Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2026 |
Dec. 31, 2025 |
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| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
| Common stock, shares issued (in shares) | 776,017,474 | 775,371,200 |
| Common stock, shares, outstanding (in shares) | 776,017,474 | 775,371,200 |
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | |||
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Mar. 31, 2026 |
Mar. 31, 2025 |
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| Operating expenses: | ||||
| Research and development | [1] | $ 132,618 | $ 51,265 | |
| General and administrative | 62,594 | 15,586 | ||
| Total operating expenses | 195,212 | 66,851 | ||
| Other income, net | 5,788 | 3,938 | ||
| Net loss | $ (189,424) | $ (62,913) | ||
| Net loss per share: | ||||
| Basic (in dollars per share) | $ (0.24) | $ (0.09) | ||
| Diluted (in dollars per share) | $ (0.24) | $ (0.09) | ||
| Weighted average common shares outstanding: | ||||
| Basic (in shares) | 775,458,141 | 738,076,003 | ||
| Diluted (in shares) | 775,458,141 | 738,076,003 | ||
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments | $ 84 | $ (145) | ||
| Unrealized loss on short-term investments | (176) | (133) | ||
| Comprehensive loss | $ (189,516) | $ (63,191) | ||
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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |||
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Mar. 31, 2026 |
Mar. 31, 2025 |
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| Cash flows from operating activities: | ||||
| Net loss | $ (189,424) | $ (62,913) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Amortization of discount on short-term investments | (4,217) | (2,966) | ||
| Unrealized foreign exchange loss (gain) | 190 | (224) | ||
| Depreciation | 44 | 25 | ||
| Stock-based compensation | 72,791 | 11,096 | ||
| Change in operating assets and liabilities: | ||||
| Prepaid expenses and other current assets | (11,014) | 1,850 | ||
| Other assets | (1,026) | (1,419) | ||
| Accounts payable | 6,802 | 356 | ||
| Accrued liabilities | 12,218 | 1,611 | ||
| Accrued compensation | (7,852) | (7,588) | ||
| Other current liabilities | (1,135) | (1,046) | ||
| Other non-current liabilities | (33) | 25 | ||
| Operating lease right-of-use assets and lease liabilities, net | 365 | 25 | ||
| Net cash used in operating activities | (122,291) | (61,168) | ||
| Cash flows from investing activities: | ||||
| Maturities and sales of short-term investments | 177,293 | 160,532 | ||
| Purchase of short-term investments | (177,286) | 0 | ||
| Purchases of property and equipment | (245) | (422) | ||
| Net cash (used in) provided by investing activities | (238) | 160,110 | ||
| Cash flows from financing activities: | ||||
| Proceeds received related to employee stock purchase plan and exercise of stock options | 3,797 | 2,019 | ||
| Proceeds from exercise of warrants | [1] | 0 | 5,658 | |
| Net cash provided by financing activities | 3,797 | 7,677 | ||
| Effect of exchange rate changes on cash | (19) | 38 | ||
| (Decrease) increase in cash, cash equivalents and restricted cash | (118,751) | 106,657 | ||
| Cash, cash equivalents and restricted cash at beginning of period | 225,582 | 105,187 | ||
| Cash, cash equivalents and restricted cash at end of period | 106,831 | 211,844 | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||||
| Cash and cash equivalents | 106,515 | 211,526 | ||
| Restricted cash | 316 | 318 | ||
| Total cash, cash equivalents and restricted cash | 106,831 | 211,844 | ||
| Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||||
| Unpaid amounts related to property and equipment, net | $ (746) | $ 0 | ||
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Organization |
3 Months Ended |
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Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization Summit Therapeutics Inc. (“we”, “Summit” or the “Company”) is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs. The Company’s pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines, in the therapeutic area of oncology. The Company’s current lead development candidate is ivonescimab, a novel, potential first-in-class bispecific antibody intending to combine the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects of an anti-VEGF compound into a single molecule. On December 5, 2022, the Company entered into the License Agreement with Akeso, Inc. and its affiliates (collectively, “Akeso”) pursuant to which the Company has in-licensed intellectual property rights related to ivonescimab (as amended, the “License Agreement”), as further described in Note 4. Through the License Agreement, the Company obtained the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan. The License Agreement and transaction closed in January 2023 following customary waiting periods. On June 3, 2024, the Company entered into an amendment to the License Agreement (the “Second Amendment”) with Akeso to expand its territories covered under the License Agreement to also include Latin America, including Mexico and all countries in Central America and South America, the Middle East and Africa (collectively, and as expanded, the “Licensed Territory”). The Company’s operations are focused on the development of ivonescimab and other future activities, as the Company determines. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, certain information and disclosures required by U.S. GAAP for complete consolidated financial statements are not included herein. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of March 31, 2026 and for the three months ended March 31, 2026 are unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented as of December 31, 2025 has been derived from the consolidated audited financial statements as of that date. The results of the period are not necessarily indicative of full year results or any other interim period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Company’s Annual Report. The financial results of the Company’s activities are reported in United States Dollars. Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to accrued research and development expenses, stock-based compensation, and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Liquidity and Capital Resources During the three months ended March 31, 2026, the Company incurred a net loss of $189,424 and cash used in operating activities was $122,291. As of March 31, 2026, the Company had an accumulated deficit of $2,483,583 and cash and cash equivalents of $106,515 and short-term investments of $492,216. The Company expects to continue to generate operating losses for the foreseeable future. The Company’s cash and cash equivalents and short-term investments are not sufficient to fund the Company’s planned operations for a period of at least one year from the date these unaudited condensed consolidated financial statements are issued. Until the Company can generate substantial revenue and achieve profitability, the Company will need to raise additional capital to fund its ongoing operations and capital needs. The Company continues to evaluate options to further finance its operating cash needs for its product candidates through a combination of some, or all, of the following: equity and debt offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations, and marketing, distribution or licensing arrangements. There is no assurance, however, that additional financing will be available when needed or that management of the Company will be able to obtain financing on terms acceptable to the Company. If the Company is unable to obtain funding when required in the future, the Company could be required to delay, reduce, or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of the business. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might result from the outcome of this uncertainty.
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Summary of Significant Accounting Policies and Recent Accounting Pronouncements |
3 Months Ended |
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Mar. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Summary of Significant Accounting Policies and Recent Accounting Pronouncements Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies used in the preparation of these unaudited condensed consolidated financial statements for the three months ended March 31, 2026 as compared with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”) which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures. The guidance is to be applied prospectively, with the option for retrospective application and is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, “Narrow-Scope Improvements”, which is intended to improve the navigability of the guidance in ASC 270 and clarify when the guidance is applicable. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s consolidated financial statements and related disclosures. Other recent authoritative guidance issued by the FASB (including technical corrections to the FASB ASC), the American Institute of Certified Public Accountants, and the SEC did not or are not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Segment Reporting The Company’s chief operating decision makers (the “CODM function”), which are the Company’s Co-Chief Executive Officers, Mr. Duggan and Dr. Zanganeh, and Chief Operating Officer and Chief Financial Officer, Mr. Soni, utilize consolidated net loss that is reported on the unaudited condensed consolidated statement of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company. The CODM function approves key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts, such as revenue contracts and collaboration agreements and approves the Company’s consolidated operating budget. The CODM function views the Company’s operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses:
(1) Other expenses include general and administrative expenses excluding compensation and stock-based compensation. As of March 31, 2026 and December 31, 2025, substantially all of the Company’s long-lived assets are located in the United States.
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Akeso License and Collaboration Agreement |
3 Months Ended |
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Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Akeso License and Collaboration Agreement | Akeso License and Collaboration Agreement On December 5, 2022, the Company entered into the License Agreement with Akeso pursuant to which the Company is in-licensing its breakthrough bispecific antibody, ivonescimab. The License Agreement and transaction closed in January 2023 following customary waiting periods. Ivonescimab, known as AK112 in China and Australia, and also as SMT112 in the Summit Licensed Territory, is a novel, potential first-in-class bispecific antibody intending to combine the effect of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects of an anti-VEGF into a single molecule. Ivonescimab was engineered to bring two well established oncology targeted mechanisms together. Ivonescimab is currently in clinical development and, pursuant to the terms of the License Agreement, Summit will design and conduct the clinical trial activities to support regulatory filings in the Licensed Territory that Summit will submit. Pursuant to the terms of the License Agreement, Summit will have final decision-making authority with respect to clinical development strategy and execution in the Licensed Territory. For co-joined studies in which both Summit and Akeso participate, mutual agreement is required for material decisions; Summit retains the exclusive decision making with respect to participating in, and continuing its participation in, co-joined studies in the Licensed Territory. Pursuant to the terms of the License Agreement, Summit will have final decision-making authority with respect to commercial strategy, pricing and reimbursement and other commercialization matters in the Licensed Territory. In connection with the License Agreement, the Company agreed to purchase a certain portion of drug substance and/or drug product for clinical and commercial supply and to enter into a supply agreement with Akeso. Summit is not assuming any liabilities (including contingent liabilities), acquiring any physical assets or trade names, or hiring or acquiring any employees from Akeso in connection with the License Agreement. Through the License Agreement, the Company obtained the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan. In exchange for the rights obtained, the Company made an upfront payment of $500,000 to Akeso, of which $274,900 was paid in cash and, pursuant to the License Agreement and Issuance Agreement, Akeso elected to receive 10,000,000 shares of the Company’s common stock, par value $0.01 per share (“common stock”) in lieu of $25,100 in cash. The remaining $200,000 amount of the upfront payment was paid on March 6, 2023. Effective June 3, 2024, the Company and Akeso entered into the Second Amendment to the License Agreement to expand the Company’s territories covered under the License Agreement to include the Latin America, Middle East and Africa regions. Pursuant to the Second Amendment, the Company paid an upfront payment to Akeso of $15,000 in the third quarter of 2024. Akeso will also be eligible to receive up to an additional $55,000 upon the achievement of certain commercial milestones. Except as specifically modified by the Second Amendment, the terms and conditions of the License Agreement remain in full force and effect. The Company has accounted for the License Agreement and Second Amendment to acquire the rights to develop and commercialize ivonescimab as the acquisition of an asset. All of the consideration relates to ivonescimab and technological feasibility of the asset has not yet been established since ivonescimab is in clinical development. As such, the Company has expensed the consideration as acquired in-process research and development upon closing of the transaction in the unaudited condensed consolidated statement of operations and comprehensive loss. There was no acquired in-process research and development expense for the three months ended March 31, 2026 and 2025, respectively. In addition to the payments already made to Akeso, under the License Agreement and Second Amendment, there are additional potential milestone payments of up to $4,555,000, as Akeso will be eligible to receive regulatory milestones of up to $1,050,000 and commercial milestones of up to $3,505,000. In addition, Akeso will be eligible to receive low double-digit royalties on net sales.
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Other Income, Net |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income, Net | Other Income, Net The following table sets forth the components of other income, net:
(1) Investment income relates to the Company’s money market funds, certificate of deposit and U.S. government treasury bills. Refer to Note 7 for details.
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Net Loss per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss per Share | Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share:
Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the diluted net loss by the weighted-average number of common shares outstanding for the period, including potentially dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods, as the inclusion of all potential common share equivalents outstanding would have been anti-dilutive. The following potentially dilutive securities were excluded from the computation of the diluted net loss per share of common stock for the periods presented because their effect would have been anti-dilutive:
Stock options that are outstanding and contain improbable vesting criteria are excluded from the presentation of common stock equivalents outstanding in the table above.
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Fair Value Measurements and Short-Term Investments |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements and Short-Term Investments | Fair Value Measurements and Short-Term Investments The following tables set forth the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:
The tables above do not include cash at March 31, 2026 and December 31, 2025 of $8,238 and $16,366, respectively. The Company believes that the carrying amounts of prepaid expenses and other current assets, accounts payable, and accrued liabilities approximate their fair values due to the short-term nature of those instruments. Realized gain (loss) on short-term investments for the three months ended March 31, 2026 and 2025 were de minimis, respectively.
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Research and Development Prepaid Expenses and Accrued Liabilities |
3 Months Ended |
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Mar. 31, 2026 | |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
| Research and Development Prepaid Expenses and Accrued Liabilities | Research and Development Prepaid Expenses and Accrued Liabilities Included within prepaid expenses and other current assets at March 31, 2026 and December 31, 2025 is $12,321 and $3,996, respectively, of prepayments relating to research and development expenditures. Included within accrued liabilities at March 31, 2026 and December 31, 2025 is $42,453 and $31,498, respectively, relating to research and development expenditures. These amounts are determined based on the estimated costs to complete each study or activity related to the ongoing clinical trials for ivonescimab, the estimation of the current stage of completion and the invoices received, as well as predetermined milestones which are not reflective of the current stage of development for prepaid expenses. However, accrued liabilities increase as the activities progress. The key sensitivity is the estimated current stage of completion of each study or activity, which is based on information received from the supplier and the Company’s operational knowledge of the work completed under those contracts.
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Stockholders' Equity |
3 Months Ended |
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Mar. 31, 2026 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders' Equity Preferred Stock As of March 31, 2026 and December 31, 2025, the Company had 20,000,000 shares of preferred stock, par value $0.01, authorized and no shares issued and outstanding. Common Stock As of March 31, 2026 and December 31, 2025, the Company had authorized 1,000,000,000 shares of common stock. October 2025 Private Investment in Public Equity (PIPE) On October 21, 2025, the Company entered into securities purchase agreements (the “October 2025 Purchase Agreements”) with multiple biotech institutional investors and individual accredited investors, for the sale by the Company in a private placement for an aggregate of 26,682,846 shares of the Company’s common stock, par value $0.01 per share of common stock, at purchase price of $18.74 per share, which was the closing price of the common stock on October 21, 2025, for aggregate gross proceeds to the Company of approximately $500,037, with immaterial offering costs. The private placement transaction was completed in October 2025. All of the Company's Section 16 officers participated in the capital raise. The Company's Co-CEO, Executive Chairman and majority stockholder, its Co-CEO and the President and member of the Board, its COO, CFO, and member of the Board, its CAO, and certain non-executive employees and other related persons purchased an aggregate of 14,514,402 shares of common stock for gross proceeds of approximately $272,000. Additionally, Akeso purchased 533,617 shares of common stock for gross proceeds of approximately $10,000. The remaining $218,037 was raised with multiple leading biotech institutional investors. The October 2025 Purchase Agreements contain customary representations, warranties and covenants by the Company, customary indemnification obligations of the Company, including for liabilities under the Securities Act, as amended (the “Securities Act”), other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the October 2025 Purchase Agreements were made only for purposes of the October 2025 Purchase Agreements and as of specific dates, were solely for the benefit of the parties to such agreements and were subject to limitations agreed upon by the contracting parties. On October 21, 2025, in connection with the October 2025 Purchase Agreements, the Company entered into Registration Rights Agreements with the Investors (the “October 2025 Registration Rights Agreements”). The October 2025 Registration Rights Agreements provide, among other things, that the Company will as soon as reasonably practicable, and in any event by no later than December 19, 2025, file with the SEC a registration statement registering the resale of the shares. The Company filed the registration statement on October 29, 2025, which was automatically effective upon filing. At-the-Market Offering (ATM Offering) On May 13, 2024, the Company entered into an at-the-market (“ATM”) sales agreement (the “Original Distribution Agreement”) pursuant to which the Company may, subject to the terms and conditions set forth in the agreement offer and sell, from time to time, through or to the agents, acting as agents or principal, shares of the Company's common stock, par value $0.01, having an aggregate offering price of up to $90,000. On August 11, 2025, the Company entered into an amendment (the "Amendment") to the Original Distribution Agreement (as amended, the “Distribution Agreement”), which among other things, increased the aggregate offering price of common stock that the Company may offer and sell from time to time through the sales agent under the Distribution Agreement by an additional $360,000. From the date of the Original Distribution Agreement through March 31, 2026, the Company sold 7,146,432 shares of common stock under the ATM at a weighted-average price of $21.09 per share, for gross proceeds of $150,721, with commissions and fees of approximately $3,160. The remaining gross proceeds available under the Distribution Agreement as of March 31, 2026 were approximately $299,279. The Company plans to use the net proceeds from this offering for working capital and general corporate purposes. Warrants As of March 31, 2026 and December 31, 2025, the Company had no outstanding warrants. During the three months ended March 31, 2025, 3,581,154 warrants were exercised with a weighted average exercise price of $1.58.
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Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation 2020 Stock Award Plan The Company currently grants stock options and restricted stock units to employees and directors under the 2020 Stock Incentive Plan (the “2020 Plan”) and formerly, the Company granted stock options under the 2016 Long Term Incentive Plan. The 2020 Plan is administered by the Compensation Committee of the Company’s Board of Directors. The 2020 Plan is intended to attract and retain employees and directors and provide an incentive for these individuals to assist the Company to achieve long-range performance goals and to enable these individuals to participate in the long-term growth of the Company. Based on the provisions of the 2020 Plan, the number of shares of common stock available for issuance under the 2020 Plan increased by 6,400,000 shares on January 1, 2026. On September 18, 2025, the Board approved an increase of 8,000,000 shares of common stock available for issuance under the 2020 Plan (the “Incremental Pool”), subject to the approval of the holders of a majority of the shares voting at the Company’s stockholder meeting. As of March 31, 2026, there are 522,009 shares available to be issued under the Incremental Pool. The Company’s unaudited condensed consolidated financial statements have treated the grant date of such stock options as the date Board approval was obtained. On May 3, 2024, the Board adopted the 2024 Inducement Pool (the “Inducement Pool”), which mirrors the terms of the 2020 Plan, with a total of 2,000,000 shares of common stock reserved for issuance under the Inducement Pool. Effective January 22, 2025, the number of shares of common stock available under the Inducement Pool increased by 2,000,000 shares. The Inducement Pool provides for the grant of non-qualified stock options and was approved by the Compensation Committee of the Board without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. As of March 31, 2026, there were 1,581,603 shares available for grant under the Inducement Pool. Stock Options The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026.
Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity for the three months ended March 31, 2026.
Stock-Based Compensation Expense The total stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss was as follows:
The following summarizes stock-based compensation expense associated with each of the Company’s stock-based compensation arrangements:
During the second quarter of 2025, the Compensation Committee of the Board of Directors approved a modification to the Company's outstanding unvested performance-based stock option awards for certain employees and executives that will require only the service-based vesting requirements to continue to be satisfied in order to become fully vested, subject to employee consent. The Company accounted for this change as a Type III modification (improbable-to-probable) in accordance with the requirements of Accounting Standards Codification Topic 718 (ASC 718). As a result, 44,488,976 options were valued on the modification date. The Company is recognizing the newly assessed measurement date fair value of the awards as compensation expense over the remaining vesting period. During the three months ended March 31, 2026, the Company recognized expense of $41,396 associated with the modification. As of March 31, 2026, the unrecognized compensation cost associated with the modification was $166,439 and is expected to be expensed over a weighted-average recognition period of approximately 1.4 years.
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Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions Leases July 25, 2022 First Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On July 25, 2022 the Company entered into a first amendment, dated July 19, 2022, to its existing sublease agreement with Maky Zanganeh and Associates, Inc. (“MZA”), an entity owned by Maky Zanganeh, consisting of 4,500 square feet of office space at 2882 Sand Hill Road, Menlo Park, California. The existing sublease term, which was set to expire on September 30, 2022, was extended for a period of thirty-nine months from October 1, 2022 through December 31, 2025. The rent payable under the terms of the sublease was equivalent to the proportionate share of the net payable by MZA to the third-party landlord, based on the square footage of office space sublet by the Company, and no mark-up had been applied. The agreement was further amended to include additional space, as noted below under the August 2, 2024 Third Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. The first amendment was not extended following its expiration on December 31, 2025. During the three months ended March 31, 2025, payments of $207 were made pursuant to the first and third amendments to the Sublease Agreement. July 29, 2022 Second Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On July 29, 2022, the Company entered into a second amendment to its existing sublease agreement with MZA, described above. The second amendment was effective as of August 1, 2022 and expired on December 31, 2025. The second amendment included an additional 1,277 square feet of office space at 2882 Sand Hill Road, Menlo Park, California. The rent payable under the terms of the sublease was equivalent to the proportionate share of the net payable by MZA to the third-party landlord, based on the square footage of office space sublet by the Company, and no mark-up had been applied. The second amendment was not extended following its expiration on December 31, 2025. During the three months ended March 31, 2025, payments of $57 were made pursuant to the second amendment to the Sublease Agreement. April 1, 2024 Miami Sublease Agreements On April 1, 2024, the Company entered into two sublease agreements of its Miami headquarters location, one with Genius 24C Inc. (“Genius”), an affiliate of the Company’s Co-CEO, Robert W. Duggan (the “Genius Sublease Agreement”) and one with Duggan Investments Research LLC (“Investments Research”), also an affiliate of the Company's Co-CEO, Robert W. Duggan (the “Investments Research Sublease Agreement”). Pursuant to the Genius Sublease Agreement, Genius sublet from the Company 848 square feet of office space in the Miami HQ for a sixty-two month term for total rental payments of approximately $446. Pursuant to the Investments Research Sublease Agreement, Investments Research sublet from the Company 848 square feet of office space in the Miami HQ for a sixty-two month term for total rental payments of approximately $446. For the three months ended March 31, 2026 and 2025, the Company recognized sublease income of $48 and $48, respectively, which was recorded net of operating lease expenses. As of March 31, 2026 and December 31, 2025, sublease income receivable recorded as a component of prepaid expenses and other current assets on the unaudited condensed consolidated balance sheet were de minimis, respectively. Subsequently, effective April 1, 2026, the Company provided notice to both Genius and Investments Research to terminate the Genius Sublease Agreement and Investments Research Sublease Agreement, respectively, in order to have more space for the Company’s use at Miami HQ. The Company did not incur any early termination penalties. August 2, 2024 Third Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On August 2, 2024, the Company entered into a third amendment to its existing sublease agreement with MZA. The third amendment was effective August 1, 2024 and included an additional space of 145 square feet of office space located at 2882 Sand Hill Road, Menlo Park, California. The Company was obligated to pay its proportionate share of the net payable by MZA to the third-party landlord, which was revised to 93.6% as of the effective date, based on the square footage of office space sublet by the landlord. The third amendment was not extended following its expiration on December 31, 2025. Akeso Agreements Upon the closing of the License Agreement, the Board appointed Dr. Yu (Michelle) Xia to serve as a member of the Board pursuant to the terms of the License Agreement. Dr. Xia is the founder of Akeso, and has been the chairwoman, president and CEO of Akeso since its inception in 2012. Furthermore, in connection with the License Agreement, the Company agreed to purchase a certain portion of drug substance for clinical and commercial supply and to enter into a supply agreement with Akeso. Refer to Note 4 for details on the License Agreement. In addition to the License Agreement , the Company also entered into various clinical services agreements with Akeso. During the three months ended March 31, 2026 and 2025, the Company incurred research and development expenses of $17,694 and $6,159, respectively, under these agreements with Akeso. As of March 31, 2026 and December 31, 2025, the Company included in accrued liabilities, related to Akeso, $2,711 and $1,215, respectively. Private Placements October 2025 PIPE Refer to Note 9 for a discussion on the participation by related parties in October 2025 PIPE. Warrants Exercise In March 2025, Mr. Duggan, the Company's Co-Chief Executive Officer, exercised 2,936,221 of the 3,985,055 warrants which he received in connection with a private placement completed by the Company with Mr. Duggan and other investors on December 24, 2019, resulting in the purchase of 2,936,221 shares of common stock at an exercise price of $1.58. On April 8, 2025, Mr. Duggan completed the exercise of the remaining warrants received in the December 24, 2019 private placement, resulting in the purchase of 1,048,834 shares of common stock at an exercise price of $1.58. Professional Services During the three months ended March 31, 2026 and 2025, the Company engaged the law firm Wilson Sonsini Goodrich & Rosati P.C. (“WSGR”), where Mr. Kenneth A. Clark, a member of the Board, is a partner. Payments to be made by the Company to WSGR were approved by the Audit Committee in accordance with its Related Party Transaction Policy. For the three months ended March 31, 2026, the Company incurred de minimis expenses for legal services rendered by WSGR. For the three months ended March 31, 2025, the Company incurred expenses for legal services rendered by WSGR totaling approximately $0.2 million.
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Commitments and Contingencies |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Fixed Asset Purchase Commitments There were no material changes to the Company’s capital commitments that were disclosed in the Company’s Annual Report. Lease Commitments On July 23, 2025, the Company entered into an operating lease for 8,857 square feet of office space in Princeton, New Jersey (the “Princeton Lease Agreement”). The term of the Princeton Lease Agreement commenced on August 18, 2025 and was set to expire on August 31, 2028. The average annual lease payments under the Princeton Lease Agreement are approximately $292. Subsequently, on April 15, 2026, the Company entered into an amendment to the Princeton Lease Agreement (the “Princeton Amendment”). The Princeton Amendment expands the office space by 6,350 square feet for a total 15,207 square feet, and extends the lease term through August 31, 2029. The average annual lease payments under the Princeton Lease Agreement, upon effect of the Princeton Amendment, will be approximately $507. Except as noted above, there were no material changes to the Company’s lease commitments that were disclosed in the Company’s Annual Report. Other Commitments The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. Most contracts provide for termination upon notice, and therefore are cancellable contracts. The majority of these commitments are due within one year. There have been no material changes to the Company’s other contractual commitments that were disclosed in the Company’s Annual Report. The Company has certain commitments under its agreements with Akeso. The License Agreement also contains certain manufacturing and purchase commitments. As of March 31, 2026, the Company is unable to estimate the amount, timing or likelihood of achieving the milestones, making future product sales or assessing estimated forecasts for manufacturing and supplied materials which these contingent payment obligations relate to. Legal Proceedings Litigation Relating to the December 2022 Notes Entered into in Connection with the License Agreement On March 17, 2025, Rainaldi Revocable Trust, a purported stockholder of the Company, filed a derivative lawsuit in the Delaware Court of Chancery against certain of the Company’s current and former directors and the Company, solely as a nominal defendant, concerning the Note Purchase Agreement the Company entered into with Mr. Duggan and Dr. Zanganeh, pursuant to which the Company issued to Mr. Duggan and Dr. Zanganeh unsecured promissory notes in the amount of $400,000 and $20,000, respectively, which matured and became due on February 15, 2023 and an unsecured promissory note to Mr. Duggan in the amount of $100,000 (collectively, the “December 2022 Notes”) in connection with the License Agreement. The suit asserts claims for breach of fiduciary duty and unjust enrichment and seeks, among other things, unspecified damages, rescission of the shares that Mr. Duggan and Dr. Zanganeh received as part of prepaid interest payments under the December 2022 Notes, as well as attorneys’ fees and costs. Defendants’ Motion to Dismiss the complaint was filed on May 16, 2025. Plaintiff filed the Motion to Certify certain constitutional questions to the Delaware Supreme Court on May 29, 2025. Defendants agreed to a stipulation staying briefing on the Motion to Certify and the Motion to Dismiss pending the Delaware Supreme Court’s decision in another case involving substantially the same constitutional questions. On June 18, 2025, the Court granted such stipulation. The Delaware Supreme Court's decision came down on February 27, 2026. The briefing schedule for the Motion to Dismiss was filed by the parties with the courts on April 16, 2026. Defendants believe that Plaintiff's allegations are without merit and plan to vigorously defend against its claims.
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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 |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) |
3 Months Ended |
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Mar. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, certain information and disclosures required by U.S. GAAP for complete consolidated financial statements are not included herein. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of March 31, 2026 and for the three months ended March 31, 2026 are unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented as of December 31, 2025 has been derived from the consolidated audited financial statements as of that date. The results of the period are not necessarily indicative of full year results or any other interim period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Company’s Annual Report. The financial results of the Company’s activities are reported in United States Dollars.
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| Use of Estimates | Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to accrued research and development expenses, stock-based compensation, and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”) which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures. The guidance is to be applied prospectively, with the option for retrospective application and is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, “Narrow-Scope Improvements”, which is intended to improve the navigability of the guidance in ASC 270 and clarify when the guidance is applicable. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s consolidated financial statements and related disclosures. Other recent authoritative guidance issued by the FASB (including technical corrections to the FASB ASC), the American Institute of Certified Public Accountants, and the SEC did not or are not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.
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Segment Reporting (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Significant Expenses of the CODM Function | The CODM function is regularly provided with the following significant segment expenses:
(1) Other expenses include general and administrative expenses excluding compensation and stock-based compensation.
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Other Income, Net (Tables) |
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| Schedule of Other Income, Net | The following table sets forth the components of other income, net:
(1) Investment income relates to the Company’s money market funds, certificate of deposit and U.S. government treasury bills. Refer to Note 7 for details.
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Net Loss per Share (Tables) |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Computation of Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share:
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| Schedule of Potentially Dilutive Securities Excluded From the Computation of Loss Per Share | The following potentially dilutive securities were excluded from the computation of the diluted net loss per share of common stock for the periods presented because their effect would have been anti-dilutive:
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Fair Value Measurements and Short-Term Investments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables set forth the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:
|
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Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026.
|
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| Schedule of Restricted Stock Units Activity | The following table summarizes the Company’s restricted stock unit activity for the three months ended March 31, 2026.
|
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| Schedule of Stock-Based Compensation Expense | The total stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss was as follows:
The following summarizes stock-based compensation expense associated with each of the Company’s stock-based compensation arrangements:
|
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Organization (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Net loss | $ 189,424 | $ 62,913 | |
| Net cash used in operating activities | 122,291 | 61,168 | |
| Accumulated deficit | 2,483,583 | $ 2,294,159 | |
| Cash and cash equivalents | 106,515 | $ 211,526 | 225,266 |
| Short-term investments | $ 492,216 | $ 488,182 | |
Segment Reporting - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 1 |
| Number of reportable segments | 1 |
Segment Reporting - Schedule of Significant Expenses of the CODM Function (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Oncology clinical trial related costs | [1] | $ 132,618 | $ 51,265 | |
| Stock-based compensation | 72,791 | 11,096 | ||
| Total operating expenses | 195,212 | 66,851 | ||
| Other income, net | 5,788 | 3,938 | ||
| Net loss | (189,424) | (62,913) | ||
| Reportable Segment | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Oncology clinical trial related costs | 90,195 | 36,363 | ||
| Compensation related costs, excluding stock-based compensation | 26,432 | 15,854 | ||
| Stock-based compensation | 72,791 | 11,096 | ||
| Other expenses | 5,794 | 3,538 | ||
| Total operating expenses | 195,212 | 66,851 | ||
| Other income, net | 5,788 | 3,938 | ||
| Net loss | $ (189,424) | $ (62,913) | ||
| ||||
Akeso License and Collaboration Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Mar. 06, 2023 |
Jan. 31, 2023 |
Sep. 30, 2024 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Jun. 03, 2024 |
May 13, 2024 |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
| Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
| Collaborative arrangement, transaction with party to collaborative arrangement | |||||||
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
| Collaborative arrangement, upfront payment | $ 500,000 | ||||||
| Payments to Akeso for upfront milestone payments | $ 15,000 | ||||||
| Additional potential commercial milestone payments | $ 55,000 | ||||||
| Collaborative arrangement, maximum milestone payments | 4,555,000 | ||||||
| Collaborative arrangement, potential regulatory milestone payments | 1,050,000 | ||||||
| Collaborative arrangement, potential commercial milestone payments | $ 3,505,000 | ||||||
| Collaborative arrangement, transaction with party to collaborative arrangement, upfront payment one | |||||||
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
| Cash payment for collaborative arrangement, upfront payment | $ 274,900 | ||||||
| Collaborative arrangement, common stock issued in lieu of cash upfront payment (in shares) | 10,000,000 | ||||||
| Collaborative arrangement, upfront payment, paid in shares | $ 25,100 | ||||||
| Collaborative arrangement, transaction with party to collaborative arrangement, upfront payment two | |||||||
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
| Cash payment for collaborative arrangement, upfront payment | $ 200,000 |
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Other Income and Expenses [Abstract] | ||
| Foreign currency (loss) gain | $ (62) | $ 77 |
| Investment income | 5,850 | 3,861 |
| Total | $ 5,788 | $ 3,938 |
Net Loss per Share - Schedule of Computation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Earnings Per Share [Abstract] | ||
| Net loss | $ (189,424) | $ (62,913) |
| Basic weighted average number of shares of common stock outstanding (in shares) | 775,458,141 | 738,076,003 |
| Diluted weighted average number of shares of common stock outstanding (in shares) | 775,458,141 | 738,076,003 |
| Basic net loss per share (in dollars per share) | $ (0.24) | $ (0.09) |
| Diluted net loss per share (in dollars per share) | $ (0.24) | $ (0.09) |
Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded From the Computation of Loss Per Share (Details) - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Potentially dilutive securities excluded from the computation of diluted loss per share (in shares) | 118,898,478 | 71,030,609 |
| Options to purchase common stock | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Potentially dilutive securities excluded from the computation of diluted loss per share (in shares) | 118,055,059 | 69,915,451 |
| Restricted stock units | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Potentially dilutive securities excluded from the computation of diluted loss per share (in shares) | 730,000 | 0 |
| Shares expected to be purchased under employee stock purchase plan | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Potentially dilutive securities excluded from the computation of diluted loss per share (in shares) | 113,419 | 66,324 |
| Warrants | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Potentially dilutive securities excluded from the computation of diluted loss per share (in shares) | 0 | 1,048,834 |
Fair Value Measurements and Short-Term Investments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Amortized Cost | $ 590,497 | $ 696,910 |
| Unrealized Gain | 0 | 172 |
| Unrealized (Loss) | (4) | 0 |
| Credit (Loss) | 0 | 0 |
| Fair Value | 590,493 | 697,082 |
| Level 1 | Money market funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Amortized Cost | 98,277 | 163,588 |
| Unrealized Gain | 0 | 0 |
| Unrealized (Loss) | 0 | 0 |
| Credit (Loss) | 0 | 0 |
| Fair Value | 98,277 | 163,588 |
| Level 2 | U.S. Government treasury bills | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Amortized Cost | 45,300 | |
| Unrealized Gain | 12 | |
| Unrealized (Loss) | 0 | |
| Credit (Loss) | 0 | |
| Fair Value | 45,312 | |
| Level 2 | Certificate of deposit | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Amortized Cost | 25,000 | 25,000 |
| Unrealized Gain | 0 | 0 |
| Unrealized (Loss) | 0 | 0 |
| Credit (Loss) | 0 | 0 |
| Fair Value | 25,000 | 25,000 |
| Level 2 | U.S. Government treasury bills | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Amortized Cost | 467,220 | 463,022 |
| Unrealized Gain | 0 | 160 |
| Unrealized (Loss) | (4) | 0 |
| Credit (Loss) | 0 | 0 |
| Fair Value | $ 467,216 | $ 463,182 |
Fair Value Measurements and Short-Term Investments - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Fair Value Disclosures [Abstract] | ||
| Cash | $ 8,238 | $ 16,366 |
Research and Development Prepaid Expenses and Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Prepaid research and development expenditures | $ 12,321 | $ 3,996 |
| Accrued research and development expenditure | $ 42,453 | $ 31,498 |
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 23 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Oct. 21, 2025 |
Aug. 11, 2025 |
May 13, 2024 |
Mar. 31, 2025 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Jan. 31, 2023 |
|
| Capital Unit [Line Items] | |||||||
| Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | |||||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||
| Preferred stock, shares issued (in shares) | 0 | 0 | |||||
| Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
| Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |||||
| Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
| Warrants outstanding and exercisable (in shares) | 0 | 0 | |||||
| Warrants exercised (in shares) | 3,581,154 | ||||||
| Weighted average exercise price of warrants exercised (in dollars per share) | $ 1.58 | ||||||
| Affiliated entity | |||||||
| Capital Unit [Line Items] | |||||||
| Shares issued in transaction (in shares) | 14,514,402 | ||||||
| Proceeds from the issuance of common stock | $ 272,000 | ||||||
| Related Party | |||||||
| Capital Unit [Line Items] | |||||||
| Shares issued in transaction (in shares) | 533,617 | ||||||
| Proceeds from the issuance of common stock | $ 10,000 | ||||||
| Nonrelated Party | |||||||
| Capital Unit [Line Items] | |||||||
| Sale of stock aggregate price | $ 218,037 | ||||||
| Private placement | |||||||
| Capital Unit [Line Items] | |||||||
| Shares issued in transaction (in shares) | 26,682,846 | ||||||
| Common stock par value (in dollars per share) | $ 0.01 | ||||||
| Sale of stock price (in dollars per share) | $ 18.74 | ||||||
| Proceeds from the issuance of common stock | $ 500,037 | ||||||
| Original Distribution Agreement | |||||||
| Capital Unit [Line Items] | |||||||
| Sale of stock, aggregate offering price | $ 90,000 | ||||||
| Distribution Agreement | |||||||
| Capital Unit [Line Items] | |||||||
| Shares issued in transaction (in shares) | 7,146,432 | ||||||
| Sale of stock price (in dollars per share) | $ 21.09 | ||||||
| Proceeds from the issuance of common stock | $ 150,721 | ||||||
| Sale of stock, aggregate offering price | $ 360,000 | ||||||
| Issuance costs | 3,160 | ||||||
| Remaining availability under the offering | $ 299,279 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Jun. 30, 2025 |
Jan. 01, 2026 |
Sep. 18, 2025 |
Jan. 22, 2025 |
May 03, 2024 |
|
| Performance-based stock options | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Shares accelerated for vesting (in shares) | 44,488,976 | |||||
| Accelerated charges | $ 41,396 | |||||
| Cost not yet recognized due to accelerated vesting, amount | $ 166,439 | |||||
| Weighted average recognition period (in years) | 1 year 4 months 24 days | |||||
| 2020 Stock Incentive Plan | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of additional shares allowable (in shares) | 6,400,000 | |||||
| Incremental Pool | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of additional shares allowable (in shares) | 8,000,000 | |||||
| Number of shares available for grant (in shares) | 522,009 | |||||
| Inducement Pool | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of additional shares allowable (in shares) | 2,000,000 | |||||
| Number of shares available for grant (in shares) | 1,581,603 | |||||
| Number of shares reserved for future issuance (in shares) | 2,000,000 | |||||
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock options - $ / shares |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Number of Options | ||
| Beginning balance (in shares) | 119,464,728 | |
| Granted (in shares) | 3,688,577 | |
| Forfeited (in shares) | (4,417,850) | |
| Exercised (in shares) | (580,396) | |
| Ending balance (in shares) | 118,155,059 | 119,464,728 |
| Weighted average exercise price | ||
| Beginning balance (in dollars per share) | $ 4.14 | |
| Granted (in dollars per share) | 17.52 | |
| Forfeited (in dollars per share) | 9.19 | |
| Exercised (in dollars per share) | 4.94 | |
| Ending balance (in dollars per share) | $ 4.36 | $ 4.14 |
| Weighted average remaining contractual term (years) | ||
| Outstanding at end of period, weighted average remaining contractual life | 7 years 7 months 6 days | 7 years 9 months 18 days |
| Vested and expected to vest at end of period, weighted average remaining contractual life | 7 years 6 months | |
| Exercisable at end of period, weighted average remaining contractual life | 7 years 2 months 12 days | |
| Stock option activity, additional disclosures | ||
| Options vested or expected to vest (in shares) | 112,886,811 | |
| Stock options, exercisable (in shares) | 66,372,583 | |
| Options vested or expected to vest (in dollars per share) | $ 4.27 | |
| Weighted average exercise price, exercisable (in dollars per share) | $ 2.74 |
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted stock units |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
$ / shares
shares
| |
| Number of Restricted Stock Units | |
| Beginning balance (in shares) | shares | 0 |
| Granted (in shares) | shares | 730,000 |
| Ending balance (in shares) | shares | 730,000 |
| Weighted Average Grant Date Fair Value per Share | |
| Beginning balance (in dollars per share) | $ / shares | $ 0 |
| Granted (in dollars per share) | $ / shares | 16.59 |
| Ending balance (in dollars per share) | $ / shares | $ 16.59 |
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | $ 72,791 | $ 11,096 |
| Stock options | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | 72,090 | 10,863 |
| Restricted stock units | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | 365 | 0 |
| Employee stock purchase plan | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | 336 | 233 |
| Research and development | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | 24,403 | 4,059 |
| General and administrative | ||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
| Total stock-based compensation expense | $ 48,388 | $ 7,037 |
Related Party Transactions (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 21, 2025
shares
|
Apr. 08, 2025
$ / shares
shares
|
Aug. 01, 2024
ft²
|
Apr. 01, 2024
USD ($)
ft²
contract
|
Mar. 31, 2025
$ / shares
shares
|
Mar. 31, 2026
USD ($)
|
Mar. 31, 2025
USD ($)
$ / shares
shares
|
Dec. 31, 2025
USD ($)
|
Jul. 29, 2022
ft²
|
Jul. 25, 2022
ft²
|
|||
| Related Party Transaction [Line Items] | ||||||||||||
| Research and development | [1] | $ 132,618 | $ 51,265 | |||||||||
| Accrued liabilities | 44,317 | $ 32,100 | ||||||||||
| Warrants exercised (in shares) | shares | 3,581,154 | |||||||||||
| Weighted average exercise price of warrants exercised (in dollars per share) | $ / shares | $ 1.58 | |||||||||||
| Private placement | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Shares issued in transaction (in shares) | shares | 26,682,846 | |||||||||||
| Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Number of sublease contracts to other party | contract | 2 | |||||||||||
| Shares issued in transaction (in shares) | shares | 14,514,402 | |||||||||||
| Related Party | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Shares issued in transaction (in shares) | shares | 533,617 | |||||||||||
| Co-Chief Executive Officer | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Warrants exercised (in shares) | shares | 1,048,834 | 2,936,221 | ||||||||||
| Weighted average exercise price of warrants (in dollars per share) | $ / shares | $ 1.58 | $ 1.58 | ||||||||||
| Weighted average exercise price of warrants exercised (in dollars per share) | $ / shares | $ 1.58 | |||||||||||
| Co-Chief Executive Officer | Private placement | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Shares issued in transaction (in shares) | shares | 3,985,055 | |||||||||||
| Wilson Sonsini Goodrich & Rosati P.C. (“WSGR”) | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Expenses for legal services | $ 200 | |||||||||||
| First Amendment to Sublease Agreement | Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Area of premises subleased from other party (in square feet) | ft² | 4,500 | |||||||||||
| Sublease extension term from other party | 39 months | |||||||||||
| First and Third Amendment to Sublease Agreement, | Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Payments to related party | 207 | |||||||||||
| Second Amendment to Sublease Agreement | Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Area of premises subleased from other party (in square feet) | ft² | 1,277 | |||||||||||
| Payments to related party | 57 | |||||||||||
| Genius Sublease Agreement | Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Number of sublease contracts to other party | contract | 1 | |||||||||||
| Area of premises subleased to other party (in square feet) | ft² | 848 | |||||||||||
| Sublease term to other party | 62 months | |||||||||||
| Total sublease rental payments to be received | $ 446 | |||||||||||
| Investments Research Sublease Agreement | Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Number of sublease contracts to other party | contract | 1 | |||||||||||
| Area of premises subleased to other party (in square feet) | ft² | 848 | |||||||||||
| Sublease term to other party | 62 months | |||||||||||
| Total sublease rental payments to be received | $ 446 | |||||||||||
| Genius Sublease Agreement and Investments Research Sublease Agreement | Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Sublease income | 48 | 48 | ||||||||||
| Third Amendment to Sublease Agreement | Affiliated entity | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Area of premises subleased from other party (in square feet) | ft² | 145 | |||||||||||
| Proportionate share of net payable | 93.60% | |||||||||||
| Akeso Supply Agreement | Related Party | ||||||||||||
| Related Party Transaction [Line Items] | ||||||||||||
| Research and development | 17,694 | $ 6,159 | ||||||||||
| Accrued liabilities | $ 2,711 | $ 1,215 | ||||||||||
| ||||||||||||
Commitments and Contingencies (Details) $ in Thousands |
Apr. 15, 2026
USD ($)
ft²
|
Mar. 31, 2026 |
Jul. 23, 2025
USD ($)
ft²
|
Dec. 06, 2022
USD ($)
|
|---|---|---|---|---|
| Loss Contingencies [Line Items] | ||||
| Period for which the majority of contractual commitments are to be paid (in years) | 1 year | |||
| Duggan February Note | Chief Executive Officer | ||||
| Loss Contingencies [Line Items] | ||||
| Promissory note | $ 400 | |||
| Zanganeh Note | Chief Executive Officer and President | ||||
| Loss Contingencies [Line Items] | ||||
| Promissory note | 20 | |||
| Duggan September Note | Chief Executive Officer | ||||
| Loss Contingencies [Line Items] | ||||
| Promissory note | $ 100 | |||
| Princeton Office Lease | ||||
| Loss Contingencies [Line Items] | ||||
| Operating lease, office space (in square feet) | ft² | 8,857 | |||
| Lease, average annual lease payments | $ 292 | |||
| Princeton Office Lease | Subsequent event | ||||
| Loss Contingencies [Line Items] | ||||
| Operating lease, office space (in square feet) | ft² | 15,207 | |||
| Lease, average annual lease payments | $ 507 | |||
| Increase in area of real estate property (in square feet) | ft² | 6,350 |