Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||
current assets: | |||||||||||||||||||||||
cash and cash equivalents | 693,472,000 | 690,215,000 | 720,541,000 | 559,931,000 | 530,684,000 | 405,863,000 | 442,443,000 | 331,147,000 | 287,893,000 | 322,026,000 | 351,429,000 | 279,048,000 | 239,426,000 | 215,621,000 | 228,586,000 | 230,042,000 | 221,349,000 | 237,113,000 | 255,203,000 | 265,876,000 | 133,810,000 | 144,687,000 | 54,518,000 |
accounts receivable | 3,492,000 | 15,816,000 | 17,291,000 | 2,742,000 | 388,000 | 4,000 | 226,000 | 143,000 | 18,000,000 | 100,000 | |||||||||||||
prepaid expenses and other current assets | 22,343,000 | 26,777,000 | 21,677,000 | 26,220,000 | 20,974,000 | 26,847,000 | 20,457,000 | 16,003,000 | 16,542,000 | 12,282,000 | 10,793,000 | 6,719,000 | 6,449,000 | 6,736,000 | 2,634,000 | 3,398,000 | 4,725,000 | 4,204,000 | 779,000 | 1,850,000 | 2,606,000 | 3,830,000 | 1,197,000 |
total current assets | 719,307,000 | 732,808,000 | 759,509,000 | 588,893,000 | 552,046,000 | 432,714,000 | 463,126,000 | 347,293,000 | 304,435,000 | 334,308,000 | 362,222,000 | 285,767,000 | 245,875,000 | 222,357,000 | 231,220,000 | 251,440,000 | 226,074,000 | 241,417,000 | 255,982,000 | 267,726,000 | 136,416,000 | 148,517,000 | 58,539,000 |
operating lease right-of-use assets | 17,463,000 | 18,072,000 | 18,667,000 | 19,251,000 | 19,823,000 | 14,649,000 | 14,995,000 | 15,334,000 | 15,669,000 | 16,010,000 | 16,364,000 | 15,548,000 | 447,000 | 658,000 | 864,000 | 1,067,000 | 1,265,000 | 676,000 | 779,000 | 878,000 | 976,000 | 1,025,000 | 1,116,000 |
property and equipment | 4,564,000 | 4,836,000 | 4,473,000 | 4,237,000 | 4,366,000 | 4,292,000 | 4,434,000 | 4,134,000 | 3,357,000 | 3,087,000 | 2,933,000 | 2,021,000 | 1,680,000 | 1,652,000 | 1,456,000 | 1,335,000 | 1,295,000 | 1,253,000 | 854,000 | 724,000 | 739,000 | 781,000 | 822,000 |
restricted cash | 1,449,000 | 1,449,000 | 1,449,000 | 1,449,000 | 1,449,000 | 1,212,000 | 1,212,000 | 1,212,000 | 1,212,000 | 1,327,000 | 1,327,000 | 1,327,000 | 1,327,000 | 1,327,000 | 1,327,000 | 1,327,000 | 1,328,000 | 115,000 | 115,000 | 115,000 | 115,000 | 115,000 | 115,000 |
other long-term assets | 463,000 | 1,587,000 | 2,155,000 | 2,052,000 | 1,574,000 | 1,574,000 | 1,590,000 | ||||||||||||||||
total assets | 742,783,000 | 757,165,000 | 784,561,000 | 615,886,000 | 579,271,000 | 455,022,000 | 485,819,000 | 370,025,000 | 326,247,000 | 356,306,000 | 384,436,000 | 306,781,000 | 252,550,000 | 226,661,000 | 235,142,000 | 255,251,000 | 229,962,000 | 243,461,000 | 257,730,000 | 269,443,000 | 138,246,000 | 150,438,000 | 60,592,000 |
liabilities and stockholders' equity | |||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||
accounts payable | 2,298,000 | 5,267,000 | 6,636,000 | 4,602,000 | 4,981,000 | 6,535,000 | 4,986,000 | 5,450,000 | 3,867,000 | 4,146,000 | 4,682,000 | 3,339,000 | 2,655,000 | 7,660,000 | 3,064,000 | 3,645,000 | 2,811,000 | 1,372,000 | 3,008,000 | 2,149,000 | 1,716,000 | 4,852,000 | 2,426,000 |
current portion of operating lease liabilities | 2,318,000 | 2,230,000 | 2,102,000 | 1,978,000 | 1,857,000 | 1,096,000 | 1,050,000 | 1,005,000 | 611,000 | 455,000 | 455,000 | 670,000 | 884,000 | 862,000 | 843,000 | 449,000 | 436,000 | 423,000 | 412,000 | 400,000 | 388,000 | ||
accrued expenses and other current liabilities | 15,174,000 | 19,964,000 | 17,290,000 | 20,870,000 | 22,169,000 | 13,614,000 | 12,682,000 | 17,918,000 | 12,223,000 | 11,949,000 | 10,776,000 | 12,753,000 | 8,415,000 | 7,123,000 | 7,700,000 | 7,339,000 | 7,361,000 | 5,710,000 | 5,506,000 | 4,612,000 | 4,697,000 | 3,042,000 | 6,022,000 |
deferred revenue | 155,000 | 925,000 | 3,308,000 | ||||||||||||||||||||
current tax liability | 4,147,000 | 6,321,000 | 10,043,000 | ||||||||||||||||||||
total current liabilities | 24,092,000 | 34,707,000 | 39,379,000 | 27,450,000 | 29,007,000 | 21,245,000 | 18,718,000 | 24,373,000 | 16,701,000 | 16,095,000 | 15,458,000 | 16,547,000 | 11,525,000 | 15,453,000 | 11,648,000 | 11,846,000 | 11,015,000 | 7,531,000 | 8,950,000 | 7,184,000 | 6,825,000 | 8,294,000 | 8,836,000 |
operating lease liabilities, net of current portion | 15,111,000 | 15,724,000 | 16,311,000 | 16,883,000 | 17,429,000 | 12,861,000 | 13,154,000 | 13,439,000 | 13,704,000 | 13,951,000 | 13,994,000 | 12,811,000 | 231,000 | 453,000 | 242,000 | 361,000 | 476,000 | 586,000 | 692,000 | 797,000 | |||
total liabilities | 39,203,000 | 50,431,000 | 55,690,000 | 44,333,000 | 46,436,000 | 34,106,000 | 31,872,000 | 37,812,000 | 30,405,000 | 30,046,000 | 29,452,000 | 29,358,000 | 11,525,000 | 15,453,000 | 11,648,000 | 12,077,000 | 11,484,000 | 7,805,000 | 9,358,000 | 7,722,000 | 7,488,000 | 9,077,000 | 9,737,000 |
stockholders' equity: | |||||||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of september 30, 2025 and december 31, 2024; no shares issued and outstanding | |||||||||||||||||||||||
series a junior participating preferred stock, par value of 0.0001 per share; 500,000 and no shares authorized as of september 30, 2025 and december 31, 2024, respectively; no shares issued and outstanding | |||||||||||||||||||||||
common stock | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,000 |
additional paid-in capital | 1,161,880,000 | 1,157,754,000 | 1,149,195,000 | 1,140,328,000 | 1,055,584,000 | 890,710,000 | 878,484,000 | 713,636,000 | 637,022,000 | 628,000,000 | 619,219,000 | 505,855,000 | 439,739,000 | 386,413,000 | 371,433,000 | 366,927,000 | 335,291,000 | 332,172,000 | 329,266,000 | 326,730,000 | 185,091,000 | 183,658,000 | 6,674,000 |
accumulated deficit | -458,304,000 | -451,024,000 | -420,328,000 | -568,779,000 | -522,753,000 | -469,797,000 | -424,540,000 | -381,426,000 | -341,183,000 | -301,743,000 | -264,238,000 | -228,434,000 | -198,716,000 | -175,207,000 | -147,941,000 | -123,755,000 | -116,815,000 | -96,518,000 | -80,896,000 | -65,011,000 | -54,335,000 | -42,299,000 | -31,542,000 |
total stockholders' equity | 703,580,000 | 706,734,000 | 728,871,000 | 532,835,000 | 420,916,000 | 453,947,000 | 295,842,000 | 326,260,000 | 354,984,000 | 241,025,000 | 211,208,000 | 223,494,000 | 218,478,000 | 235,656,000 | 248,372,000 | 130,758,000 | 141,361,000 | ||||||
total liabilities and stockholders' equity | 742,783,000 | 757,165,000 | 784,561,000 | 579,271,000 | 455,022,000 | 485,819,000 | 326,247,000 | 356,306,000 | 384,436,000 | 252,550,000 | 226,661,000 | 235,142,000 | 229,962,000 | 243,461,000 | 257,730,000 | ||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of june 30, 2025 and december 31, 2024; no shares issued and outstanding | |||||||||||||||||||||||
series a junior participating preferred stock, par value of 0.0001 per share; 500,000 and no shares authorized as of june 30, 2025 and december 31, 2024, respectively; no shares issued and outstanding | |||||||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of march 31, 2025 and december 31, 2024; no shares issued and outstanding | |||||||||||||||||||||||
other long term assets | 2,056,000 | 2,052,000 | 2,118,000 | 82,000 | |||||||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||||
commitments and contingencies | |||||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of december 31, 2024 and december 31, 2023; no shares issued and outstanding | |||||||||||||||||||||||
total stockholders’ equity | 571,553,000 | 332,213,000 | 277,423,000 | 243,174,000 | 261,721,000 | ||||||||||||||||||
total liabilities and stockholders’ equity | 615,886,000 | 370,025,000 | 306,781,000 | 255,251,000 | |||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of september 30, 2024 and december 31, 2023, respectively; no shares issued and outstanding | |||||||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of june 30, 2024 and december 31, 2023, respectively; no shares issued and outstanding | |||||||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of march 31, 2024 and december 31, 2023, respectively; no shares issued and outstanding | |||||||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of december 31, 2023 and december 31, 2022, respectively; no shares issued and outstanding | |||||||||||||||||||||||
preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of december 31, 2022 and december 31, 2021, respectively; no shares issued and outstanding | |||||||||||||||||||||||
other long-term asset | 3,221,000 | 667,000 | 275,000 | ||||||||||||||||||||
other liabilities | 16,000 | 32,000 | 47,000 | 62,000 | 77,000 | 91,000 | 104,000 | ||||||||||||||||
deferred initial public offering costs | |||||||||||||||||||||||
research and development incentive receivable | 805,000 | ||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||||||||
preferred stock tranche liability | |||||||||||||||||||||||
series a convertible preferred stock, par value of 0.0001 per share; 0 and 10,000,000 shares authorized as of december 31, 2020 and december 31, 2019, respectively; 0 and 4,607,652 shares issued and outstanding as of december 31, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of december 31, 2020 | |||||||||||||||||||||||
series a-1 convertible preferred stock, par value of 0.0001 per share; 0 and 800,000 shares authorized as of december 31, 2020 and december 31, 2019, respectively; 0 and 368,612 shares issued and outstanding as of december 31, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of december 31, 2020 | |||||||||||||||||||||||
series b-1 convertible preferred stock, par value of 0.0001 per share; 0 and 3,427,004 shares authorized as of december 31, 2020 and december 31, 2019, respectively; 0 and 1,579,043 shares issued and outstanding as of december 31, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of december 31, 2020 | |||||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 269,443,000 | ||||||||||||||||||||||
deferred ipo costs | 2,019,000 | ||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders' equity | |||||||||||||||||||||||
series a convertible preferred stock, par value of 0.0001 per share; 0 and 10,000,000 shares authorized as of september 30, 2020 and december 31, 2019, respectively; 0 and 4,607,652 shares issued and outstanding as of september 30, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of september 30, 2020 | |||||||||||||||||||||||
series a-1 convertible preferred stock, par value of 0.0001 per share; 0 and 800,000 shares authorized as of september 30, 2020 and december 31, 2019, respectively; 0 and 368,612 shares issued and outstanding as of september 30, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of september 30, 2020 | |||||||||||||||||||||||
series b-1 convertible preferred stock, par value of 0.0001 per share; 0 and 3,427,004 shares authorized as of september 30, 2020 and december 31, 2019, respectively; 0 and 1,579,043 shares issued and outstanding as of september 30, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of september 30, 2020 | |||||||||||||||||||||||
stockholders' equity | |||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders' equity | 138,246,000 | 150,438,000 | |||||||||||||||||||||
series a convertible preferred stock, par value of 0.0001 per share; 0 and 10,000,000 shares authorized as of june 30, 2020 and december 31, 2019, respectively; 0 and 4,607,652 shares issued and outstanding as of june 30, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of june 30, 2020 | |||||||||||||||||||||||
series a-1 convertible preferred stock, par value of 0.0001 per share; 0 and 800,000 shares authorized as of june 30, 2020 and december 31, 2019, respectively; 0 and 368,612 shares issued and outstanding as of june 30, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of june 30, 2020 | |||||||||||||||||||||||
series b-1 convertible preferred stock, par value of 0.0001 per share; 0 and 3,427,004 shares authorized as of june 30, 2020 and december 31, 2019, respectively; 0 and 1,579,043 shares issued and outstanding as of june 30, 2020 and december 31, 2019, respectively; liquidation and redemption value of 0 as of june 30, 2020 | |||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders' deficit | |||||||||||||||||||||||
series a convertible preferred stock, par value of 0.0001 per share; 10,000,000 shares authorized as of march 31, 2020 and december 31, 2019; 4,607,652 shares issued and outstanding as of march 31, 2020 and december 31, 2019; liquidation and redemption value of 12,471 as of march 31, 2020 | 9,891,000 | ||||||||||||||||||||||
series a-1 convertible preferred stock, par value of 0.0001 per share; 800,000 shares authorized as of march 31, 2020 and december 31, 2019; 368,612 shares issued and outstanding as of march 31, 2020 and december 31, 2019; liquidation and redemption value of 1,191 as of march 31, 2020 | 944,000 | ||||||||||||||||||||||
series b-1 convertible preferred stock, par value of 0.0001 per share; 3,427,004 shares authorized as of march 31, 2020 and december 31, 2019; 1,579,043 shares issued and outstanding as of march 31, 2020 and december 31, 2019; liquidation and redemption value of 12,826 as of march 31, 2020 | 9,106,000 | ||||||||||||||||||||||
series c convertible preferred stock, par value of 0.0001 per share; 9,049,783 and 0 shares authorized as of march 31, 2020 and december 31, 2019, respectively; 4,169,822 and 0 shares issued and outstanding as of march 31, 2020 and december 31, 2019, respectively; liquidation and redemption value of 56,356 as of march 31, 2020 | 55,781,000 | ||||||||||||||||||||||
stockholders' deficit: | |||||||||||||||||||||||
total stockholders' deficit | -24,867,000 | ||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders' deficit | 60,592,000 |
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