237 1,219,185
Money Market Funds [Member] | Fair Value Measurements Using Level 1 [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Amortized Cost 89,509 71,515
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 89,509 71,515
U.S. Treasury Securities [Member] | Fair Value Measurements Using Level 1 [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Amortized Cost 239,097 404,377
Unrealized Gains 574 1,192
Unrealized Losses (7) (74)
Fair Value 239,664 405,495
U.S. Government agency securities | Fair Value Measurements Using Level 2 [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Amortized Cost 201,788 134,547
Unrealized Gains 162 339
Unrealized Losses (38) (23)
Fair Value 201,912 134,863
Commercial Paper [Member] | Fair Value Measurements Using Level 2 [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Amortized Cost 289,447 302,043
Unrealized Gains 96 399
Unrealized Losses (26) (128)
Fair Value 289,517 302,314
Asset-backed securities [Member] | Fair Value Measurements Using Level 2 [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Amortized Cost 7,579 13,924
Unrealized Gains 7 42
Unrealized Losses 0 0
Fair Value 7,586 13,966
Corporate Obligations [Member] | Fair Value Measurements Using Level 2 [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Amortized Cost 363,645 290,616
Unrealized Gains 457 598
Unrealized Losses (53) (182)
Fair Value $ 364,049 $ 291,032
v3.25.4
Fair Value Measurements - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Credit losses on debt securities $ 0 $ 0
v3.25.4
Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Total property and equipment $ 126,495 $ 102,992
Less: Accumulated depreciation (47,301) (37,177)
Total property and equipment, net 79,194 65,815
Laboratory Equipment [Member]    
Property Plant And Equipment [Line Items]    
Total property and equipment 23,337 21,398
Computer Equipment and Software [Member]    
Property Plant And Equipment [Line Items]    
Total property and equipment 3,263 3,263
Office Equipment, Furniture and Fixtures [Member]    
Property Plant And Equipment [Line Items]    
Total property and equipment 8,719 6,159
Leasehold Improvements [Member]    
Property Plant And Equipment [Line Items]    
Total property and equipment 80,203 66,874
Construction in Progress [Member]    
Property Plant And Equipment [Line Items]    
Total property and equipment 10,351 4,067
Right-of-Use Assets, Finance Lease [Member]    
Property Plant And Equipment [Line Items]    
Total property and equipment $ 622 $ 1,231
v3.25.4
Balance Sheet Components - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]      
Depreciation expense $ 10.1 $ 9.5 $ 11.9
Employer contributions under the plan $ 3.6 $ 2.7 $ 2.5
v3.25.4
Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accrued liabilities:    
Clinical and preclinical costs $ 24,561 $ 13,567
Compensation related 45,150 35,132
Other accrued expenses 13,567 6,624
Total accrued liabilities $ 83,278 $ 55,323
v3.25.4
Debt - Additional Information (Detail)
 3 Months Ended 12 Months Ended
Sep. 19, 2025
USD ($)
$ / shares
shares
Jul. 06, 2022
USD ($)
$ / shares
shares
Nov. 13, 2019
USD ($)
$ / shares
shares
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Days
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
Debt Instrument [Line Items]                
Principal amount of original loan         $ 911,662,000      
Debt conversion expense         121,249,000 $ 0 $ 0  
2031 Notes [Member]                
Debt Instrument [Line Items]                
Principal amount of original loan $ 750,000,000       750,000,000      
Aggregate principal amount remaining         $ 750,000,000      
Payment associated with convertible notes $ 402,500,000              
Number of instalments description         payable semiannually in arrears on April 1 and October 1 of each year, beginning April 1, 2026.      
Convertible notes, interest rate 1.75%              
Convertible debt, fair value         $ 919,700,000      
Convertible notes, maturity date Oct. 01, 2031              
Convertible notes, shares issued | shares 14.6156              
Convertible notes, principal amount $ 1,000              
Convertible notes, initial conversion price | $ / shares $ 68.42              
Convertible notes, type of equity security issued common stock              
Convertible notes, conversion description         Holders of the 2031 Notes may convert their 2031 Notes, under certain circumstances, into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on an initial conversion rate of 14.6156 shares per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $68.42 per share.As of December 31, 2025, the holders of the 2031 Notes have the option to convert their 2031 Notes only in the following circumstances: (i) if the last reported sale price per share of our common stock exceeds 130% of the conversion price for at least 20 trading days within a 30-day period starting from the last trading day of the preceding quarter after December 31, 2025; (ii) within 5 consecutive business days following any 10 consecutive trading day period if the trading price per $1,000 principal amount of 2031 Notes during such period falls below 98% of the product of the last reported sale price per share of our common stock and the conversion rate; (iii) upon certain corporate events or distributions on our common stock outlined in the 2031 Indenture; (iv) upon our call for redemption of the 2031 Notes; and (v) from July 1, 2031, until the second scheduled trading day immediately preceding the maturity date. We may not redeem the 2031 Notes at our option at any time before October 6, 2028. In 2025, the conditions allowing holders of the 2031 Notes to convert were not met. As a result, the 2031 Notes are not convertible as of December 31, 2025 at the option of the holders thereof.      
Convertible notes, percentage of conversion price         130.00%      
Convertible notes, trading days | Days         20      
Convertible notes, consecutive trading days | Days         30      
Convertible notes, redemption description         The 2031 Notes are not redeemable prior to October 6, 2028 by the Company. On or after October 6, 2028, the 2031 Notes will be redeemable, in whole or in part (subject to the Partial Redemption Limitation), at our option at any time and from time to time, and, in the case of any partial redemption, on or before the 40th scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the 2031 Notes are freely tradable and all accrued and unpaid additional interest, if any, has been paid in full, as of the first interest payment date occurring on or before such redemption notice date, and the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we may send the related redemption notice; and (ii) the trading day immediately before the date we may send such notice.The conversion rate for the 2031 Notes, 2027 Notes, and 2026 Notes will be subject to adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the each respective indenture for the 2026 Notes, 2027 Notes and 2031 Notes), we will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its notes in connection with such make-whole fundamental change.      
Debt instrument, unamortized debt issuance cost         $ 19,600,000      
Unamortized debt discount amortization period         5 years 9 months 18 days      
2031 Notes [Member] | Liability [Member]                
Debt Instrument [Line Items]                
Debt instrument effective interest rate         2.23%      
2031 Notes [Member] | Debt Instrument Convertible Covenant One [Member]                
Debt Instrument [Line Items]                
Convertible notes, percentage of conversion price         130.00%      
Convertible notes, trading days | Days         20      
Convertible notes, consecutive trading days | Days         30      
2031 Notes [Member] | Debt Instrument Convertible Covenant Two [Member]                
Debt Instrument [Line Items]                
Convertible notes, percentage of last reported sale price of common stock         98.00%      
Convertible notes, trading days | Days         5      
Convertible notes, consecutive trading days | Days         10      
2027 Notes [Member]                
Debt Instrument [Line Items]                
Principal amount of original loan   $ 540,000,000     $ 140,529,000      
Issuance of shares of common stock | shares 2,168,806              
Repurchase of principal amount of original loan $ 399,500,000              
Debt conversion expense       $ 121,200,000        
Aggregate principal amount remaining         $ 140,500,000      
Payment associated with convertible notes   $ 140,300,000            
Number of instalments description         payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2023.      
Convertible notes, interest rate   3.50%            
Convertible debt, fair value           $ 200,000,000    
Convertible notes, maturity date   Jul. 01, 2027            
Convertible notes, shares issued | shares   19.5783            
Convertible notes, principal amount   $ 1,000            
Convertible notes, initial conversion price | $ / shares   $ 51.08            
Convertible notes, type of equity security issued   common stock            
Convertible notes, conversion description         The 2027 Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on the applicable conversion rate(s). The initial conversion rate for the 2027 Notes is 19.5783 shares of our common stock per $1,000 principal amount of such Notes, which is equivalent to an initial conversion price of approximately $51.08 per share. As of December 31, 2025, the holders of the 2027 Notes have the option to convert their convertible 2027 Notes only in the following circumstances: (i) if the last reported sale price per share of our common stock exceeds 130% of the conversion price for at least 20 trading days within a 30-day period starting from the last trading day of the preceding quarter after September 30, 2022; (ii) within 5 consecutive business days following any 10 consecutive trading day period if the trading price per $1,000 principal amount of 2027 Notes during such period falls below 98% of the product of the last reported sale price per share of our common stock and the conversion rate; (iii) upon certain corporate events or distributions on our common stock outlined in the 2027 Indenture; (iv) upon our call for redemption of the 2027 Notes; and (v) from March 1, 2027, until the scheduled trading day immediately preceding the maturity date. In 2025, the conditions allowing holders of the 2027 Notes to convert were not met. As a result, the 2027 Notes are not convertible as of December 31, 2025 at the option of the holders thereof.      
Convertible notes, percentage of conversion price         130.00%      
Convertible notes, trading days | Days         20      
Convertible notes, consecutive trading days | Days         30      
Convertible notes, redemption description         The 2027 Notes are redeemable, in whole or in part (subject to the Partial Redemption Limitation), at our option at any time, and from time to time, and, in the case of any partial redemption, on or before the 60th scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we may send the related redemption notice; and (ii) the trading day immediately before the date we may send such notice.      
Debt instrument, unamortized debt issuance cost         $ 1,400,000      
Unamortized debt discount amortization period         1 year 6 months      
2027 Notes [Member] | Liability [Member]                
Debt Instrument [Line Items]                
Debt instrument effective interest rate         4.20% 4.20% 4.20%  
2027 Notes [Member] | Debt Instrument Convertible Covenant One [Member]                
Debt Instrument [Line Items]                
Convertible notes, percentage of conversion price         130.00%      
Convertible notes, trading days | Days         20      
Convertible notes, consecutive trading days | Days         30      
2027 Notes [Member] | Debt Instrument Convertible Covenant Two [Member]                
Debt Instrument [Line Items]                
Convertible notes, percentage of last reported sale price of common stock         98.00%      
Convertible notes, trading days | Days         5      
Convertible notes, consecutive trading days | Days         10      
2026 Notes [Member]                
Debt Instrument [Line Items]                
Principal amount of original loan     $ 138,000,000   $ 21,133,000      
Issuance of shares of common stock | shares   8,071,343            
Repurchase of principal amount of original loan   $ 116,900,000            
Aggregate principal amount remaining         $ 21,100,000      
Number of instalments description         payable semi-annually on May 15 and December 15 of each year, beginning May 15, 2020.      
Convertible notes, interest rate         4.00%      
Convertible debt, fair value         $ 127,800,000      
Convertible notes, maturity date     Nov. 15, 2026          
Convertible notes, sinking fund     $ 0          
Convertible notes, shares issued | shares     94.7811          
Convertible notes, principal amount     $ 1,000          
Convertible notes, initial conversion price | $ / shares     $ 10.55          
Convertible notes, type of equity security issued     common stock          
Convertible notes, conversion description         As of December 31, 2025, the holders of the 2026 Notes have the option to convert their 2026 Notes only in the following circumstances: (i) if the last reported sale price per share of our common stock exceeds 130% of the conversion price for at least 20 trading days within a 30-day period; (ii) within 5 consecutive business days following any 10 consecutive trading day period if the trading price per $1,000 principal amount of 2026 Notes during such period falls below 98% of the product of the last reported sale price per share of our common stock and the conversion rate; (iii) upon certain corporate events or distributions on our common stock outlined in the 2026 Indenture; (iv) upon our call for redemption of the 2026 Notes; and (v) from July 15, 2026, until the scheduled trading day immediately preceding the maturity date. In 2025, the sale price condition was met. As a result, the 2026 Notes are convertible as of December 31, 2025 at the option of the holders thereof.      
Convertible notes, percentage of conversion price         130.00%      
Convertible notes, trading days | Days         20      
Convertible notes, consecutive trading days | Days         30      
Convertible notes, redemption description         The 2026 Notes are redeemable by the Company, in whole or in part, at our option at any time, and from time to time, and, in the case of any partial redemption, on or before the 60th scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we may send the related redemption notice; and (ii) the trading day immediately before the date we may send such notice.      
Debt instrument, unamortized debt issuance cost         $ 100,000      
Unamortized debt discount amortization period         10 months 24 days      
2026 Notes [Member] | Liability [Member]                
Debt Instrument [Line Items]                
Debt instrument effective interest rate           4.60% 4.60% 4.60%
2026 Notes [Member] | Debt Instrument Convertible Covenant One [Member]                
Debt Instrument [Line Items]                
Convertible notes, percentage of conversion price         130.00%      
Convertible notes, trading days | Days         20      
Convertible notes, consecutive trading days | Days         30      
2026 Notes [Member] | Debt Instrument Convertible Covenant Two [Member]                
Debt Instrument [Line Items]                
Convertible notes, percentage of last reported sale price of common stock         98.00%      
Convertible notes, trading days | Days         5      
Convertible notes, consecutive trading days | Days         10      
v3.25.4
Debt - Schedule of Interest Cost Relating to 2031 Notes, 2027 Notes and 2026 Notes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
2031 Notes [Member]      
Debt Instrument [Line Items]      
Contractual interest expense $ 3,682    
Amortization of debt issuance costs 964    
Total interest expense recognized 4,646    
2027 Notes [Member]      
Debt Instrument [Line Items]      
Contractual interest expense 14,939 $ 18,900 $ 18,900
Amortization of debt issuance costs 2,600 3,265 3,074
Total interest expense recognized 17,539 22,165 21,974
2026 Notes [Member]      
Debt Instrument [Line Items]      
Contractual interest expense 844 844 844
Amortization of debt issuance costs 119 115 108
Total interest expense recognized $ 963 $ 959 $ 952
v3.25.4
Debt - Schedule of Future Minimum Payments under 2031 Notes, 2027 Notes and 2026 Notes (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 19, 2025
Jul. 06, 2022
Nov. 13, 2019
Debt Instrument [Line Items]        
2026 $ 37,963      
2027 158,573      
2028 13,125      
2029 13,125      
2030 13,125      
Thereafter 763,125      
Future minimum payments 999,036      
Less: Interest (87,374)      
Convertible notes, principal amount 911,662      
Less: Unamortized debt issuance costs on the convertible notes (21,044)      
Net carrying amount of the convertible notes 890,618      
2031 Notes [Member]        
Debt Instrument [Line Items]        
2026 13,526      
2027 13,125      
2028 13,125      
2029 13,125      
2030 13,125      
Thereafter 763,125      
Future minimum payments 829,151      
Less: Interest (79,151)      
Convertible notes, principal amount 750,000 $ 750,000    
Less: Unamortized debt issuance costs on the convertible notes (19,577)      
Net carrying amount of the convertible notes 730,423      
2027 Notes [Member]        
Debt Instrument [Line Items]        
2026 2,459      
2027 145,448      
2028 0      
2029 0      
2030 0      
Thereafter 0      
Future minimum payments 147,907      
Less: Interest (7,378)      
Convertible notes, principal amount 140,529   $ 540,000  
Less: Unamortized debt issuance costs on the convertible notes (1,355)      
Net carrying amount of the convertible notes 139,174      
2026 Notes [Member]        
Debt Instrument [Line Items]        
2026 21,978      
2027 0      
2028 0      
2029 0      
2030 0      
Thereafter 0      
Future minimum payments 21,978      
Less: Interest (845)      
Convertible notes, principal amount 21,133     $ 138,000
Less: Unamortized debt issuance costs on the convertible notes (112)      
Net carrying amount of the convertible notes $ 21,021      
v3.25.4
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended 15 Months Ended
May 28, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2025
May 31, 2025
Apr. 30, 2025
Mar. 01, 2023
Feb. 28, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Intrinsic value of stock options outstanding   $ 305,400              
Per unit weighted average grant date fair value   $ 29.21 $ 40.65 $ 24.67          
Total grant-date fair value of options vested   $ 69,300 $ 57,500 $ 51,100          
Allocated share based compensation expense   $ 112,286 $ 97,840 $ 72,065          
Issuance of common stock under at-the-market offering, net of issuance costs, shares   122,943,172 118,209,139            
Common Stock [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Gross proceeds from issuance of private placement $ 50,000                
Issuance of common stock pursuant to ESPP, shares   182,639 140,703 136,065          
Number of authorized shares of common stock available for issuance           326,000,000 163,000,000    
Public Offering [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Gross proceeds from issuance of common stock 575,000                
Net proceeds of issuance of common stock $ 563,200 $ 0 $ 563,204 $ 0          
Public Offering [Member] | Common Stock [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Issuance of shares of common stock 9,803,922   11,274,510            
Public offering price per share $ 51                
Private Placement [Member] | Common Stock [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Issuance of shares of common stock 980,392                
Public offering price per share $ 51                
Amended ATM Facility [Member] | Cantor [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Maximum offering price of common stock under At The Market agreement               $ 300,000  
Maximum percentage commission to be paid on gross proceedings under at the market agreement               3.00%  
Issuance of common stock under at-the-market offering, net of issuance costs, shares     1,237,460 5,016,170          
Net proceeds of issuance of common stock     $ 93,600 $ 164,200          
Oxford and Silicon Valley Bank [Member] | New Loan and Security Agreement [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Outstanding warrants   0              
Maximum [Member] | Underwriters Option [Member] | Common Stock [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Issuance of shares of common stock 1,470,588                
Restricted Stock Units (RSUs)                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Unamortized/unrecognized stock-based compensation expense   $ 78,500              
Weighted-average period   1 year 10 months 24 days              
Restricted Stock Units (RSUs) | Minimum [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Vesting period   2 years              
Restricted Stock Units (RSUs) | Maximum [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Vesting period   3 years              
Restricted Stock Units (RSUs) Including Performance Stock Units (PSUs)                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share based compensation, vested restricted stock units, total fair value   $ 40,700 $ 52,600 $ 28,600          
Number of shares cancelled   342,495 250,027 84,290          
Performance Stock Units [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Shares available for grant         467,804        
Allocated share based compensation expense   $ 1,500 $ 7,600            
Unamortized/unrecognized stock-based compensation expense related to PSUs   $ 600              
Performance Stock Units [Member] | Tranche One [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share-based compensation arrangement by share based payment award award vesting rights percentage   50.00%              
Performance Stock Units [Member] | Tranche Two [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Share-based compensation arrangement by share based payment award award vesting rights percentage   50.00%              
Performance Stock Units [Member] | Minimum [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Per unit weighted average grant date fair value         $ 44.36        
Performance Stock Units [Member] | Maximum [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Per unit weighted average grant date fair value         $ 63.75        
Employee Stock Option [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Unamortized/unrecognized stock-based compensation expense   $ 108,600              
Weighted-average period   2 years 6 months              
2004 Plan [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Option grant prices as percentage of the fair market value of the common stock   100.00%              
Term to grant nonstatutory stock options and incentive stock options   10 years              
Percentage of options grant to new employees   25.00%              
Increase in number of authorized shares reserved for issuance           5,000,000      
Shares available for grant   6,100,000              
Share based compensation, options exercised, total intrinsic value   $ 51,700 $ 112,600 $ 33,800          
2004 Plan [Member] | New Employee [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Award vesting right   Options granted to new employees generally vest 25% after one year and monthly thereafter over a period of four years.              
Period from percentage of stock option vested   1 year              
Vesting period   4 years              
Increase in number of authorized shares reserved for issuance                 1,000,000
2004 Plan [Member] | Existing Employee [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Award vesting right   Options granted to existing employees generally vest monthly over a period of four years.              
Vesting period   4 years              
ESPP [Member]                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Option grant prices as percentage of the fair market value of the common stock   85.00%              
Number of authorized shares reserved for issuance   80,480              
Issuance of common stock pursuant to ESPP, shares   182,639 140,703 136,065          
Issuance of common stock pursuant to ESPP, per share   $ 26.43 $ 32.76 $ 30.43          
v3.25.4
Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock Options Outstanding, Beginning Balance 10,419,523 11,780,230 10,992,403
Stock Options Outstanding, Granted 2,580,453 1,551,042 2,447,225
Stock Options Outstanding, Forfeited (523,186) (473,893) (458,503)
Stock Options Outstanding, Ending Balance 10,867,660 10,419,523 11,780,230
Stock Options Outstanding, Exercisable 7,155,206    
Weighted Average Exercise Price per Share, Beginning Balance $ 31.84 $ 26.07 $ 22.13
Weighted Average Exercise Price per Share, Granted 43.84 60.13 38.59
Weighted Average Exercise Price per Share, Exercised 21.22 20.2 12.13
Weighted Average Exercise Price per Share, Forfeited 47.04 40.89 35.01
Weighted Average Exercise Price per Share, Ending Balance 35.53 $ 31.84 $ 26.07
Weighted Average Exercise Price per Share, Exercisable $ 30    
Weighted Average Remaining Contractual Life 6 years 7 months 6 days    
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2025 5 years 6 months    
Aggregate Intrinsic Value $ 305.4    
Aggregate Intrinsic Value, Exercisable at December 31, 2025 $ 240.4    
Common Stock [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock Options Outstanding, Exercised (1,609,130) (2,437,856) (1,200,895)
v3.25.4
Stockholders' Equity - Summary of Restricted Stock Unit Activity Including Performance Stock Units (Detail) - Restricted Stock Units (RSUs) Including Performance Stock Units (PSUs) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of Restricted Stock Units, Beginning Balance 1,865,058 1,374,622 1,214,264
Number of Restricted Stock Units, Granted 1,948,740 1,538,343 965,863
Number of Restricted Stock Units, Exercised (897,090) (797,880) (721,215)
Number of Restricted Stock Units, Forfeited (342,495) (250,027) (84,290)
Number of Restricted Stock Units, Ending Balance 2,574,213 1,865,058 1,374,622
Weighted Average Award Date Fair Value per Share, Beginning Balance $ 49.58 $ 37.47 $ 30.07
Weighted Average Award Date Fair Value per Share, Granted 44.86 54.87 39.09
Weighted Average Award Date Fair Value per Share, Exercised 50.23 38.17 27.4
Weighted Average Award Date Fair Value per Share, Forfeited 33.41 46.94 35.46
Weighted Average Award Date Fair Value per Share, Ending Balance $ 47.82 $ 49.58 $ 37.47
v3.25.4
Stockholders' Equity - Fair Value of Share-Based Payments was Estimated on Date of Grant Based on Assumptions (Detail)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Stock Option [Member]      
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]      
Risk-free interest rate, minimum 3.85% 3.63% 3.57%
Risk-free interest rate, maximum 4.44% 4.33% 4.60%
Volatility, minimum 70.00%    
Volatility, maximum 71.00%    
Volatility   72.00% 67.00%
Expected term in years 6 years 1 month 6 days   6 years 3 months 18 days
Expected dividend yield 0.00% 0.00% 0.00%
Minimum [Member] | Employee Stock Option [Member]      
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]      
Expected term in years   6 years 1 month 6 days  
Maximum [Member] | Employee Stock Option [Member]      
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]      
Expected term in years   6 years 3 months 18 days  
ESPP [Member]      
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]      
Risk-free interest rate, minimum 3.75% 4.43% 5.33%
Risk-free interest rate, maximum 4.31% 5.39% 5.44%
Volatility, minimum 56.00% 37.00% 49.00%
Volatility, maximum 65.00% 112.00% 50.00%
Expected term in years 6 months 6 months 6 months
Expected dividend yield 0.00% 0.00% 0.00%
v3.25.4
Stockholders' Equity - Summary of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense $ 112,286 $ 97,840 $ 72,065
Research and Development [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense 54,539 44,014 32,134
General and Administrative [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense $ 57,747 $ 53,826 $ 39,931
v3.25.4
Commitments and Contingencies - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Mar. 31, 2021
Aug. 31, 2025
Feb. 28, 2025
Sep. 30, 2022
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee Lease Description [Line Items]              
Future minimum lease payments for finance leases         $ 0    
Rent expense for operating and finance leases         25,400,000 $ 19,400,000 $ 22,100,000
Increase in operating lease right-of-use asset         6,255,000 481,000 $ 0
Operating lease right-of-use assets         75,979,000 $ 75,158,000  
Operating lease liability         $ 127,081,000    
Lease Agreement              
Lessee Lease Description [Line Items]              
Operating lease, weighted average remaining lease term         7 years 7 months 6 days 8 years 8 months 12 days 9 years 8 months 12 days
Operating lease, weighted average discount rate         8.70% 8.70% 8.70%
Operating lease, cash paid included in net cash used in operating activities         $ 28,900,000 $ 26,100,000 $ 17,800,000
Financial lease estimated life         5 years    
Finance lease, weighted average remaining lease term         1 year    
Finance lease, weighted average discount rate         9.50%    
Finance lease payments         $ 200,000 $ 900,000 $ 900,000
Oyster Point Lease [Member] | California [Member]              
Lessee Lease Description [Line Items]              
Operating lease, lease expiration date         Oct. 31, 2033    
Operating lease, commencement date Mar. 31, 2021            
Radnor Lease [Member] | Pennsylvania [Member]              
Lessee Lease Description [Line Items]              
Operating lease, commencement period       2022-09      
Operating lease commenced, term description         one five-year option to extend the lease    
Radnor Lease Old Expiration Date [Member] | Pennsylvania [Member]              
Lessee Lease Description [Line Items]              
Operating lease, lease expiration date         Jul. 31, 2027    
Amended Radnor Lease for Existing and Additional Space [Member] | Pennsylvania [Member]              
Lessee Lease Description [Line Items]              
Operating lease commenced, term description         one five-year renewal option    
Operating lease amended period     2025-02        
Operating lease, extend the lease term         2029-07    
Increase in operating lease right-of-use asset         $ 1,100,000    
Operating lease right-of-use assets         2,400,000    
Operating lease liability         $ 2,400,000    
Discount rate         8.90%    
Zug Lease [Member] | Switzerland [Member]              
Lessee Lease Description [Line Items]              
Operating lease, commencement period   2025-08          
Operating lease commenced, term description         an option to extend for an additional five years    
Operating lease right-of-use assets         $ 2,600,000    
Operating lease liability         $ 2,600,000    
Discount rate         9.00%    
Initial term of lease   5 years          
Lessee, Operating Lease, Existence of Option to Extend [true false]         true    
v3.25.4
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-cancellable Lease (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 20,096
2027 22,171
2028 22,828
2029 22,908
2030 22,471
Thereafter 66,487
Total future minimum lease payments 176,961
Less: Imputed interest (49,880)
Total lease liability $ 127,081
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
 12 Months Ended
Jul. 04, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]        
Provision for income tax   $ 0 $ 0 $ 0
Increase (decrease) in valuation allowance   $ 146,000,000.0 140,400,000  
Research and development credits and orphan drug credits, federal carryforwards will expire   2026    
Percentage of restoration of immediate expensing of domestic research and development expenditures 100.00%      
Income tax payments   $ 0 $ 0 $ 0
California Income Tax Purposes [Member]        
Income Tax Contingency [Line Items]        
Tax credit carryforward   32,600,000    
Federal Tax [Member]        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards   $ 2,210,000,000    
Net operating loss carryforwards expiration   2026    
Tax credit carryforward   $ 177,600,000    
Federal and State Tax [Member]        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards   $ 443,900,000    
Net operating loss carryforwards expiration   2028    
Foreign Tax Authority [Member]        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards   $ 20,300,000    
Net operating loss carryforwards expiration   2030    
v3.25.4
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount      
Tax at federal statutory tax rate $ (160,679) $ (122,779) $ (109,217)
State and local income taxes, net of federal benefit 2 2 2
Foreign tax effects 30 0 0
R&D Tax Credit (9,780) (13,928) (7,734)
Orphan Drug Credit (13,354) (17,728) (20,292)
Change in valuation allowance 137,963 142,733 120,814
Non-taxable or non-deductible items      
Section 162(m) Limitation 4,164 8,442 4,425
Stock Compensation Expense (82) (15,822) (3,951)
Convertible Notes Due 2027 25,462 0 0
Expiration of Attributes 10,489 9,073 8,982
Other 1,464 4,514 371
Changes in Unrecognized Tax Benefits 4,321 5,493 6,600
Income tax expense $ 0 $ 0 $ 0
Effective Income Tax Rate Reconciliation, Percent      
Tax at federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit 0.00% 0.00% 0.00%
Foreign tax effects 0.00% 0.00% 0.00%
R&D Tax Credit 1.28% 2.38% 1.49%
Orphan Drug Credit 1.75% 3.03% 3.90%
Change in valuation allowance (18.03%) (24.41%) (23.23%)
Non-taxable or non-deductible items:      
Section 162(m) Limitation (0.54%) (1.45%) (0.85%)
Stock Compensation Expense 0.01% 2.71% 0.76%
Convertible Notes Due 2027 (3.33%) 0.00% (0.00%)
Expiration of Attributes (1.37%) (1.55%) (1.73%)
Other (0.20%) (0.77%) (0.07%)
Changes in Unrecognized Tax Benefits (0.57%) (0.94%) (1.27%)
Income tax expense 0.00% 0.00% 0.00%
v3.25.4
Income Taxes - Summary of Deferred Tax Assets, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 498,689 $ 282,974
Tax credits 168,303 146,883
Liability related to sale of future royalties 113,812 102,134
Reserves and accruals 52,245 43,108
Capitalized R&D 22,215 133,933
Long-term lease liability 24,480 25,919
Total noncurrent deferred tax assets 879,744 734,951
Deferred tax liabilities:    
Depreciation and amortization (4,973) (5,834)
Operating lease right-of-use assets (15,450) (15,778)
Unrealized Loss (419) (432)
Total noncurrent deferred tax liabilities (20,842) (22,044)
Less: Valuation allowance (858,902) (712,907)
Net deferred tax assets $ 0 $ 0
v3.25.4
Income Taxes - Schedule of Activity Related to our Gross Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Balance at the beginning of the year $ 31,005 $ 25,232 $ 18,355
Increase related to prior year tax positions 0 0 0
Decrease related to prior year tax positions (188) (97) (97)
Increase related to current year tax positions 5,128 5,870 6,974
Balance at the end of the year $ 35,945 $ 31,005 $ 25,232
v3.25.4
Subsequent Events - Additional Information (Detail)
€ in Millions
 3 Months Ended
Mar. 31, 2026
EUR (€)
Scenario Forecast [Member] | Bayer License Agreement [Member]  
Subsequent Event [Line Items]  
License agreement invoice amount € 10.0