VIRIDIAN THERAPEUTICS, INC.\DE, 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-36483  
Entity Registrant Name Viridian Therapeutics, Inc./DE  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-1187261  
Entity Address, Address Line One 221 Crescent Street  
Entity Address, Address Line Two Suite 103A  
Entity Address, City or Town Waltham  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02453  
City Area Code 617  
Local Phone Number 272-4600  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol VRDN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in share)   103,074,740
Entity Central Index Key 0001590750  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 176,346 $ 212,382
Marketable securities 585,835 662,270
Prepaid expenses and other current assets 22,563 19,581
Total current assets 784,744 894,233
Property and equipment, net 1,130 1,228
Operating lease right-of-use asset 2,255 2,421
Other assets 888 1,536
Total assets 789,017 899,418
Current liabilities:    
Accounts payable 13,313 8,683
Accrued liabilities 38,492 62,013
Total current liabilities 51,805 70,696
Long-term debt, net 50,436 49,940
Derivative liability 12,500 20,030
Liability related to the sale of future revenue, net 36,092 34,244
Other liabilities 2,176 2,341
Total liabilities 153,009 177,251
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Common stock, $0.01 par value; 200,000,000 shares authorized; 102,458,094 and 101,826,500 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1,025 1,018
Additional paid-in capital 1,946,844 1,927,104
Accumulated other comprehensive income (loss) (558) 447
Accumulated deficit (1,443,359) (1,338,458)
Total stockholders’ equity 636,008 722,167
Total liabilities and stockholders’ equity 789,017 899,418
Series A Convertible Preferred Stock    
Stockholders’ equity:    
Preferred stock 61,188 61,188
Series B Convertible Preferred Stock    
Stockholders’ equity:    
Preferred stock $ 70,868 $ 70,868
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 102,458,094 101,826,500
Common stock, shares outstanding (in shares) 102,458,094 101,826,500
Series A Convertible Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 435,000 435,000
Preferred stock, shares issued (in shares) 134,864 134,864
Preferred stock, shares outstanding (in shares) 134,864 134,864
Series B Convertible Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 500,000 500,000
Preferred stock, shares issued (in shares) 79,620 79,620
Preferred stock, shares outstanding (in shares) 79,620 79,620
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 141 $ 72
Operating expenses:    
Research and development 77,631 76,835
Selling, general and administrative 38,679 17,103
Total operating expenses 116,310 93,938
Loss from operations (116,169) (93,866)
Other income (expense), net:    
Interest income 7,872 7,540
Interest expense (3,462) (550)
Change in fair value of derivative liability 7,530 0
Other expense, net (672) (36)
Total other income, net 11,268 6,954
Net loss (104,901) $ (86,912)
Weighted-average shares outstanding, diluted (in shares)   81,344,134
Comprehensive loss:    
Net loss (104,901) $ (86,912)
Other comprehensive income:    
Unrealized gain (loss) on available-for-sale securities (1,008) 255
Change in cumulative translation adjustment 3 0
Total other comprehensive income (loss) (1,005) 255
Comprehensive loss $ (105,906) $ (86,657)
Common Stock    
Other income (expense), net:    
Net loss per share, basic (in dollars per share) $ (0.90) $ (0.87)
Net loss per share, diluted (in dollars per share) $ (0.90) $ (0.87)
Weighted-average shares outstanding, basic (in shares) 102,211,657 81,344,134
Weighted-average shares outstanding, diluted (in shares) 102,211,657 81,344,134
License revenue    
Revenues:    
Total revenues $ 6 $ 0
Collaboration revenue - related parties    
Revenues:    
Total revenues $ 135 $ 72
Series A Convertible Preferred Stock | Preferred Stock    
Other income (expense), net:    
Net loss per share, basic (in dollars per share) $ (60.02) $ (57.94)
Net loss per share, diluted (in dollars per share) $ (60.02) $ (57.94)
Weighted-average shares outstanding, basic (in shares) 134,864 134,864
Weighted-average shares outstanding, diluted (in shares) 134,864 134,864
Series B Convertible Preferred Stock | Preferred Stock    
Other income (expense), net:    
Net loss per share, basic (in dollars per share) $ (60.02) $ (57.94)
Net loss per share, diluted (in dollars per share) $ (60.02) $ (57.94)
Weighted-average shares outstanding, basic (in shares) 79,620 145,160
Weighted-average shares outstanding, diluted (in shares) 79,620 145,160
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Series A Convertible Preferred Stock
Series B Convertible Preferred Stock
Convertible Preferred Stock
Series A Convertible Preferred Stock
Convertible Preferred Stock
Series B Convertible Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024       134,864 145,160        
Beginning balance at Dec. 31, 2024 $ 671,639     $ 61,188 $ 127,697 $ 810 $ 1,477,811 $ (10) $ (995,857)
Beginning balance (in shares) at Dec. 31, 2024           80,994,046      
Stockholders’ deficit                  
Issuance of common stock in at-the-market offerings, net of issuance costs (in shares)           245,388      
Issuance of common stock in at-the-market offerings, net of issuance costs 4,795         $ 3 4,792    
Issuance of common stock upon exercises of warrants (in shares)           115,146      
Issuance of common stock upon exercises of warrants 1,618         $ 1 1,617    
Issuance of common stock upon exercises of stock options (in shares)           185,426      
Issuance of common stock upon exercises of stock options 2,297         $ 2 2,295    
Issuance of common stock under employee stock purchase plan (in shares)           41,106      
Issuance of common stock under employee stock purchase plan 561           561    
Issuance of common stock upon vesting of restricted stock units (in shares)           8,315      
Share-based compensation expense 10,220           10,220    
Unrealized gain (loss) on available-for-sale securities 255             255  
Change in cumulative translation adjustment 0                
Net loss (86,912)               (86,912)
Ending balance (in shares) at Mar. 31, 2025       134,864 145,160        
Ending balance at Mar. 31, 2025 604,473     $ 61,188 $ 127,697 $ 816 1,497,296 245 (1,082,769)
Ending balance (in shares) at Mar. 31, 2025           81,589,427      
Beginning balance (in shares) at Dec. 31, 2025   134,864 79,620 134,864 79,620        
Beginning balance at Dec. 31, 2025 $ 722,167     $ 61,188 $ 70,868 $ 1,018 1,927,104 447 (1,338,458)
Beginning balance (in shares) at Dec. 31, 2025 101,826,500         101,826,500      
Stockholders’ deficit                  
Issuance of common stock upon exercises of stock options (in shares)           424,648      
Issuance of common stock upon exercises of stock options $ 6,357         $ 5 6,352    
Issuance of common stock upon vesting of restricted stock units (in shares)           206,946      
Issuance of common stock upon vesting of restricted stock units 0         $ 2 (2)    
Share-based compensation expense 13,390           13,390    
Unrealized gain (loss) on available-for-sale securities (1,008)             (1,008)  
Change in cumulative translation adjustment 3             3  
Net loss (104,901)               (104,901)
Ending balance (in shares) at Mar. 31, 2026   134,864 79,620 134,864 79,620        
Ending balance at Mar. 31, 2026 $ 636,008     $ 61,188 $ 70,868 $ 1,025 $ 1,946,844 $ (558) $ (1,443,359)
Ending balance (in shares) at Mar. 31, 2026 102,458,094         102,458,094      
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Statement of Stockholders' Equity [Abstract]  
Issuance costs $ 149
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (104,901) $ (86,912)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 13,390 10,220
Non-cash interest expense 2,344 103
Depreciation and amortization 121 117
Accretion and amortization of available-for-sale securities (1,857) (2,320)
Change in fair value of derivative liability (7,530) 0
Other non-cash items 169 (6)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,334) 285
Accounts payable 4,630 1,765
Accrued and other liabilities (23,686) (15,905)
Net cash used in operating activities (119,654) (92,653)
Cash flows from investing activities:    
Purchases of marketable securities (91,320) (71,243)
Maturities of marketable securities 168,604 171,391
Purchase of property and equipment (23) (86)
Net cash provided by investing activities 77,261 100,062
Cash flows from financing activities:    
Proceeds from sale of common stock in at-the-market offerings 0 4,943
Payments of issuance costs associated with the sale of common stock 0 (207)
Proceeds from the exercise of warrants 0 1,618
Proceeds from issuance of common stock upon exercises of stock options 6,357 2,297
Proceeds from issuance of common stock under employee stock purchase plan 0 561
Net cash provided by financing activities 6,357 9,212
Net increase (decrease) in cash and cash equivalents (36,036) 16,621
Cash and cash equivalents at beginning of period 212,382 99,594
Cash and cash equivalents at end of period 176,346 116,215
Supplemental disclosure of cash flow information    
Cash paid for interest $ 1,119 $ 448
v3.26.1
DESCRIPTION OF THE BUSINESS
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF THE BUSINESS DESCRIPTION OF THE BUSINESS
Viridian Therapeutics, Inc., a Delaware corporation (the “Company” or “Viridian”), is a biopharmaceutical company focused on discovering, developing and commercializing potential best-in-class medicines for serious and rare diseases. The Company’s most advanced program, veligrotug, is a differentiated monoclonal antibody targeting insulin-like growth factor-1 receptor (“IGF-1R”), a clinically and commercially validated target for the treatment of thyroid eye disease (“TED”). The Company’s second product candidate, elegrobart, is an extended half-life monoclonal antibody with the same binding domains as veligrotug designed to be subcutaneously administered via a convenient, low-volume auto-injector. TED is a serious and debilitating rare autoimmune disease that causes inflammation within the orbit of the eye that can cause bulging of the eyes, redness and swelling, double vision, pain, and potential blindness. Viridian additionally announced a program targeting the thyroid stimulating hormone receptor (“TSHR”) in January 2026 that has the potential to be developed for the treatment of TED and Graves’ disease.

In addition to developing therapies for TED, the Company is also developing a portfolio of engineered anti-neonatal Fc receptor (“FcRn”) inhibitors, including VRDN-006 and VRDN-008. FcRn inhibitors have the potential to treat a broad array of autoimmune diseases, representing a significant commercial market opportunity.

Liquidity and Capital Resources
The Company’s unaudited condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any uncertainty related to its ability to continue as a going concern. The Company expects that its cash, cash equivalents and marketable securities as of March 31, 2026 of $762.2 million will enable the Company to fund its planned operations for at least twelve months from the date of issuance of these unaudited condensed consolidated financial statements.
The Company has funded its operations to date principally through proceeds received from the sale of the Company’s common stock, Series A convertible preferred stock, Series B convertible preferred stock, and other equity securities, debt financings, and license fees and reimbursements received under collaboration agreements. The Company has incurred recurring losses and negative cash flows from operations since inception. As of March 31, 2026, the Company had an accumulated deficit of $1,443.4 million. The Company has no products approved for commercial sale, has not generated any revenue from product sales, and cannot guarantee when or if it will generate any revenue from product sales. Substantially all of the Company’s operating losses resulted from expenses incurred in connection with its research and development programs and from selling, general and administrative costs associated with its operations. In addition, the Company may continue to incur additional operating losses as a result of planned expenditures for research and development activities, its drug development programs, including clinical trial and manufacturing costs, and the continued build-out of clinical, manufacturing, commercial and compliance capabilities.
The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. There can be no assurance that the Company will ever earn revenues from product sales or achieve profitability, or if achieved, that the revenues or profitability will be sustained on a continuing basis. In addition, the Company’s nonclinical and clinical development activities, manufacturing activities, and commercialization activities for the Company’s product candidates, if approved, may require significant additional capital. Failure to raise capital as and when needed, on favorable terms or at all, would have a negative impact on the Company’s financial condition and its ability to develop its product candidates. Changing circumstances may cause the Company to consume capital significantly faster or slower than currently anticipated. If the Company is unable to acquire additional capital or resources, it will be required to modify its operational plans. The estimates included herein are based on assumptions that may prove to be wrong, and the Company could exhaust its available financial resources sooner than currently anticipated.
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”), and Accounting Standards Updates (“ASU”), or the Financial Accounting Standards Board (“FASB”).
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Management has determined that the Company operates in one segment, which is the business of developing and commercializing novel therapeutics.
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on February 26, 2026 (the “2025 Annual Report”). The Company’s management performed an evaluation of its activities through the date of filing of these unaudited condensed consolidated financial statements and concluded that there are no subsequent events requiring disclosure.
Unaudited Interim Condensed Consolidated Financial Information
In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. Interim results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026, or any other future period.
During the three months ended March 31, 2026, there have been no changes to the Company’s significant accounting policies as described in the 2025 Annual Report.
Going Concern
At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern.
The Company’s evaluation entails, among other things, analyzing the results of the Company’s clinical development efforts, license and collaboration agreements as well as the entity’s current financial condition including conditional and unconditional obligations anticipated within a year, and related liquidity sources at the date the financial statements are issued. This is reflected in the Company’s prospective operating budgets and forecasts and compared to the current cash, cash equivalents, and marketable securities balance.
Use of Estimates
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, which requires it to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, fair value of marketable securities, accrued research and development expenses, liability related to sale of future revenue, derivative liability, income taxes and share-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions.
Recently Issued Accounting Standard Updates
In November 2024, the FASB issued ASU-2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.
Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the consolidated financial statements upon future adoption.
v3.26.1
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
Marketable Securities
The Company’s marketable securities consisted of the following as of March 31, 2026 and December 31, 2025:

(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2026
U.S. treasury securities$161,110 $37 $(85)$161,062 
U.S. corporate paper and bonds425,285 15 (527)424,773 
Total$586,395 $52 $(612)$585,835 
December 31, 2025
U.S. treasury securities$223,526 $254 $(9)$223,771 
U.S. corporate paper and bonds438,297 241 (39)438,499 
Total$661,823 $495 $(48)$662,270 
As of March 31, 2026, the Company considers the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such investments until their recovery at fair value. The Company did not have any realized gains or losses in its available-for-sale securities during the three months ended March 31, 2026 and 2025. The Company did not have any sales of marketable securities during the three months ended March 31, 2026 and 2025. The contractual maturity dates of the Company’s investments are all less than 36 months. While the Company may hold securities with stated maturities greater than one year, all available-for-sale securities are considered available to support current operations, and thus are classified as current assets.
Fair Value Measurements
The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis:
(in thousands)Quoted Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
 (Level 2)		Significant Unobservable Inputs
(Level 3)		Total
March 31, 2026
Assets:
Cash equivalents:
Money market funds$155,008 $— $— $155,008 
Marketable securities:
U.S. treasury securities— 161,062 — 161,062 
U.S. corporate paper and bonds— 424,773 — 424,773 
Total cash equivalents and marketable securities$155,008 $585,835 $— $740,843 
Liabilities:
Derivative liability$— $— $12,500 $12,500 
Total liabilities$— $— $12,500 $12,500 
December 31, 2025
Assets:
Cash equivalents:
Money market funds$191,308 $— $— $191,308 
Corporate paper and bonds— 14,624 — 14,624 
Marketable securities:
U.S. agency and treasury securities— 223,771 — 223,771 
Corporate paper and bonds— 438,499 — 438,499 
Total cash equivalents and marketable securities$191,308 $676,894 $— $868,202 
Liabilities:
Derivative liability$— $— $20,030 $20,030 
Total liabilities$— $— $20,030 $20,030 
The fair value of the Company’s Level 1 cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of the Company’s Level 2 cash equivalents and marketable securities, consisting of securities with original maturities of three months or less and 36 months or less, respectively, are determined through third-party pricing services. The amortized cost of cash equivalents approximates the fair value. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2026 and 2025. In addition, there were no changes in valuation techniques or transfers between Level 1, Level 2 and Level 3 financial assets during the three months ended March 31, 2026 and 2025.
For information on the fair value of the derivative liability, see Note 6, Purchase and Sale of the Revenue Participation Right.
The Company believes the terms of its long-term debt, net and liability related to the sale of future revenue, net, which were both entered into in October 2025, reflect current market conditions for instruments with similar terms and maturity, therefore, the carrying value of the Company's long-term liabilities approximate their fair value based on Level 3 of the fair value hierarchy.
v3.26.1
ACCRUED LIABILITIES
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
ACCRUED LIABILITIES ACCRUED LIABILITIES
Accrued liabilities consisted of the following:
March 31,
2026		December 31,
2025
(in thousands)
Accrued outsourced manufacturing$16,694 $15,987 
Accrued compensation and related benefits8,361 19,657 
Accrued outsourced clinical and nonclinical studies5,920 8,595 
Accrued professional fees5,352 3,827 
Operating lease liabilities, short-term738 753 
Other accrued liabilities568 2,442 
Accrued interest payable385 385 
Deferred revenue, current - related party274 367 
Accrued milestone payment200 10,000 
Total accrued liabilities$38,492 $62,013 
v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Loan and Security Agreement with Hercules Capital, Inc.
In April 2022, the Company entered into a loan and security agreement (the “Hercules Loan and Security Agreement”) among the Company, certain of its subsidiaries from time to time party thereto (together with the Company, collectively, the “Borrower”), Hercules Capital, Inc. (“Hercules”) and certain other lenders named therein (the “Lenders”). Under the Hercules Loan and Security Agreement, the Lenders provided the Borrower with access to a term loan with an aggregate principal amount of up to $75.0 million, in four tranches, including an initial tranche of $25.0 million. Upon signing the Hercules Loan and Security Agreement, the Borrower drew an initial principal amount of $5.0 million. The Borrower was originally obligated to make interest-only payments through April 1, 2024, which was extended to October 1, 2024 upon achievement of a development milestone in August 2022.
In August 2023, the Borrower executed the first amendment to the Hercules Loan and Security Agreement (the “Hercules First Amendment”) to modify certain terms of the agreement, extend the maturity date to October 1, 2026 and increase the aggregate principal amount of up to $150.0 million, in four tranches, consisting of (i) an initial tranche of $50.0 million, $25.0 million of which was available through December 15, 2023 and $25.0 million of which was available from July 1, 2024 through December 15, 2024; (ii) a second tranche of $20.0 million, subject to achievement of certain regulatory milestones, which was available through February 15, 2025; (iii) a third tranche of $20.0 million, subject to achievement of certain regulatory milestones, which was available through March 31, 2025; and (iv) a fourth tranche of $60.0 million subject to approval by the Lenders’ investment committee(s), which was available through June 15, 2025. Upon execution of the Hercules First Amendment, the Borrower drew an additional principal amount of $15.0 million, increasing the cumulative amount drawn to $20.0 million. The obligations of the Borrower under the Hercules First Amendment agreement were secured by substantially all of the assets of the Borrower, excluding the Borrower’s intellectual property.
In October 2025, the Borrower executed a second amendment (the “Hercules Second Amendment”) to the Hercules Loan and Security Agreement. Under the Hercules Second Amendment, the term loan facility was amended to extend the maturity date to October 1, 2030 and provide an aggregate principal amount of up to $300.0 million, consisting of (i) an initial tranche of $100.0 million (“Tranche 1”), comprised of $30.0 million drawn upon execution of the Hercules Second Amendment, increasing the cumulative amount drawn to $50.0 million, $25.0 million (“Tranche 1B”) available through September 15, 2026, and $25.0 million available from the earlier to occur of the expiration or full funding of Tranche 1B through December 15, 2026, (ii) a second tranche of $50.0 million (“Tranche 2”), subject to achievement of certain regulatory milestones, available from (A) the earlier to occur of the full draw of Tranche 1 and December 15, 2025 through (B) the earlier to occur of June 15, 2027 and the date that is 60 days following such achievement of such regulatory milestones (the “Tranche 2 Expiration Date”), (iii) a third tranche of $50.0 million (“Tranche 3”), subject to achievement of certain regulatory milestones, available from (A) the earlier to occur of the full draw of Tranche 2 and the Tranche 2 Expiration Date through (B) the earlier to occur of June 15, 2027 and the date that is 60 days following such achievement of such regulatory milestones (the “Tranche 3 Expiration Date”),
(iv) a fourth tranche of $50.0 million, subject to achievement of a certain revenue milestone, available from (A) the earlier to occur of the full draw of Tranche 3 and the Tranche 3 Expiration Date through (B) March 15, 2028, and (v) a fifth tranche of $50.0 million, subject to approval by the Lenders’ investment committee(s), available through October 1, 2030. The milestones for Tranche 2, Tranche 3 and Tranche 4 have not yet been achieved. The obligations of the Borrower under the Hercules Second Amendment are secured by substantially all of the assets of the Borrower.
The amended term loan facility bears interest at a floating per annum rate equal to the greater of 8.95% and 1.45% above the Prime Rate (as defined therein), provided that the interest rate will not exceed a per annum rate of 9.45%. Interest is payable monthly in arrears on the first business day of each month. The interest rate as of March 31, 2026 was 8.95%.
Under the Hercules Second Amendment, the Borrower is obligated to make interest-only payments through October 1, 2029. If certain regulatory milestones are met, then the interest-only period will be extended to October 1, 2030. The Borrower is required to repay the outstanding amount of the amended term loan facility in equal monthly installments of the principal amount and interest between the end of the interest-only period and the maturity date of October 1, 2030. In addition, the Borrower is required to pay an end-of-term fee equal to 4.25% of the principal amount of funded advances if the amended term loan facility is repaid on or prior to October 17, 2027 or 6.0% of the principal amount of funded advances at maturity if the amended term loan facility is repaid after October 17, 2027.
The total cost of all items (cash interest, debt issuance costs and the end-of-term fees) is being recognized as interest expense using an effective interest rate of approximately 13.0%. The Company recorded interest expense of $1.6 million and $0.6 million during the three months ended March 31, 2026 and 2025, respectively.
The following table summarizes the components of the amended term loan, on the Company’s unaudited condensed consolidated balance sheet at March 31, 2026:
March 31, 2026
(in thousands)
Gross proceeds outstanding$50,000 
Accrued end-of-term fees874 
Unamortized debt issuance costs(438)
Carrying value$50,436 
Future principal payments, which exclude the end-of-term fee as of March 31, 2026 are as follows (in thousands):
Fiscal YearPrincipal Payments
2027— 
2028— 
202911,102 
203038,898 
Total$50,000 
v3.26.1
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT
Liability Related to the Sale of Future Revenue
In October 2025, the Company and DRI Healthcare Acquisitions LP (“DRI”) entered into a Purchase and Sale Agreement of revenue participation right (the “DRI Purchase and Sale Agreement”), pursuant to which DRI purchased rights to certain revenue streams in the U.S. from the Company in exchange for up to $300.0 million in consideration, including $55.0 million paid at signing and conditional payments consisting of: (i) $25.0 million that is payable following the achievement of certain milestones with respect to the Company’s elegrobart pivotal phase 3 clinical trials, REVEAL-1 and REVEAL-2, on or before a specified date; (ii) $75.0 million that is payable following receipt of marketing approval for veligrotug from the FDA on or before a specified date; (iii) $15.0 million that is payable if the events set forth in the foregoing clauses (i) and (ii) are met; (iv) $50.0 million that is payable following receipt of marketing approval for elegrobart from the FDA on or before a specified date;
(v) at the Company’s election, $50.0 million that is payable following the Company’s achievement of net sales of certain products equal to or exceeding $1.1 billion on or before a specified date; and (vi) an additional $30.0 million that may be payable to the Company at a time and pursuant to financial terms agreed upon by the Company and DRI at such time.
The DRI Purchase and Sale Agreement contains customary representations, warranties and indemnities of the Company and DRI and customary covenants on the part of the Company, as well as a limit on the amount of incurrence of certain types of indebtedness, which limit automatically terminates a certain period of time following receipt of marketing approval for veligrotug in the U.S. The DRI Purchase and Sale Agreement requires the Company to pay tiered royalties to DRI based on net sales of veligrotug, elegrobart and certain other related products (the “Net Sales Royalties”). The royalties consist of (i) 7.5% of annual U.S. net sales up to and including $600 million, which royalties could increase to low-double digits if marketing approval for elegrobart is not received prior to a specified date, (ii) 0.8% of annual U.S. net sales above $600 million and up to and including $900 million, (iii) 0.25% of annual U.S. net sales above $900 million and up to $2 billion, and (iv) no royalty owed for annual U.S. net sales in excess of $2 billion. The DRI Purchase and Sale Agreement may only be terminated upon repayment by the Company of a certain multiplier of the consideration paid to the Company by DRI (less payments by the Company to DRI to date) on or prior to a certain date or repayment by an acquirer of the Company of a certain multiplier of the consideration paid by DRI to the Company, less payments by the Company to DRI to date, following a change of control of the Company.
The Company determined that the DRI Purchase and Sale Agreement is considered a sale of future revenues and is treated as a financing liability according to ASC 470, Debt, based on the specific facts and circumstances including the Company’s significant continuing involvement in the generation of the cash flows due to DRI. The sale of future revenue liability is accounted for as debt and is recorded at cost. After initial recognition of the debt instrument, the Company will use the effective interest method to account for the amount recorded as debt on its balance sheet. The effective interest rate is the rate that equates the present value of the estimated future cash flows with the carrying amount of the liability related to the sale of future revenue. The estimate of future cash flows includes estimated future Net Sales Royalties to be paid to DRI and the receipt of conditional payments from DRI that were deemed probable of achievement at inception. The interest rate on this financing liability may vary during the term of the agreement depending on a number of factors, including the Company’s net sales forecast and the probability of achieving certain milestones. The Company evaluates the interest rate used to amortize the liability related to the sale of future revenue quarterly based on its expectations of future net sales and current market conditions using the prospective method. A significant increase or decrease in actual or forecasted net sales or changes in expected achievement of certain milestones may materially impact the liability, interest expense, and the time period for repayment. The conditional payments represent loan commitments that are not treated as freestanding financial instruments and qualify for the derivative scope exception under ASC 815, Derivatives and Hedging, and therefore have not been bifurcated and accounted for separately.
Upon receipt of the $55.0 million payment from DRI at the close of the DRI Purchase and Sale Agreement, the Company recorded a liability related to the sale of future revenue of $32.4 million, net of the proportionate debt issuance costs allocated to it and the initial fair value of the bifurcated derivative liability. The Company accrued $1.8 million in interest expense during the three months ended March 31, 2026. As of March 31, 2026, no payments of Net Sales Royalties to DRI have been made or accrued. As of March 31, 2026, the net carrying amount of the liability related to the sale of future revenue was $36.1 million. The imputed effective annual interest rate for the liability related to the sale of future revenue was 27.7% as of March 31, 2026. During the first quarter of 2026, the Company did not achieve certain milestones with respect to the Company’s elegrobart pivotal phase 3 clinical trials and therefore is not eligible to receive the $25.0 million conditional milestone payment or the additional $15.0 million conditional milestone payment.
The following table summarizes the activity of the liability related to the sale of future revenue for the three months ended March 31, 2026 (in thousands):
Carrying Value as of December 31, 2025
$34,244 
Interest Expense1,848 
Carrying value as of March 31, 2026
$36,092 
Derivative Liability
In the event of a change of control of the Company at, or prior to, January 1, 2035, the DRI Purchase and Sale Agreement provides the Company an option to repurchase, and DRI an option to require the Company to repurchase, the revenue
participation right from DRI (the “Put/Call Option”). Upon exercise of the Put/Call Option by the Company or DRI, the DRI Purchase and Sale Agreement will terminate, and the Company will become obligated to pay the applicable multiplier of the consideration paid to the Company by DRI to date, less the payments of Net Sales Royalties paid to DRI by the Company to date.
The Put/Call Option is an embedded derivative pursuant to ASC 815, Derivatives and Hedging, that must be bifurcated and measured at fair value initially and at each subsequent reporting period. The Company estimated the fair value of the derivative liability using a “with-and-without” method, which involves determining the fair value of the entire financial liability instrument, inclusive of all terms, features, and conditions, and separately determining the fair value of the financial liability instrument excluding the derivative. The difference between the fair value of the entire financial liability instrument including the derivative and the fair value of the financial liability instrument excluding the derivative represents the fair value of the derivative liability.
The estimated probability and timing of a change in control event that triggers the exercisability of the Put/Call Option, the estimated cash flows and the discount rate used are Level 3 significant unobservable inputs used to determine the fair value of the derivative liability. Management concluded the probability of exercise of the Put/Call Option to be remote. The estimated market yield used to measure the fair value of the derivative was 12.0% and 11.5% as of March 31, 2026 and December 31, 2025, respectively. The initial fair value allocated to the derivative liability as of the close of the DRI Purchase and Sale Agreement was $19.3 million. Issuance costs of $1.8 million allocated to the derivative were recorded to expense as a component of other expense, net in the consolidated statements of operations and comprehensive loss. The derivative liability is subsequently remeasured at fair value each reporting period, with changes in fair value being recorded as a component of other expense, net in the consolidated statements of operations and comprehensive loss. As of March 31, 2026, the fair value of the derivative liability was $12.5 million resulting in recognition of a decrease in fair value of $7.5 million during the three months ended March 31, 2026.
The following table presents the activity of the derivative liability for the three months ended March 31, 2026 (in thousands):
Carrying value as of December 31, 2025
$20,030 
Change in fair value(7,530)
Carrying value as of March 31, 2026
$12,500 
v3.26.1
COLLABORATION AND LICENSE AGREEMENTS
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
COLLABORATION AND LICENSE AGREEMENTS COLLABORATION AND LICENSE AGREEMENTS
License Agreement with Zenas BioPharma, Inc.
In October 2020, the Company entered into a license agreement with Zenas BioPharma (Cayman) Limited (now Zenas BioPharma, Inc., its successor in interest, “Zenas BioPharma”) to license technology comprising certain materials, patent rights, and know-how to Zenas BioPharma. Subsequently, the Company entered into several letter agreements to assist Zenas BioPharma with its development activities and a manufacturing development and supply agreement to manufacture and supply, or to have manufactured and supplied, clinical drug product for Zenas BioPharma’s development activities. These agreements (collectively, the “Zenas Agreements”) were negotiated with a single commercial objective and are treated as a combined contract for accounting purposes. Under the terms of the Zenas Agreements, the Company granted Zenas BioPharma an exclusive license to develop, manufacture, and commercialize certain IGF-1R directed antibody products for non-oncology indications in the greater area of China.
As consideration for the Zenas Agreements, the transaction price included upfront non-cash consideration and variable consideration in the form of payment for the Company’s goods and services and milestone payments due upon the achievement of specified events. Under the Zenas Agreements, the Company can receive non-refundable milestone payments upon achieving specific milestone events during the contract term. Additionally, the Company may receive royalty payments based on a percentage of the annual net sales of any licensed products sold on a country-by-country basis in the greater area of China throughout the royalty term. The royalty percentage may vary based on different tiers of annual net sales of the licensed products made.
While the Zenas Agreements are in the scope of ASC 808, Collaborative Arrangements, the Company applied ASC 606, Revenue from Contracts with Customers, to account for certain activities related to the Company’s transfer of a good or service (i.e., a unit of account) that is part of the Company’s ongoing major or central operations. The Company allocated the
transaction price based on the relative estimated standalone selling prices of each performance obligation or, in the case of certain variable consideration, to one or more performance obligations. Research and development activities are priced generally at cost. The Company’s license of goods and services to Zenas BioPharma during the contract term was determined to be a single performance obligation satisfied over time. The Company will recognize the transaction price from the license agreement over the Company’s estimated period to complete its activities.
At the inception of the arrangement, the Company evaluated whether the milestones were considered probable of being reached and estimated the amount to be included in the transaction price using the most likely amount method. As it was not probable that a significant revenue reversal would not occur, none of the associated milestone payments were included in the transaction price at contract inception. For the sales-based royalties included in the arrangement, the license was deemed to be the predominant item to which the royalties relate. The Company will recognize royalty revenues at the later of when the related sales occur or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).
In January 2025, Zenas BioPharma sublicensed their rights under the license agreement to Zai Lab (Hong Kong) Limited (“Zai Lab”) and assigned to them the manufacturing development and supply agreement.
In July 2025, the Company entered into a side agreement with Zai Lab (the “Side Agreement”), with Zenas BioPharma as countersigner, pursuant to which the Company agreed to provide certain services directly to Zai Lab to support development and commercialization activities. Under the Side Agreement, the Company will charge Zai Lab a fixed hourly rate for services, plus reimbursement of out-of-pocket costs. In August 2025, the Company entered into a material transfer agreement (the “MTA”) with Zai Lab, to supply certain materials for clinical trial use in exchange for a fixed payment. The Side Agreement and MTA were evaluated under ASC 606, Revenue from Contracts with Customers, and determined to be contract modifications to the Zenas Agreements. The services provided under the Side Agreement and materials provided under the MTA to Zai Lab as a sublicensee of Zenas BioPharma are not distinct from those in the Zenas Agreements, as they are integral to the research and development activities enabled by the original license and therefore do not represent a separate performance obligation. As a result, the modifications do not meet the criteria to be accounted for as separate contracts.
During the three months ended March 31, 2026 and 2025, the Company recognized $0.1 million and $0.1 million, respectively, of collaboration revenue related to the Zenas Agreements, Side Agreement and MTA.
The Zenas Agreements are considered related party transactions because Fairmount Funds Management LLC (“Fairmount”) beneficially owns more than 5% of the Company’s capital stock and a member of Fairmount has a seat on Zenas BioPharma’s board of directors. The Side Agreement and MTA with Zai Lab are also considered related party transactions of the Company because Zenas BioPharma has determined Zai Lab is its related party.
Antibody and Discovery Option Agreement with Paragon Therapeutics, Inc.
In January 2022, the Company and Paragon Therapeutics, Inc. (“Paragon”) entered into an antibody and discovery option agreement (the “Paragon Research Agreement”) under which the Company and Paragon will cooperate to develop one or more proteins or antibodies. Under the terms of the Paragon Research Agreement, Paragon will perform certain development activities in accordance with an agreed upon research plan, and the Company will pay Paragon agreed upon development fees in exchange for Paragon’s commitment of the necessary personnel and resources to perform these activities. The Paragon Research Agreement stipulates a final deliverable to the Company consisting of a report summarizing the experiments and processes performed under the research plan (the “Final Deliverable”).
Additionally, Paragon agreed to grant the Company an option for an exclusive license to all of Paragon’s right, title and interest in and to certain antibody technology and the Final Deliverable, and a non-exclusive license to certain background intellectual property owned by Paragon solely to research, develop, make, use, sell, offer for sale and import of the licensed intellectual property and resulting products worldwide (each, an “Option” and together, the “Options”). Paragon also granted to the Company a limited, exclusive, royalty-free license, without the right to sublicense, to certain antibody technology and the Final Deliverable, and a non-exclusive, royalty-free license without the right to sublicense, under certain background intellectual property owned by Paragon, solely to evaluate the antibody technology and Option and for the purpose of allowing the Company to determine whether to exercise the Option with respect to certain programs. The Company may, at its sole discretion, exercise the Option with respect to specified programs (“Programs”) at any time until the date that is 90 days after the Company’s receipt of the Final Deliverable for the applicable program, or such longer period as agreed upon by the parties
(“Option Period”) by delivering written notice of such exercise to Paragon. If the Company fails to exercise an Option prior to expiration of the applicable Option Period, such Option for such Programs will terminate.
In October 2023, the Company entered into a License Agreement with Paragon (the “Paragon License Agreement”) as a result of exercising its Option under the Paragon Research Agreement to obtain exclusive licenses to develop, manufacture and commercialize certain antibodies, proteins and associated products.
In September 2024, the Company entered into the Amended and Restated License Agreement with Paragon (the “Amended Paragon License Agreement”) which amended and restated the Paragon License Agreement. In consideration for rights granted by Paragon, the Company is obligated to make certain future milestone payments of up to $16.0 million on a program-by-program basis upon the achievement of specified clinical and regulatory milestones, with total milestone payments under all programs not to exceed $40.0 million. Additionally, if the Company develops a product utilizing certain intellectual property rights granted to it under the Amended Paragon License Agreement, the Company is obligated to pay Paragon potential additional future development milestone payments of up to $3.1 million and commercial milestone payments of up to $17.0 million with respect to such product. If the Company successfully commercializes any product candidate subject to the Amended Paragon License Agreement, it is responsible for royalty payments equal to a percentage in the mid-single digits of such product’s net sales.
During the three months ended March 31, 2026, the Company recorded $1.5 million in research and development costs related to the Paragon Research Agreement and Amended Paragon License Agreement (collectively, the “Paragon Agreements”), which was unpaid as of March 31, 2026. During the three months ended March 31, 2025, the Company recorded $4.5 million in research and development costs related to the Paragon Agreements.
The Paragon Agreements are considered related party transactions because Fairmount beneficially owns more than 5% of the Company’s capital stock and beneficially owns more than 5% of Paragon’s capital stock, which is a joint venture between Fairmount and FairJourney Biologics, has appointed the sole director on Paragon’s board of directors and has the contractual right to approve the appointment of any executive officers.
Collaboration and License Agreement with Kissei Pharmaceutical Co., Ltd.
In July 2025, the Company and Kissei Pharmaceutical Co., Ltd. (“Kissei”) entered into a Collaboration and License Agreement (the “Kissei Agreement”) pursuant to which the Company granted to Kissei an exclusive license to develop and commercialize products containing veligrotug and elegrobart for potential treatments, including treatment of TED, in Japan, and a non-exclusive license to manufacture such licensed products worldwide for use in Japan under certain limited circumstances.
The transaction price under the Kissei Agreement included a one-time, non-refundable and non-creditable upfront cash payment to the Company of $70.0 million. Additionally, the Company is eligible to receive up to an additional $315.0 million of non-refundable milestone payments upon achieving specific milestone events during the contract term, as well as tiered royalty payments ranging from percentages in the twenties to the mid-thirties based on the annual net sales of any licensed products sold in Japan. Kissei is obligated to make royalty payments to the Company for the royalty term as defined in the Kissei Agreement.
The term of the Kissei Agreement will continue until expiration of the last to expire payment obligations, unless terminated earlier. Kissei has the right to terminate the Kissei Agreement for convenience with written notice of certain periods. The Company may terminate the Kissei Agreement under certain conditions. In addition, either party may terminate the Kissei Agreement for the other party’s material breach or insolvency.
The Company evaluated the Kissei Agreement in accordance with ASC 606, Revenue from Contracts with Customers, and concluded that the contract counterparty, Kissei, is a customer. The Company evaluated the promised goods and services within the Kissei Agreement and determined which goods and services were separate performance obligations. The Company determined the Kissei Agreement had two performance obligations: granting the exclusive licenses to develop and commercialize veligrotug and granting the exclusive license to develop and commercialize elegrobart. The performance obligations were satisfied concurrently at a point in time upon the granting of the license rights at contract inception.
At the inception of the arrangement, the Company evaluated whether the milestones were considered probable of being reached and estimated the amount to be included in the transaction price using the most likely amount method. As it was not probable that a significant revenue reversal would not occur, none of the associated milestone payments were included in the transaction
price at contract inception. For the sales-based royalties included in the arrangement, the license was deemed to be the predominant item to which the royalties relate. The Company will recognize royalty revenues at the later of when the related sales occur or when the performance obligation to which some or all of the royalty has been allocated has been satisfied. Under the Kissei Agreement, the Company may manufacture and provide clinical supply to Kissei to use in development and commercialization in the licensed territory for consideration, as defined within the Kissei Agreement. Certain of these provisions were determined to be options to acquire additional goods or services at a price that approximates the stand-alone selling price for that good or service and therefore do not represent material rights, or separate performance obligations, within the context of the Kissei Agreement.
License Agreement with ImmunoGen, Inc.
In October 2020, the Company entered into a license agreement (the “ImmunoGen License Agreement”) with Immunogen, Inc. (“ImmunoGen”), under which the Company obtained an exclusive, sublicensable, worldwide license to certain patents and other intellectual property rights to develop, manufacture, and commercialize certain products for non-oncology and non-radiopharmaceutical indications. In consideration for rights granted by ImmunoGen, the Company is obligated to make certain future development milestone payments of up to $48.0 million upon the achievement of specified clinical and regulatory milestones. Additionally, if the Company successfully commercializes any product candidate subject to the ImmunoGen License Agreement, it is responsible for royalty payments equal to a percentage in the mid-single digits of net sales and commercial milestone payments of up to $95.0 million. The Company is obligated to make any such royalty payments on a product-by-product and country-by-country basis from the first commercial sale of a specified product in each country until the later of (i) the expiration of the last patent claim subject to the ImmunoGen License Agreement in such country, (ii) the expiration of any applicable regulatory exclusivity obtained for each product in such country, or (iii) the 12th anniversary of the date of the first commercial sale of such product in such country. On February 12, 2024, AbbVie Inc. acquired ImmunoGen. The terms of the ImmunoGen License Agreement did not change as a result of this acquisition.
For the three months ended March 31, 2026 and 2025, no milestones were met pursuant to the ImmunoGen License Agreement.
Development and License Agreement with Enable Injections
In January 2023, the Company entered into a Development and License Agreement (the “Enable License Agreement”) with Enable Injections, Inc. (“Enable”), under which Enable granted to the Company an exclusive, royalty-bearing, sublicensable, non-transferrable license to develop, commercialize, seek marketing approval for and otherwise use and exploit certain products and make and have made such product solely for such permitted uses. Pursuant to the terms of the Enable License Agreement, the Company granted Enable a non-exclusive, royalty-free, non-sublicensable, non-transferable license. In January 2023, in consideration for the rights granted by Enable, the Company paid Enable an initial, non-creditable, non-refundable license fee of $15.0 million. In February 2026, the Company and Enable amended the Enable License Agreement to include a second product for additional consideration.
The Company is obligated to make certain future milestone payments of up to $49.0 million upon the achievement of specified development, clinical and regulatory milestones. Additionally, if the Company is successful in commercializing any product candidate subject to the Enable License Agreement, the Company is obligated to make certain commercial milestone payments of up to $150.0 million and royalty payments equal to a percentage in the mid-single digits.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Indemnification Agreements
In the ordinary course of business, the Company may provide indemnification of varying scope and terms to its vendors, lessors, contract research organizations (“CROs’), business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under
these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.
Legal Proceedings
The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2026 and, to the best of its knowledge, no material legal proceedings are currently pending or threatened.
Payments Upon Termination
The Company enters into contracts in the normal course of business with CROs, contract development and manufacturing organizations (“CDMOs”) and other third parties for preclinical studies, clinical trials and manufacturing services. These contracts typically do not contain minimum purchase commitments and are generally cancelable by the Company upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including noncancelable obligations of the Company's service providers, up to the date of cancellation and, in the case of certain arrangements with CROs and CDMOs, may include noncancelable fees. Under such agreements, the exact amounts owed by the Company in the event of termination will be based on the timing of the termination and the exact terms of the agreement. As of March 31, 2026, the Company has not recognized any amounts related to these contingencies as the amount and timing of such payments are not fixed and estimable.
v3.26.1
CAPITAL STOCK
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
CAPITAL STOCK CAPITAL STOCK
ATM Agreement
In March 2025, the Company entered into an Open Market Sale AgreementSM (the “March 2025 ATM Agreement”) with Jefferies LLC (“Jefferies”), pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $300.0 million from time to time at prices and on terms to be determined by market conditions at the time of offering, with Jefferies acting as its sales agent. Jefferies will receive a commission of up to 3.0% of the gross proceeds of any shares of common stock sold under the March 2025 ATM Agreement. No shares were sold under the March 2025 ATM Agreement during the three months ended March 31, 2026 and 2025.
v3.26.1
SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Equity Incentive Plans
The Company has grants outstanding under its amended and restated 2016 Equity Incentive Plan (the “2016 Plan”) and its 2020 Equity Incentive Plan (the “2020 Plan” and collectively with the 2016 Plan, the “Equity Incentive Plans”). Additionally, beginning in July 2021, the Company granted stock options and restricted stock units (“RSUs”) outside of its Equity Incentive Plans to certain employees to induce them to accept employment with the Company (the “Inducement Awards”). The terms and conditions of the Inducement Awards are substantially similar to those awards granted under the Company’s Equity Incentive Plans. In June 2022, the Company’s stockholders approved the amendment and restatement of the 2016 Plan to, among other things, transfer the then remaining number of shares available for issuance under the 2020 Plan into the 2016 Plan so that the Company operates from a single equity plan going forward. The 2016 Plan will terminate in April 2035.
As of March 31, 2026, the Company had the following balances by plan:
Restricted Stock Units OutstandingStock Options OutstandingShares Available for Issuance
Inducement Awards— 7,620,002 — 
2020 Plan— 40,459 — 
2016 Plan1,638,611 9,086,011 6,702,849 
    Total1,638,611 16,746,472 6,702,849 
Restricted Stock Units
RSUs granted under the Equity Incentive Plans and the Inducement Awards generally vest annually over a two or four-year period and are settled in shares of the Company’s common stock.
A summary of RSU activity is as follows:
RSUsWeighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2025
1,064,375 $15.51
Granted797,550 $30.26
Vested(206,946)$15.07
Forfeited(16,368)$20.61
Outstanding at March 31, 2026
1,638,611 $22.69
Stock Options
Options granted under the Equity Incentive Plans and the Inducement Awards have an exercise price equal to the market value of the common stock at the date of grant and expire 10 years from the date of grant. Options generally vest 25% on the first anniversary of the vesting commencement date and 75% ratably in equal monthly installments over the remaining 36 months or in equal monthly or quarterly amounts over periods of up to 48 months.
A summary of common stock option activity is as follows:
Number of OptionsWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term
(years)		Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 2025
14,468,627 $16.828.40$209,090 
Granted2,984,700 $30.38
Exercised(424,648)$14.98
Forfeited(278,208)$17.68
Expired(3,999)$35.40
Outstanding as of March 31, 2026
16,746,472 $19.268.41$55,257 
Exercisable as of March 31, 2026
5,598,849 $17.667.35$21,690 
The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $6.7 million and $1.0 million, respectively. The total fair value of options vested during the three months ended March 31, 2026 and 2025 was $11.5 million and $10.3 million, respectively. The tax benefit from the exercise of options eligible for a tax deduction realized during the three months ended March 31, 2026 and 2025 was $2.3 million and $0.2 million, respectively.
Fair Value Assumptions
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options granted under its equity compensation plans. The Black-Scholes model requires inputs for risk-free interest rate, dividend yield, volatility, and expected terms of the options. Because the Company has a limited history of stock purchase and sale activity, expected volatility is based on a blend of historical data from public companies that are similar to the Company in size and nature of operations, as well as the Company’s own volatility. The Company will continue to use similar entity volatility information until its historical volatility is relevant to measure expected volatility for option grants. The Company accounts for forfeitures as they occur. The risk-free rate for periods within the contractual life of each option is based on the U.S. Treasury yield curve in effect at the time of the grant for a period commensurate with the expected term of the grant. The expected term (without regard to forfeitures) for options granted represents the period of time that options granted are expected to be outstanding and is derived from the
contractual terms of the options granted, and actual and expected option-exercise behaviors. The fair value of the underlying common stock is based on the closing price of the common stock on The Nasdaq Capital Market at the date of grant.
The weighted-average grant-date fair value of options granted during the three months ended March 31, 2026 and 2025 was $17.99 and $10.53, respectively. The fair value was determined by the Black-Scholes option pricing model using the following weighted-average assumptions:
Three Months Ended March 31,
20262025
Expected term (in years)5.05.0
Expected volatility68%85%
Risk-free interest rate3.6%4.0%
Expected dividend yield—%—%
Weighted average exercise price$30.38$15.24
Employee Stock Purchase Plan
In June 2025, the Company’s stockholders approved the 2025 Employee Stock Purchase Plan (“2025 ESPP”). The 2025 ESPP allows qualified employees to purchase shares of common stock at a price equal to 85% of the lower of: (i) the closing price on the first day of the offering period or (ii) the closing price on the purchase date. As of March 31, 2026, the Company had 2,000,000 shares available for issuance and no shares have been issued under the 2025 ESPP.
Share-Based Compensation Expense
Share-based compensation related to all equity awards issued pursuant to the Equity Incentive Plans, the Inducement Awards, and for estimated shares to be issued under the 2025 ESPP for the purchase periods active during each respective period is included in the unaudited condensed consolidated statements of operations and comprehensive loss as follows:
Three Months Ended March 31,
20262025
(in thousands)
Research and development$5,834 $5,748 
Selling, general and administrative7,556 4,472 
    Total share-based compensation expense$13,390 $10,220 
As of March 31, 2026, the Company had $139.5 million of total unrecognized share-based compensation costs related to stock options, which the Company expects to recognize over a weighted-average remaining period of 3.03 years. As of March 31, 2026, the Company had $34.4 million of total unrecognized share-based compensation costs related to unvested RSUs, which the Company expects to recognize over a weighted-average remaining period of 3.49 years.
v3.26.1
NET LOSS PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
NET LOSS PER SHARE NET LOSS PER SHARE
The Company computes net loss per share of common stock, Series A convertible preferred stock, and Series B convertible preferred stock using the two-class method required for multiple classes of common stock and other participating securities. The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock. The Company has determined that the Series A convertible preferred stock and Series B convertible preferred stock do not have preferential rights when compared to the Company's common stock and therefore it must allocate losses to these other classes of stock, as illustrated in the table below.
Basic and diluted net loss per share is computed by dividing the allocated net loss to each share class by the weighted-average number of shares outstanding during the period. For periods in which the Company generated a net loss, the Company does not include potential shares of common stock in diluted net loss per share when the impact of these items is anti-dilutive. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potential shares of common stock would be anti-dilutive.
The following table sets forth the computation of basic and diluted net loss per share of common stock, Series A convertible preferred stock, and Series B convertible preferred stock (in thousands, except share and per share amounts):
Three Months Ended March 31, 2026
Series A Convertible Preferred StockSeries B Convertible Preferred StockCommon Stock
Numerator
Allocation of net loss$(8,095)$(4,779)$(92,026)
Denominator
Weighted-average shares outstanding134,864 79,620 102,211,657 
Net loss per share, basic and diluted$(60.02)$(60.02)$(0.90)
Three Months Ended March 31, 2025
Series A Convertible Preferred StockSeries B Convertible Preferred StockCommon Stock
Numerator
Allocation of net loss$(7,814)$(8,410)$(70,688)
Denominator
Weighted-average shares outstanding134,864 145,160 81,344,134 
Net loss per share, basic and diluted$(57.94)$(57.94)$(0.87)
There are no potentially dilutive securities to Series A convertible preferred stock or Series B convertible preferred stock. Potentially dilutive securities to the common stock include the following:
March 31,
20262025
Series A convertible preferred stock, as converted to shares of common stock8,991,383 8,991,383 
Series B convertible preferred stock, as converted to shares of common stock5,308,265 9,677,817 
Options to purchase common stock16,746,472 14,124,083 
Warrants to purchase common stock29,446 30,227 
Restricted stock units1,638,611 1,128,506 
Total32,714,177 33,952,016 
v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company manages its operations as one operating segment, focused on discovering, developing and commercializing potential best-in-class medicines for serious and rare diseases. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Operating expenses are used to monitor budget versus actual results. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets.” All tangible assets are physically located within the United States. Segment asset information is not used by the CODM to allocate resources.
Significant segment expenses, as provided to the CODM, are presented below:
Three Months Ended March 31,
20262025
(in thousands)
Segment research and development expense (a)$71,744 $71,038 
Segment selling, general and administrative expense (a)31,055 12,564 
Share-based compensation expense (see Note 10)13,390 10,220 
Total operating expenses116,189 93,822 
License revenue6 — 
Other items (b)(11,294)(6,910)
Consolidated net loss$104,901 $86,912 
(a) Share-based payment expense of $5,834 and $5,748 related to research and development and $7,556 and $4,472 related to selling, general and administrative have been excluded for the three months ended March 31, 2026 and 2025, respectively, and included within share-based compensation expense.
(b) Other items consist primarily of collaboration revenue, interest income, interest expense and depreciation expense.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation and Unaudited Interim Condensed Consolidated Financial Information
Basis of Presentation and Principles of Consolidation
The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”), and Accounting Standards Updates (“ASU”), or the Financial Accounting Standards Board (“FASB”).
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Management has determined that the Company operates in one segment, which is the business of developing and commercializing novel therapeutics.
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on February 26, 2026 (the “2025 Annual Report”). The Company’s management performed an evaluation of its activities through the date of filing of these unaudited condensed consolidated financial statements and concluded that there are no subsequent events requiring disclosure.
Unaudited Interim Condensed Consolidated Financial Information
In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. Interim results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026, or any other future period.
During the three months ended March 31, 2026, there have been no changes to the Company’s significant accounting policies as described in the 2025 Annual Report.
Going Concern
Going Concern
At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern.
The Company’s evaluation entails, among other things, analyzing the results of the Company’s clinical development efforts, license and collaboration agreements as well as the entity’s current financial condition including conditional and unconditional obligations anticipated within a year, and related liquidity sources at the date the financial statements are issued. This is reflected in the Company’s prospective operating budgets and forecasts and compared to the current cash, cash equivalents, and marketable securities balance.
Use of Estimates
Use of Estimates
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, which requires it to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, fair value of marketable securities, accrued research and development expenses, liability related to sale of future revenue, derivative liability, income taxes and share-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions.
Recently Issued Accounting Standard Updates
Recently Issued Accounting Standard Updates
In November 2024, the FASB issued ASU-2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.
Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the consolidated financial statements upon future adoption.
v3.26.1
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities, Available-for-sale
The Company’s marketable securities consisted of the following as of March 31, 2026 and December 31, 2025:

(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2026
U.S. treasury securities$161,110 $37 $(85)$161,062 
U.S. corporate paper and bonds425,285 15 (527)424,773 
Total$586,395 $52 $(612)$585,835 
December 31, 2025
U.S. treasury securities$223,526 $254 $(9)$223,771 
U.S. corporate paper and bonds438,297 241 (39)438,499 
Total$661,823 $495 $(48)$662,270 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis:
(in thousands)Quoted Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
 (Level 2)		Significant Unobservable Inputs
(Level 3)		Total
March 31, 2026
Assets:
Cash equivalents:
Money market funds$155,008 $— $— $155,008 
Marketable securities:
U.S. treasury securities— 161,062 — 161,062 
U.S. corporate paper and bonds— 424,773 — 424,773 
Total cash equivalents and marketable securities$155,008 $585,835 $— $740,843 
Liabilities:
Derivative liability$— $— $12,500 $12,500 
Total liabilities$— $— $12,500 $12,500 
December 31, 2025
Assets:
Cash equivalents:
Money market funds$191,308 $— $— $191,308 
Corporate paper and bonds— 14,624 — 14,624 
Marketable securities:
U.S. agency and treasury securities— 223,771 — 223,771 
Corporate paper and bonds— 438,499 — 438,499 
Total cash equivalents and marketable securities$191,308 $676,894 $— $868,202 
Liabilities:
Derivative liability$— $— $20,030 $20,030 
Total liabilities$— $— $20,030 $20,030 
v3.26.1
ACCRUED LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Components of Accrued Liabilities
Accrued liabilities consisted of the following:
March 31,
2026		December 31,
2025
(in thousands)
Accrued outsourced manufacturing$16,694 $15,987 
Accrued compensation and related benefits8,361 19,657 
Accrued outsourced clinical and nonclinical studies5,920 8,595 
Accrued professional fees5,352 3,827 
Operating lease liabilities, short-term738 753 
Other accrued liabilities568 2,442 
Accrued interest payable385 385 
Deferred revenue, current - related party274 367 
Accrued milestone payment200 10,000 
Total accrued liabilities$38,492 $62,013 
v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following table summarizes the components of the amended term loan, on the Company’s unaudited condensed consolidated balance sheet at March 31, 2026:
March 31, 2026
(in thousands)
Gross proceeds outstanding$50,000 
Accrued end-of-term fees874 
Unamortized debt issuance costs(438)
Carrying value$50,436 
The following table summarizes the activity of the liability related to the sale of future revenue for the three months ended March 31, 2026 (in thousands):
Carrying Value as of December 31, 2025
$34,244 
Interest Expense1,848 
Carrying value as of March 31, 2026
$36,092 
Schedule of Future Principal Payments of Debt
Future principal payments, which exclude the end-of-term fee as of March 31, 2026 are as follows (in thousands):
Fiscal YearPrincipal Payments
2027— 
2028— 
202911,102 
203038,898 
Total$50,000 
v3.26.1
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following table summarizes the components of the amended term loan, on the Company’s unaudited condensed consolidated balance sheet at March 31, 2026:
March 31, 2026
(in thousands)
Gross proceeds outstanding$50,000 
Accrued end-of-term fees874 
Unamortized debt issuance costs(438)
Carrying value$50,436 
The following table summarizes the activity of the liability related to the sale of future revenue for the three months ended March 31, 2026 (in thousands):
Carrying Value as of December 31, 2025
$34,244 
Interest Expense1,848 
Carrying value as of March 31, 2026
$36,092 
Schedule of Derivative Liabilities at Fair Value
The following table presents the activity of the derivative liability for the three months ended March 31, 2026 (in thousands):
Carrying value as of December 31, 2025
$20,030 
Change in fair value(7,530)
Carrying value as of March 31, 2026
$12,500 
v3.26.1
SHARE-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Balances by Plan
As of March 31, 2026, the Company had the following balances by plan:
Restricted Stock Units OutstandingStock Options OutstandingShares Available for Issuance
Inducement Awards— 7,620,002 — 
2020 Plan— 40,459 — 
2016 Plan1,638,611 9,086,011 6,702,849 
    Total1,638,611 16,746,472 6,702,849 
Schedule of Restricted Stock Units
A summary of RSU activity is as follows:
RSUsWeighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2025
1,064,375 $15.51
Granted797,550 $30.26
Vested(206,946)$15.07
Forfeited(16,368)$20.61
Outstanding at March 31, 2026
1,638,611 $22.69
Schedule of Stock Option Activity
A summary of common stock option activity is as follows:
Number of OptionsWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term
(years)		Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 2025
14,468,627 $16.828.40$209,090 
Granted2,984,700 $30.38
Exercised(424,648)$14.98
Forfeited(278,208)$17.68
Expired(3,999)$35.40
Outstanding as of March 31, 2026
16,746,472 $19.268.41$55,257 
Exercisable as of March 31, 2026
5,598,849 $17.667.35$21,690 
Schedule of Fair Value Assumptions for Stock Options The fair value was determined by the Black-Scholes option pricing model using the following weighted-average assumptions:
Three Months Ended March 31,
20262025
Expected term (in years)5.05.0
Expected volatility68%85%
Risk-free interest rate3.6%4.0%
Expected dividend yield—%—%
Weighted average exercise price$30.38$15.24
Schedule of Allocation of Share-based Compensation Expense
Share-based compensation related to all equity awards issued pursuant to the Equity Incentive Plans, the Inducement Awards, and for estimated shares to be issued under the 2025 ESPP for the purchase periods active during each respective period is included in the unaudited condensed consolidated statements of operations and comprehensive loss as follows:
Three Months Ended March 31,
20262025
(in thousands)
Research and development$5,834 $5,748 
Selling, general and administrative7,556 4,472 
    Total share-based compensation expense$13,390 $10,220 
v3.26.1
NET LOSS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted net loss per share of common stock, Series A convertible preferred stock, and Series B convertible preferred stock (in thousands, except share and per share amounts):
Three Months Ended March 31, 2026
Series A Convertible Preferred StockSeries B Convertible Preferred StockCommon Stock
Numerator
Allocation of net loss$(8,095)$(4,779)$(92,026)
Denominator
Weighted-average shares outstanding134,864 79,620 102,211,657 
Net loss per share, basic and diluted$(60.02)$(60.02)$(0.90)
Three Months Ended March 31, 2025
Series A Convertible Preferred StockSeries B Convertible Preferred StockCommon Stock
Numerator
Allocation of net loss$(7,814)$(8,410)$(70,688)
Denominator
Weighted-average shares outstanding134,864 145,160 81,344,134 
Net loss per share, basic and diluted$(57.94)$(57.94)$(0.87)
Schedule of Potentially Dilutive Securities Potentially dilutive securities to the common stock include the following:
March 31,
20262025
Series A convertible preferred stock, as converted to shares of common stock8,991,383 8,991,383 
Series B convertible preferred stock, as converted to shares of common stock5,308,265 9,677,817 
Options to purchase common stock16,746,472 14,124,083 
Warrants to purchase common stock29,446 30,227 
Restricted stock units1,638,611 1,128,506 
Total32,714,177 33,952,016 
v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Significant segment expenses, as provided to the CODM, are presented below:
Three Months Ended March 31,
20262025
(in thousands)
Segment research and development expense (a)$71,744 $71,038 
Segment selling, general and administrative expense (a)31,055 12,564 
Share-based compensation expense (see Note 10)13,390 10,220 
Total operating expenses116,189 93,822 
License revenue6 — 
Other items (b)(11,294)(6,910)
Consolidated net loss$104,901 $86,912 
(a) Share-based payment expense of $5,834 and $5,748 related to research and development and $7,556 and $4,472 related to selling, general and administrative have been excluded for the three months ended March 31, 2026 and 2025, respectively, and included within share-based compensation expense.
(b) Other items consist primarily of collaboration revenue, interest income, interest expense and depreciation expense.
v3.26.1
DESCRIPTION OF THE BUSINESS (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash, cash equivalents and short-term investments $ 762,200  
Accumulated deficit $ (1,443,359) $ (1,338,458)
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
 3 Months Ended
Mar. 31, 2026
segment
Accounting Policies [Abstract]  
Number of operating segments 1
v3.26.1
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Schedule of Debt Securities, Available-for-sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 586,395 $ 661,823
Gross Unrealized Gains 52 495
Gross Unrealized Losses (612) (48)
Fair Value 585,835 662,270
U.S. treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 161,110 223,526
Gross Unrealized Gains 37 254
Gross Unrealized Losses (85) (9)
Fair Value 161,062 223,771
U.S. corporate paper and bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 425,285 438,297
Gross Unrealized Gains 15 241
Gross Unrealized Losses (527) (39)
Fair Value $ 424,773 $ 438,499
v3.26.1
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value Disclosures [Abstract]    
Realized gains (losses) in available for sale securities $ 0 $ 0
Proceeds from sales of short-term investments $ 0 $ 0
Available-for-sale securities, term (less than) (in months) 36 months  
v3.26.1
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Marketable securities:    
Short-term investments $ 585,835 $ 662,270
Total cash equivalents and marketable securities 740,843 868,202
Liabilities:    
Derivative liability 12,500 20,030
Total liabilities 12,500 20,030
Money market funds    
Cash equivalents:    
Cash equivalents 155,008 191,308
U.S. treasury securities    
Marketable securities:    
Short-term investments 161,062 223,771
U.S. corporate paper and bonds    
Cash equivalents:    
Cash equivalents   14,624
Marketable securities:    
Short-term investments 424,773 438,499
Quoted Prices in Active Markets (Level 1)    
Marketable securities:    
Total cash equivalents and marketable securities 155,008 191,308
Liabilities:    
Derivative liability 0 0
Total liabilities 0 0
Quoted Prices in Active Markets (Level 1) | Money market funds    
Cash equivalents:    
Cash equivalents 155,008 191,308
Quoted Prices in Active Markets (Level 1) | U.S. treasury securities    
Marketable securities:    
Short-term investments 0 0
Quoted Prices in Active Markets (Level 1) | U.S. corporate paper and bonds    
Cash equivalents:    
Cash equivalents   0
Marketable securities:    
Short-term investments 0 0
Significant Other Observable Inputs (Level 2)    
Marketable securities:    
Total cash equivalents and marketable securities 585,835 676,894
Liabilities:    
Derivative liability 0 0
Total liabilities 0 0
Significant Other Observable Inputs (Level 2) | Money market funds    
Cash equivalents:    
Cash equivalents 0 0
Significant Other Observable Inputs (Level 2) | U.S. treasury securities    
Marketable securities:    
Short-term investments 161,062 223,771
Significant Other Observable Inputs (Level 2) | U.S. corporate paper and bonds    
Cash equivalents:    
Cash equivalents   14,624
Marketable securities:    
Short-term investments 424,773 438,499
Significant Unobservable Inputs (Level 3)    
Marketable securities:    
Total cash equivalents and marketable securities 0 0
Liabilities:    
Derivative liability 12,500 20,030
Total liabilities 12,500 20,030
Significant Unobservable Inputs (Level 3) | Money market funds    
Cash equivalents:    
Cash equivalents 0 0
Significant Unobservable Inputs (Level 3) | U.S. treasury securities    
Marketable securities:    
Short-term investments 0 0
Significant Unobservable Inputs (Level 3) | U.S. corporate paper and bonds    
Cash equivalents:    
Cash equivalents   0
Marketable securities:    
Short-term investments $ 0 $ 0
v3.26.1
ACCRUED LIABILITIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accrued outsourced manufacturing $ 16,694 $ 15,987
Accrued compensation and related benefits 8,361 19,657
Accrued outsourced clinical and nonclinical studies 5,920 8,595
Accrued professional fees 5,352 3,827
Operating lease liabilities, short-term $ 738 $ 753
Operating lease, liability, current, statement of financial position [Extensible List] Total accrued liabilities Total accrued liabilities
Other accrued liabilities $ 568 $ 2,442
Accrued interest payable 385 385
Deferred revenue, current - related party 274 367
Accrued milestone payment 200 10,000
Total accrued liabilities $ 38,492 $ 62,013
v3.26.1
DEBT - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 17 Months Ended 43 Months Ended
Oct. 31, 2025
USD ($)
Aug. 31, 2023
USD ($)
tranche
Apr. 30, 2022
USD ($)
tranche
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Aug. 31, 2023
USD ($)
tranche
Oct. 31, 2025
USD ($)
Debt Instrument [Line Items]              
Interest expense       $ 3,462 $ 550    
Secured Debt              
Debt Instrument [Line Items]              
Proceeds from term loan           $ 20,000  
Hercules Loan and Security Agreement | Secured Debt              
Debt Instrument [Line Items]              
Loan received $ 300,000 $ 150,000 $ 75,000     $ 150,000 $ 300,000
Debt instrument, number of tranches | tranche   4 4     4  
Debt instrument, face amount, first tranche 100,000 $ 50,000 $ 25,000     $ 50,000 100,000
Proceeds from term loan 30,000 15,000 $ 5,000       50,000
Debt instrument, face amount, fourth tranche 50,000 60,000       60,000 50,000
Debt instrument, face amount, second tranche 50,000 20,000       20,000 50,000
Debt instrument, face amount, third tranche 50,000 $ 20,000       $ 20,000 50,000
Debt instrument, face amount, fifth tranche $ 50,000           $ 50,000
Interest rate (in percent) 8.95%     8.95%     8.95%
Basis spread (in percent) 1.45%            
Maximum interest rate (in percent) 9.45%           9.45%
Term fee (in percent) 4.25%           4.25%
Term fee at maturity (in percent) 6.00%           6.00%
Effective interest rate (in percent)   13.00%       13.00%  
Interest expense       $ 1,600 $ 600    
Hercules Loan and Security Agreement | Secured Debt | Through December 15, 2023              
Debt Instrument [Line Items]              
Debt instrument, face amount, first tranche $ 25,000 $ 25,000       $ 25,000 $ 25,000
Hercules Loan and Security Agreement | Secured Debt | July 1, 2024 through December 15, 2024              
Debt Instrument [Line Items]              
Debt instrument, face amount, first tranche $ 25,000 $ 25,000       $ 25,000 $ 25,000
v3.26.1
DEBT - Schedule of Long-Term Debt Instruments (Details) - Hercules Loan and Security Agreement - Secured Debt
$ in Thousands
Mar. 31, 2026
USD ($)
Debt Instrument [Line Items]  
Gross proceeds outstanding $ 50,000
Accrued end-of-term fees 874
Unamortized debt issuance costs (438)
Carrying value $ 50,436
v3.26.1
DEBT - Schedule of Future Principal Payments of Debt (Details) - Hercules Loan and Security Agreement - Secured Debt
$ in Thousands
Mar. 31, 2026
USD ($)
Debt Instrument [Line Items]  
2027 $ 0
2028 0
2029 11,102
2030 38,898
Total $ 50,000
v3.26.1
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Oct. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]        
Liability related to the sale of future revenue, net   $ 36,092   $ 34,244
Non-cash interest expense   2,344 $ 103  
Derivative liability   12,500   20,030
Other expense, net   672 36  
Change in fair value of derivative liability   7,530 $ 0  
Sale of Future Revenue        
Debt Instrument [Line Items]        
Derivative liability $ 19,300 12,500   20,030
Other expense, net 1,800      
Change in fair value of derivative liability   7,530    
Significant Unobservable Inputs (Level 3)        
Debt Instrument [Line Items]        
Derivative liability   $ 12,500   $ 20,030
Significant Unobservable Inputs (Level 3) | Measurement Input, Discount Rate | Valuation, Market Approach | Sale of Future Revenue        
Debt Instrument [Line Items]        
Derivative liability, measurement input   0.120   0.115
Sale of Future Revenue        
Debt Instrument [Line Items]        
Loan received 300,000      
Proceeds from sale of future revenue 55,000      
Conditional payments, sales achievement threshold 1,100,000      
Liability related to the sale of future revenue, net 32,400 $ 36,092   $ 34,244
Non-cash interest expense   $ 1,848    
Effective interest rate (in percent)   27.70%    
Sale of Future Revenue, Milestone And Marketing Approval        
Debt Instrument [Line Items]        
Conditional payments 15,000      
Sale of Future Revenue, Milestone        
Debt Instrument [Line Items]        
Conditional payments 25,000      
Sale of Future Revenue, Marketing Approval | Veligrotug        
Debt Instrument [Line Items]        
Conditional payments 75,000      
Sale of Future Revenue, Marketing Approval | Elegrobart        
Debt Instrument [Line Items]        
Conditional payments 50,000      
Sale of Future Revenue, Net Sales Achievement        
Debt Instrument [Line Items]        
Conditional payments 50,000      
Sale of Future Revenue, Agreed Upon Financial Terms        
Debt Instrument [Line Items]        
Conditional payments $ 30,000      
Sale of Future Revenue, Royalty Payments, Tier 1        
Debt Instrument [Line Items]        
Sales royalties, percentage 7.50%      
Sales royalties threshold $ 600,000      
Sale of Future Revenue, Royalty Payments, Tier 2        
Debt Instrument [Line Items]        
Sales royalties, percentage 0.80%      
Sale of Future Revenue, Royalty Payments, Tier 2 | Minimum        
Debt Instrument [Line Items]        
Sales royalties threshold $ 600,000      
Sale of Future Revenue, Royalty Payments, Tier 2 | Maximum        
Debt Instrument [Line Items]        
Sales royalties threshold $ 900,000      
Sale of Future Revenue, Royalty Payments, Tier 3        
Debt Instrument [Line Items]        
Sales royalties, percentage 0.25%      
Sale of Future Revenue, Royalty Payments, Tier 3 | Minimum        
Debt Instrument [Line Items]        
Sales royalties threshold $ 900,000      
Sale of Future Revenue, Royalty Payments, Tier 3 | Maximum        
Debt Instrument [Line Items]        
Sales royalties threshold 2,000,000      
Sale of Future Revenue, Royalty Payments, Tier 4        
Debt Instrument [Line Items]        
Sales royalties threshold $ 2,000,000      
v3.26.1
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT - Activity Of Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Carrying Value as of December 31, 2025 $ 34,244  
Interest Expense 2,344 $ 103
Carrying value as of March 31, 2026 36,092  
Sale of Future Revenue    
Debt Instrument [Line Items]    
Carrying Value as of December 31, 2025 34,244  
Interest Expense 1,848  
Carrying value as of March 31, 2026 $ 36,092  
v3.26.1
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT - Activity Of Derivative Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Liability [Roll Forward]    
Carrying value as of December 31, 2025 $ 20,030  
Change in fair value (7,530) $ 0
Carrying value as of March 31, 2026 12,500  
Sale of Future Revenue    
Derivative Liability [Roll Forward]    
Carrying value as of December 31, 2025 20,030  
Change in fair value (7,530)  
Carrying value as of March 31, 2026 $ 12,500  
v3.26.1
COLLABORATION AND LICENSE AGREEMENTS (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Jul. 31, 2025
USD ($)
performance_obligation
Sep. 30, 2024
USD ($)
Jan. 31, 2023
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Jan. 31, 2024
Oct. 31, 2020
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Total revenues       $ 141 $ 72    
Research and development       77,631 76,835    
ImmunoGen, Inc              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Potential royalty payments             $ 48,000
Milestone payments             $ 95,000
Enable Injections              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Potential royalty payments     $ 150,000        
Milestone payments     49,000        
Collaborative arrangement, rights and licenses fee     $ 15,000        
Collaboration              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Total revenues       $ 135 72    
Zenas BioPharma | Fairmount Funds Management              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Noncontrolling interest ownership (in percent)       5.00%      
Paragon Therapeutics              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Collaboration arrangement, future developments milestone payment obligation   $ 16,000          
Collaboration arrangement, maximum milestone payments   40,000          
Future developments milestone payments   3,100          
Commercial milestone payments   $ 17,000          
Research and development       $ 1,500 $ 4,500    
Paragon Therapeutics | Fairmount Funds Management              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Noncontrolling interest ownership (in percent)           5.00%  
Kissei Pharmaceutical Co., Ltd              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Collaborative arrangement, upfront fee payment $ 70,000            
Collaborative arrangement, rights and obligations, milestone payments $ 315,000            
Number of performance obligations | performance_obligation 2            
v3.26.1
CAPITAL STOCK (Details) - Common Stock - March 2025 ATM Agreement - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Class of Stock [Line Items]      
Aggregate offering $ 300.0    
Commission fee (in percent) 3.00%    
Shares sold (in shares)   0 0
v3.26.1
SHARE-BASED COMPENSATION - Balance by Plan (Details) - shares
Mar. 31, 2026
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options outstanding (in shares) 16,746,472  
Shares available for issuance (in shares) 6,702,849  
Restricted Stock Units Outstanding    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (in shares) 1,638,611 1,064,375
Inducement Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options outstanding (in shares) 7,620,002  
Shares available for issuance (in shares) 0  
Inducement Awards | Restricted Stock Units Outstanding    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (in shares) 0  
2020 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options outstanding (in shares) 40,459  
Shares available for issuance (in shares) 0  
2020 Plan | Restricted Stock Units Outstanding    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (in shares) 0  
2016 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options outstanding (in shares) 9,086,011  
Shares available for issuance (in shares) 6,702,849  
2016 Plan | Restricted Stock Units Outstanding    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (in shares) 1,638,611  
v3.26.1
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Jun. 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value of stock options exercised   $ 6.7 $ 1.0
Fair value options vested   11.5 10.3
Tax benefit   $ 2.3 $ 0.2
Shares available for issuance (in shares)   6,702,849  
Unrecognized option employee stock-based compensation costs   $ 139.5  
Restricted Stock Units Outstanding      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Remaining weighted-average period for stock options and RSUs   3 years 5 months 26 days  
Unrecognized employee stock-based compensation costs related to unvested RSUs   $ 34.4  
Restricted Stock Units Outstanding | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period   2 years  
Restricted Stock Units Outstanding | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period   4 years  
Options to purchase common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period   48 months  
Expiration period (in years)   10 years  
Weighted average fair value per option (in dollars per share)   $ 17.99 $ 10.53
Remaining weighted-average period for stock options and RSUs   3 years 10 days  
Options to purchase common stock | Initial Vesting Period      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting (in percent)   25.00%  
Options to purchase common stock | Subsequent Vesting Period      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period   36 months  
Vesting (in percent)   75.00%  
2025 Employee Stock Purchase Plan | Employee Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Purchase price of common stock, fair market value (in percent) 85.00%    
Shares available for issuance (in shares)   2,000,000  
v3.26.1
SHARE-BASED COMPENSATION - Summary of RSU Activity (Details) - Restricted stock units - $ / shares
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
RSUs    
Nonvested beginning balance (in shares) 1,064,375  
Granted (in shares) 797,550  
Vested (in shares) (206,946)  
Forfeited (in shares) (16,368)  
Nonvested ending balance (in shares) 1,638,611  
Weighted-Average Grant Date Fair Value Per Share    
Outstanding beginning balance (in dollars per share) $ 22.69 $ 15.51
Granted (in dollars per share) 30.26  
Vested (in dollars per share) 15.07  
Forfeited (in dollars per share) 20.61  
Outstanding ending balance (in dollars per share) $ 22.69  
v3.26.1
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Number of Options    
Ending balance (in shares) 16,746,472  
Options to purchase common stock    
Number of Options    
Beginning balance (in shares) 14,468,627  
Granted (in shares) 2,984,700  
Exercised (in shares) (424,648)  
Forfeited (in shares) (278,208)  
Expired (in shares) (3,999)  
Ending balance (in shares) 16,746,472 14,468,627
Exercisable (in shares) 5,598,849  
Weighted-Average Exercise Price Per Share    
Beginning balance (in dollars per share) $ 16.82  
Granted (in dollars per share) 30.38  
Exercised (in dollars per share) 14.98  
Forfeited (in dollars per share) 17.68  
Expired (in dollars per share) 35.40  
Ending balance (in dollars per share) 19.26 $ 16.82
Exercisable (in dollars per share) $ 17.66  
Weighted average remaining contractual term and Aggregate intrinsic value    
Outstanding (Weighted Average Remaining Contractual Term) 8 years 4 months 28 days 8 years 4 months 24 days
Exercisable (Weighted Average Remaining Contractual Term) 7 years 4 months 6 days  
Outstanding (Aggregate Intrinsic Value) $ 55,257 $ 209,090
Exercisable (Aggregate Intrinsic Value) $ 21,690  
v3.26.1
SHARE-BASED COMPENSATION - Fair Value Assumption for Stock Options (Details) - Options to purchase common stock - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 5 years 5 years
Expected volatility 68.00% 85.00%
Risk-free interest rate 3.60% 4.00%
Expected dividend yield 0.00% 0.00%
Weighted-average exercise price (in dollars per share) $ 30.38 $ 15.24
v3.26.1
SHARE-BASED COMPENSATION - Allocation of Share-based Compensation Expense on Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total share-based compensation expense $ 13,390 $ 10,220
Research and development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total share-based compensation expense 5,834 5,748
Selling, general and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total share-based compensation expense $ 7,556 $ 4,472
v3.26.1
NET LOSS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Denominator    
Weighted-average shares outstanding, diluted (in shares)   81,344,134
Common Stock    
Numerator    
Allocation of net loss $ (92,026) $ (70,688)
Denominator    
Weighted-average shares outstanding, basic (in shares) 102,211,657 81,344,134
Weighted-average shares outstanding, diluted (in shares) 102,211,657 81,344,134
Net loss per share, basic (in dollars per share) $ (0.90) $ (0.87)
Net loss per share, diluted (in dollars per share) $ (0.90) $ (0.87)
Series A Convertible Preferred Stock | Preferred Stock    
Numerator    
Allocation of net loss $ (8,095) $ (7,814)
Denominator    
Weighted-average shares outstanding, basic (in shares) 134,864 134,864
Weighted-average shares outstanding, diluted (in shares) 134,864 134,864
Net loss per share, basic (in dollars per share) $ (60.02) $ (57.94)
Net loss per share, diluted (in dollars per share) $ (60.02) $ (57.94)
Series B Convertible Preferred Stock | Preferred Stock    
Numerator    
Allocation of net loss $ (4,779) $ (8,410)
Denominator    
Weighted-average shares outstanding, basic (in shares) 79,620 145,160
Weighted-average shares outstanding, diluted (in shares) 79,620 145,160
Net loss per share, basic (in dollars per share) $ (60.02) $ (57.94)
Net loss per share, diluted (in dollars per share) $ (60.02) $ (57.94)
v3.26.1
NET LOSS PER SHARE - Schedule of Potential Dilutive Securities (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 32,714,177 33,952,016
Series A convertible preferred stock, as converted to shares of common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 8,991,383 8,991,383
Series B convertible preferred stock, as converted to shares of common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 5,308,265 9,677,817
Options to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 16,746,472 14,124,083
Warrants to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 29,446 30,227
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 1,638,611 1,128,506
v3.26.1
SEGMENT INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.26.1
SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Share-based compensation expense (see Note 10) $ 13,390 $ 10,220
Total operating expenses 116,310 93,938
License revenue (141) (72)
Consolidated net loss 104,901 86,912
License    
Segment Reporting Information [Line Items]    
License revenue (6) 0
Research and development    
Segment Reporting Information [Line Items]    
Share-based compensation expense (see Note 10) 5,834 5,748
Selling, general and administrative    
Segment Reporting Information [Line Items]    
Share-based compensation expense (see Note 10) 7,556 4,472
Reportable Segment    
Segment Reporting Information [Line Items]    
Segment research and development expense 71,744 71,038
Segment selling, general and administrative expense 31,055 12,564
Share-based compensation expense (see Note 10) 13,390 10,220
Total operating expenses 116,189 93,822
Other items (11,294) (6,910)
Consolidated net loss 104,901 86,912
Reportable Segment | License    
Segment Reporting Information [Line Items]    
License revenue $ 6 $ 0