v3.25.3
Condensed Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 65,927 $ 190,304
Marketable securities 101,667 126,591
Accounts receivable 3,922 8,616
Prepaid expenses and other current assets 10,597 17,799
Total current assets 182,113 343,310
Property and equipment, net 13,346 18,190
Operating lease right-of-use assets 13,341 17,677
Other non-current assets 0 7,172
Restricted cash 858 858
Total assets 209,658 387,207
Current liabilities:    
Accounts payable 7,034 10,475
Accrued compensation 13,248 12,905
Deferred revenue - current 8,977 69,783
Operating lease liability - current 7,960 7,480
Accrued expenses and other current liabilities 34,676 31,250
Total current liabilities 71,895 131,893
Deferred revenue - non-current 3,758 12,536
Operating lease liability - non-current 9,701 15,674
Deferred royalty obligation related to the sale of future royalties 209,878 180,809
Other non-current liabilities 1,694 1,694
Total liabilities 296,926 342,606
Commitments and contingencies (Note 6)
Stockholders' (deficit) equity:    
Preferred stock, $0.001 par value - 10,000,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares issued and outstanding as of September 30, 2025 and December 31, 2024
Common stock, $0.001 par value - 300,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 85,101,749 and 82,526,430 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 85 83
Additional paid-in-capital 843,807 831,348
Accumulated other comprehensive income 33 39
Accumulated deficit (931,193) (786,869)
Total stockholders' (deficit) equity (87,268) 44,601
Total Liabilities and Stockholders' (Deficit) Equity $ 209,658 $ 387,207

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