7Baggers

Keros Therapeutics, Inc
(NASDAQ:KROS) 

KROS stock logo

Keros Therapeutics, Inc., a clinical-stage biopharmaceutical company, discovers, develops, and commercializes novel treatments for patients suffering from hematological and musculoskeletal disorders with high unmet medical need. The company's lead protein therapeutic product candidate is KER-050, wh...

Founded: 2015
Full Time Employees: 32
CEO: Jasbir S. Seehra  
Sector: Healthcare
Industry: Biotechnology
Biotechnology
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 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 
                             
      revenue:
    		                         
      service and other revenue
    		367,000 385,000 4,262,000 18,168,000 15,891,000 42,000 388,000 37,000 83,000                 
      license revenue
    		  10,000,000  195,355,000             25,000  100,000      
      total revenue
    		367,000 385,000 14,262,000 18,168,000 211,246,000 3,042,000 388,000 37,000 83,000 143,000 8,000       20,000,000  100,000      
      yoy
    		-99.83% -87.34% 3575.77% 49002.70% 254413.25% 2027.27% 4750.00%    NaN%    NaN% NaN%   NaN% NaN%      
      qoq
    		-4.68% -97.30% -21.50% -91.40% 6844.31% 684.02% 948.65% -55.42% -41.96% 1687.50%     NaN%   NaN% NaN%    NaN% NaN%  
      operating expenses:
    		                         
      research and development
    		-16,097,000 -17,912,000 -19,519,000 -43,503,000 -48,709,000 -45,631,000 -49,225,000 -40,515,000 -38,258,000 -37,493,000 -34,140,000 -32,534,000 -31,091,000 -24,867,000 -21,039,000 -23,281,000 -18,078,000 -18,833,000 -14,832,000 -9,983,000 -11,495,000 -9,674,000 -8,395,000 -7,264,000 -8,527,000 
      general and administrative
    		-10,147,000 -11,743,000 -10,127,000 -14,482,000 -10,497,000 -10,665,000 -9,820,000 -9,961,000 -10,308,000 -9,105,000 -9,148,000 -8,803,000 -7,778,000 -7,093,000 -6,937,000 -7,447,000 -6,048,000 -6,033,000 -5,365,000 -5,658,000 -4,274,000 -3,617,000 -3,553,000 -3,650,000 -1,977,000 
      total operating expenses
    		-26,244,000 -29,655,000 -29,646,000 -57,985,000 -59,206,000 -56,296,000 -59,045,000 -50,476,000 -48,566,000 -46,598,000 -43,288,000 -41,337,000 -38,869,000 -31,960,000 -27,976,000 -30,728,000 -24,126,000 -24,866,000 -20,197,000 -15,641,000 -15,769,000 -13,291,000 -11,948,000 -10,914,000 -10,504,000 
      income from operations
    		-25,877,000 -29,270,000 -15,384,000 -39,817,000 152,040,000 -53,254,000 -58,657,000 -50,439,000 -48,483,000 -46,455,000 -43,280,000 -41,337,000 -38,869,000 -31,960,000 -27,976,000 -30,728,000 -24,126,000 -4,866,000 -20,197,000 -15,541,000 -15,769,000 -13,291,000 -11,948,000 -10,914,000 -10,504,000 
      yoy
    		-117.02% -45.04% -73.77% -21.06% -413.59% 14.64% 35.53% 22.02% 24.73% 45.35% 54.70% 34.53% 61.11% 556.80% 38.52% 97.72% 53.00% -63.39% 69.04% 42.40% 50.12%     
      qoq
    		-11.59% 90.26% -61.36% -126.19% -385.50% -9.21% 16.29% 4.03% 4.37% 7.34% 4.70% 6.35% 21.62% 14.24% -8.96% 27.36% 395.81% -75.91% 29.96% -1.45% 18.64% 11.24% 9.47% 3.90%  
      operating margin %
    		-7050.95% -7602.60% -107.87% -219.16% 71.97% -1750.62% -15117.78% -136321.62% -58413.25% -32486.01% -541000.00% -Infinity% -Infinity% -Infinity% NaN% NaN% -Infinity% -24.33% NaN% -15541.00% -Infinity% -Infinity% NaN% NaN% NaN% 
      other income
    		         -10,943,000 3,840,000 3,832,000 3,065,000 2,242,000 762,000 86,000  -74,000 -137,000 -80,000  156,000 -86,000 158,000 -68,000 
      dividend income
    		2,335,000 4,022,000 6,933,000 7,120,000 6,792,000 6,519,000 5,793,000 5,378,000 5,806,000                 
      other expense
    		-166,000 273,000 -253,000 -221,000 -338,000 -229,000 -92,000 -196,000 -437,000        -59,000    -65,000     
      total other income
    		2,169,000 4,295,000 6,680,000 6,899,000 6,454,000 7,528,000 5,701,000 5,182,000 5,369,000 6,212,000 3,840,000 3,832,000 3,065,000 2,242,000 4,467,000 3,462,000    -81,000  2,615,000 -88,000 157,000  
      income before income taxes
    		-23,708,000 -24,975,000 -8,704,000 -32,918,000 158,494,000         -29,718,000 -23,509,000 -27,266,000 -24,186,000 -4,941,000 -20,335,000 -15,622,000 -15,835,000 -10,676,000 -12,036,000 -10,757,000 -12,064,000 
      income tax provision
    		    -10,043,000                     
      net income
    		-23,708,000 -23,461,000 -7,280,000 -30,696,000 148,451,000 -46,026,000 -52,956,000 -45,257,000 -43,114,000 -40,243,000 -39,440,000 -37,505,000 -35,804,000 -29,718,000 -23,509,000 -27,266,000 -24,186,000 -6,940,000 -20,297,000 -15,622,000 -15,885,000 -10,676,000 -12,036,000 -10,757,000 -11,892,000 
      yoy
    		-115.97% -49.03% -86.25% -32.17% -444.32% 14.37% 34.27% 20.67% 20.42% 35.42% 67.77% 37.55% 48.04% 328.21% 15.82% 74.54% 52.26% -34.99% 68.64% 45.23% 33.58%     
      qoq
    		1.05% 222.27% -76.28% -120.68% -422.54% -13.09% 17.01% 4.97% 7.13% 2.04% 5.16% 4.75% 20.48% 26.41% -13.78% 12.73% 248.50% -65.81% 29.93% -1.66% 48.79% -11.30% 11.89% -9.54%  
      net income margin %
    		-6459.95% -6093.77% -51.04% -168.96% 70.27% -1513.02% -13648.45% -122316.22% -51944.58% -28141.96% -493000.00% -Infinity% -Infinity% -Infinity% NaN% NaN% -Infinity% -34.70% NaN% -15622.00% -Infinity% -Infinity% NaN% NaN% NaN% 
      net income attributable to common stockholders — basic and diluted
    		-23,708,000 -23,461,000 -7,280,000 -30,696,000 148,451,000                     
      weighted-average shares of common stock outstanding — basic
    		19,629,906,000  40,623,364,000 40,612,907,000 40,559,355,000                     
      weighted-average shares of common stock outstanding — diluted
    		19,629,906,000  40,623,364,000 40,612,907,000 41,021,325,000                     
      net income per share
    		-1.21 -0.38 -0.18 -0.76 3.66 -1.12 -1.41 -1.25 -1.21 -1.34 -1.33 -1.27 -1.26 -1.1 -0.92 -1.13 -1.01 -0.3 -0.87 -0.67 -0.68 -0.28 -0.6 -0.62 -5.11 
      income tax benefit
    		 -1,599,250 1,424,000 2,222,000              -1,999,000 38,000  -50,000    172,000 
      net loss attributable to common stockholders—basic and diluted
    		     -46,026,000 -52,956,000 -45,257,000 -43,114,000 -28,187,250 -39,440,000 -37,505,000 -35,804,000 -29,718,000 -23,509,000 -27,266,000 -24,186,000 -6,940,000 -20,297,000 -15,622,000 -15,885,000 -9,664,000 -12,036,000 -10,963,000 -12,698,000 
      weighted-average common stock outstanding—basic and diluted
    		     37,437,652 37,590,727 36,103,187 35,685,422 29,447,119 29,668,247 29,602,458 28,369,453 25,241,030 25,549,701 24,053,977 23,993,698 23,333,914 23,362,237 23,305,673 23,229,794 15,506,397 20,175,883 17,623,994 2,484,057 
      service revenue
    		         2,000 8,000               
      interest expense
    		                -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -2,000 -1,000 -2,000 
      research and development incentive income
    		              3,705,000 3,376,000          
      total other expense
    		                -60,000 -71,250 -138,000  -66,000    -1,560,000 
      change in fair value of preferred stock tranche obligation
    		                        -1,490,000 
      research collaboration revenue
    		                         
      other expense, net:
    		                         
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 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
      		281,497,000 287,415,000 693,472,000 690,215,000 720,541,000 559,931,000 530,684,000 405,863,000 442,443,000 331,147,000 287,893,000 322,026,000 351,429,000 279,048,000 239,426,000 215,621,000 228,586,000 230,042,000 221,349,000 237,113,000 255,203,000 265,876,000 133,810,000 144,687,000 54,518,000 
        accounts receivable
      		400,000 3,567,000 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
      		6,530,000 22,202,000 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 
        current income tax receivable
      		2,250,000 2,250,000                        
        total current assets
      		290,677,000 315,434,000 719,307,000 732,808,000 759,509,000 588,893,000 552,046,000 432,714,000 463,126,000 347,293,000 304,435,000 334,308,000 362,222,000 285,767,000 245,875,000 222,357,000 231,220,000 251,440,000 226,074,000 241,417,000 255,982,000 267,726,000 136,416,000 148,517,000 58,539,000 
        operating lease right-of-use assets
      		16,205,000 16,841,000 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
      		3,962,000 4,297,000 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 1,449,000 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 
        total assets
      		312,293,000 338,021,000 742,783,000 757,165,000 784,561,000 615,886,000 579,271,000 455,022,000 485,819,000 370,025,000 326,247,000 356,306,000 384,436,000 306,781,000 252,550,000 226,661,000 235,142,000 255,251,000 229,962,000 243,461,000 257,730,000 269,443,000 138,246,000 150,438,000 60,592,000 
        liabilities and stockholders' equity
      		                         
        current liabilities:
      		                         
        accounts payable
      		1,493,000 1,967,000 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
      		2,501,000 2,408,000 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
      		8,859,000 16,039,000 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 
        total current liabilities
      		12,853,000 20,414,000 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
      		13,810,000 14,475,000 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
      		26,663,000 34,889,000 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 march 31, 2026 and december 31, 2025; no shares issued and outstanding
      		                         
        series a junior participating preferred stock, par value of 0.0001 per share; 500,000 shares authorized as of march 31, 2026 and december 31, 2025; no shares issued and outstanding
      		                         
        common stock
      		4,000 4,000 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 
        treasury stock
      		-384,558,000 -384,558,000                        
        additional paid-in capital
      		1,175,657,000 1,169,451,000 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
      		-505,473,000 -481,765,000 -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
      		285,630,000  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
      		312,293,000  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     
        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, 2025 and 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 december 31, 2025 and december 31, 2024, respectively; no shares issued and outstanding
      		                         
        total stockholders’ equity
      		 303,132,000    571,553,000    332,213,000    277,423,000    243,174,000    261,721,000    
        total liabilities and stockholders’ equity
      		 338,021,000    615,886,000    370,025,000    306,781,000    255,251,000        
        other long-term assets
      		    463,000  1,587,000 2,155,000 2,052,000  1,574,000 1,574,000 1,590,000             
        deferred revenue
      		  155,000 925,000 3,308,000                     
        current tax liability
      		  4,147,000 6,321,000 10,043,000                     
        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
      		                         
        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
      		                         
        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
      		                         
        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 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 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 
                                 
          cash flows from operating activities:
        		                         
          net income
        		-23,708,000 -23,461,000 -7,280,000 -30,696,000 148,451,000                     
          adjustments to reconcile net income to net cash from operating activities:
        		                         
          depreciation expense
        		403,000 400,000 395,000 370,000 344,000 332,000 314,000 306,000 277,000 247,000 210,000 191,000 167,000 127,000 126,000 308,000 113,000 104,000 103,000 91,000 80,000 75,000 72,000 68,000 63,000 
          stock-based compensation expense
        		6,199,000 7,305,000 3,986,000 8,542,000 8,863,000 9,200,000 8,817,000 8,785,000 8,070,000 7,324,000 8,711,000 7,041,000 5,687,000 4,746,000 4,754,000 4,794,000 4,388,000 3,295,000 3,084,000 2,849,000 2,494,000 1,522,000 1,424,000 1,139,000 12,000 
          non-cash lease expense
        		636,000 622,000 609,000 595,000 584,000 572,000 563,000 346,000 339,000 335,000 341,000 354,000 522,000 321,000 211,000 206,000 203,000 198,000 120,000 103,000 99,000 98,000 49,000 91,000 89,000 
          changes in operating assets and liabilities:
        		                         
          accounts receivable
        		3,167,000 -75,000 12,324,000 1,475,000 -14,549,000 -2,354,000 -384,000 222,000 -83,000     0 0 0 18,000,000         
          prepaid expenses and other current assets
        		15,672,000 141,000 4,434,000 -5,100,000 4,543,000 -5,246,000 5,873,000 -6,366,000 -4,478,000 539,000 -4,260,000 -1,489,000 -4,074,000 -270,000 287,000 -4,102,000 764,000 1,327,000 -521,000 -3,425,000 1,071,000 756,000 1,224,000 -2,633,000 -816,000 
          other assets
        		 0 0 463,000 1,593,000 -469,000 491,000       0            
          accounts payable
        		-108,000 -697,000 -2,955,000 -1,368,000 2,019,000 -293,000 -1,592,000 1,613,000 23,000 1,044,000 -182,000 -570,000 1,322,000 595,000 -4,994,000 4,659,000 -668,000 823,000 1,439,000 -1,636,000 859,000 433,000 -3,136,000 2,957,000 -193,000 
          right-of-use assets and operating lease liabilities
        		-572,000 -546,000 -525,000 -459,000 -448,000                     
          deferred revenue
        		  -770,000 -2,383,000 3,308,000                     
          current tax liability
        		  -2,174,000 -3,722,000 10,043,000                     
          accrued expenses and other current liabilities
        		-5,218,000 -4,430,000 -4,795,000 2,674,000 -3,580,000 -1,299,000 8,705,000 900,000 -5,354,000 5,787,000 274,000 1,173,000 -1,977,000 4,263,000 1,281,000 -583,000 361,000 -97,000 1,651,000 204,000 894,000 -85,000 1,655,000 -2,251,000 3,271,000 
          net cash from operating activities
        		-3,529,000 -27,292,000 3,249,000 -29,623,000 161,171,000 -46,008,000 -30,500,000 -39,801,000 -44,560,000 -25,459,000 -33,982,000 -30,832,000 -34,235,000 -21,443,000 -24,602,000 -22,590,000 -1,427,000 -19,565,000 -14,441,000 -17,637,000 -10,505,000 -7,991,000 -10,856,000 -9,927,000 -8,120,000 
          capital expenditures
        		-73,000 -134,000 -132,000 -720,000 -565,000 -289,000 -386,000 -310,000 -946,000 -541,000 -550,000 -311,000 -1,062,000 -351,000 -176,000 -567,000 -147,000 -159,000 -145,000 -510,000 -210,000 -60,000 -30,000 -28,000 -176,000 
          free cash flows
        		-3,602,000 -27,426,000 3,117,000 -30,343,000 160,606,000 -46,297,000 -30,886,000 -40,111,000 -45,506,000 -26,000,000 -34,532,000 -31,143,000 -35,297,000 -21,794,000 -24,778,000 -23,157,000 -1,574,000 -19,724,000 -14,586,000 -18,147,000 -10,715,000 -8,051,000 -10,886,000 -9,955,000 -8,296,000 
          cash flows from investing activities:
        		                         
          purchase of property and equipment
        		-73,000 -134,000 -132,000 -720,000 -565,000 -289,000 -386,000 -310,000 -946,000 -541,000 -550,000 -311,000 -1,062,000 -351,000 -176,000 -567,000 -147,000 -159,000 -145,000 -510,000 -210,000 -60,000 -30,000 -28,000 -176,000 
          net cash from investing activities
        		-73,000 -134,000 -132,000 -720,000 -565,000 -289,000 -386,000 -310,000 -946,000 -541,000 -550,000 -311,000 -1,062,000 -351,000 -176,000 -567,000 -147,000 -159,000 -145,000 -510,000 -210,000 -60,000 -30,000 -28,000 -176,000 
          cash flows from financing activities:
        		                         
          payment of direct expenses associated with the treasury stock repurchase
        		-2,323,000                         
          proceeds from exercise of stock options
        		7,000 127,000 2,000 17,000 4,000 2,445,000 1,008,000 2,967,000 5,721,000 804,000 311,000 1,740,000 370,000 102,000 96,000 502,000 118,000 245,000 35,000 57,000 42,000 7,000 9,000 9,000 13,000 
          net cash from financing activities
        		-2,316,000 -378,631,000 140,000 17,000 4,000 75,544,000 155,944,000 3,531,000 156,802,000 69,254,000 284,000 1,740,000 107,678,000 61,416,000 48,583,000 10,192,000 118,000 28,416,000 35,000 57,000 42,000 140,117,000 9,000 100,124,000 55,794,000 
          net increase in cash, cash equivalents and restricted cash
        		-5,918,000  3,257,000 -30,326,000 160,610,000 29,247,000 125,058,000 -36,580,000 111,296,000 43,254,000 -34,248,000 -29,403,000 72,381,000 39,622,000    8,692,000 -14,551,000 -18,090,000 -10,673,000 132,066,000 -10,877,000 90,169,000 47,498,000 
          cash, cash equivalents and restricted cash at beginning of period
        		288,864,000  0 0 561,380,000  0 0 332,359,000  0 0 280,375,000  0 0 231,369,000  0 0 265,991,000  0 0 7,135,000 
          cash, cash equivalents and restricted cash at end of period
        		282,946,000  3,257,000 -30,326,000 721,990,000  125,058,000 -36,580,000 443,655,000  -34,248,000 -29,403,000 352,756,000  23,805,000 -12,965,000 229,913,000  -14,551,000 -18,090,000 255,318,000  -10,877,000 90,169,000 54,633,000 
          supplemental disclosure of cash flow information:
        		                         
          property and equipment purchases in accounts payable and accrued expenses
        		 0 -9,000 -1,000 15,000  2,000 -146,000 230,000                 
          gain on disposal of fixed asset
        		 1,000 0                       
          current income tax receivable
        		                         
          proceeds from issuance of common stock, net of underwriting discounts
        		     0 0 0 151,340,000                 
          payment of issuance costs
        		     0 0 -24,000 -259,000 -67,000               -219,000 
          proceeds from issuance of common stock under the atm agreement, net of commissions
        		     73,099,000 155,066,000                   
          payment of issuance costs associated with issuance of common stock under the atm agreement
        		     0 -130,000                   
          proceeds from issuance of common stock under the employee stock purchase plan
        		 0                        
          repurchase of treasury stock
        		                         
          short-swing profit settlement
        		                         
          net change in cash, cash equivalents and restricted cash
        		                         
          cash, cash equivalents and restricted cash at beginning of year
        		                         
          cash, cash equivalents and restricted cash at end of year
        		                         
          cash paid for taxes
        		                         
          treasury stock repurchase costs in accounts payable and accrued expenses
        		                         
          right-of-use assets obtained in exchange for operating lease obligation
        		     0    0 0 0 1,338,000             
          cash paid for federal income taxes
        		  750,000                       
          issuance costs associated with the atm agreement in accounts payable and accrued expenses
        		                         
          net loss
        		     -46,026,000 -52,956,000 -45,257,000 -43,114,000  -39,440,000 -37,505,000 -35,804,000  -23,509,000 -27,266,000 -24,186,000 -6,940,000 -20,297,000 -15,622,000 -15,885,000  -12,036,000 -10,757,000 -11,892,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                         
          loss on disposal of fixed asset
        		         0 0 0 4,000 1,000    26,000 0       
          property and equipment purchases in accounts payable
        		          5,000 34,000 21,000  -11,000 -63,000 87,000         
          issuance costs in accrued and accounts payable
        		                         
          right-to-use assets and operating lease liabilities
        		      -331,000 -324,000 -240,000  364,000 -27,000 -82,000             
          other liabilities
        		                 -16,000 -16,000 -15,000 -15,000 -15,000 -14,000 -13,000 -15,000 
          proceeds from issuance of common stock, net of offering cost
        		         68,517,000 0 0 107,308,000 61,401,000 48,487,000           
          property and equipment purchases still in accounts payable
        		                 -124,000        
          issuance cost still in accrued and accounts payable
        		                         
          issuance cost in accrued expenses
        		              11,000           
          change in right-to-use asset
        		                         
          operating lease liabilities
        		               -606,000 -402,000  605,000 -106,000 -102,000 -99,000 -94,000 -93,000 -90,000 
          net decrease in cash, cash equivalents and restricted cash
        		               -12,965,000 -1,456,000         
          changes in fair value of preferred stock tranche obligation
        		                     0 0 0 1,490,000 
          research and development incentive receivable
        		                     0 0 805,000 117,000 
          deferred ipo costs
        		                     0 0 760,000 -156,000 
          proceeds from issuance of series c preferred stock
        		                     0 0 0 56,000,000 
          payment of series c preferred stock issuance costs
        		                     0 0   
          proceeds from issuance of common stock, from the initial public offering, net of underwriting discounts of 7,728
        		                         
          payment of initial public offering costs
        		                     0 0   
          proceeds from issuance of common stock, from follow-on financing, net of underwriting discounts of 8,970
        		                         
          payment of follow-on financing offering costs
        		                         
          settlement of preferred stock tranche obligation
        		                     0 0 0 6,446,000 
          conversion of preferred stock into common stock upon closing of initial public offering
        		                     0 0   
          change in right to use asset
        		                         
          proceeds from issuance of common stock, from the initial public offering, net of offering costs of 7,728
        		                         
          deferred ipo costs in accounts payable and accrued expenses
        		                        1,259,000 
          proceeds from issuance of common stock from the initial public offering, net of underwriting discounts of 7,728
        		                      0