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Kymera Therapeutics, Inc
(NASDAQ:KYMR) 

KYMR stock logo

Kymera Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body's own natural protein degradation system. It engages in developing IRAK4 program, which is in Phase...

Founded: 2016
Full Time Employees: 64
CEO: Nello Mainolfi  
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 
                           
      collaboration revenue
    		34,365,000 2,870,000 2,764,000 11,476,000 22,100,000 7,394,000 3,741,000 25,650,000 10,287,000               
      operating expenses:
    		                       
      research and development
    		98,162,000 83,831,000 74,094,000 78,388,000 80,255,000 71,817,000 60,410,000 59,202,000 48,819,000 52,970,000 48,117,000 45,767,000 42,227,000 43,133,000 43,877,000 41,293,000 35,944,000 37,529,000 38,306,000 35,220,000 25,962,000 20,392,000 15,778,000 
      general and administrative
    		20,357,000 16,935,000 17,336,000 17,645,000 16,271,000 16,332,000 15,455,000 17,373,000 14,374,000 14,227,000 14,120,000 14,129,000 12,565,000 11,636,000 10,556,000 11,031,000 10,611,000 11,740,000 10,667,000 8,029,000 5,909,000 5,175,000 6,838,000 
      total operating expenses
    		118,519,000 100,766,000 95,285,000 96,033,000 96,526,000 88,149,000 75,865,000 76,575,000 68,118,000 67,197,000 62,237,000 59,896,000 54,792,000 54,769,000 54,433,000 52,324,000 46,555,000 49,269,000 48,973,000 43,249,000 31,871,000 25,567,000 22,616,000 
      income from operations
    		-84,154,000 -97,896,000 -92,521,000 -84,557,000 -74,426,000 -80,755,000 -72,124,000 -50,925,000 -57,831,000 -19,312,000 -57,509,000 -43,383,000 -45,326,000 -38,630,000 -44,882,000 -40,810,000 -36,933,000 -33,994,000 -28,637,000 -24,730,000 -13,169,000 -12,782,000 -8,083,000 
      yoy
    		13.07% 21.23% 28.28% 66.04% 28.70% 318.16% 25.41% 17.38% 27.59% -50.01% 28.13% 6.30% 22.72% 13.64% 56.73% 65.02% 180.45% 165.95% 254.29%     
      qoq
    		-14.04% 5.81% 9.42% 13.61% -7.84% 11.97% 41.63% -11.94% 199.46% -66.42% 32.56% -4.29% 17.33% -13.93% 9.98% 10.50% 8.65% 18.71% 15.80% 87.79% 3.03% 58.13%  
      other income:
    		                       
      interest and other income
    		14,981,000 11,005,000 10,444,000 8,051,000 8,917,000 10,062,000 9,697,000 8,924,000 9,343,000 4,996,000 4,683,000 4,632,000 4,453,000 3,824,000 1,916,000 594,000 290,000 145,000 125,000     
      interest and other expense
    		-61,000 -90,000 -98,000 -108,000 -72,000 -59,000 -60,000 -61,000 -69,000 -52,000 -41,000 -48,000 -55,000 -59,000 -36,000 -41,000 -41,000 -51,000 -70,000     
      total other income:
    		14,920,000 6,783,250 10,346,000 7,943,000 8,845,000 6,943,500 9,637,000 8,863,000 9,274,000 3,406,000 4,642,000 4,584,000 4,398,000 670,750 1,880,000 553,000 249,000 54,750 55,000 70,000 94,000 153,500 97,000 
      net income
    		-69,234,000 -86,981,000 -82,175,000 -76,614,000 -65,581,000 -70,752,000 -62,487,000 -42,062,000 -48,557,000 -14,368,000 -52,867,000 -38,799,000 -40,928,000 -34,865,000 -43,002,000 -40,257,000 -36,684,000 -33,900,000 -28,582,000 -24,660,000 -13,075,000 -12,685,000 -7,986,000 
      yoy
    		5.57% 22.94% 31.51% 82.15% 35.06% 392.43% 18.20% 8.41% 18.64% -58.79% 22.94% -3.62% 11.57% 2.85% 50.45% 63.25% 180.57% 167.24% 257.90%     
      qoq
    		-20.40% 5.85% 7.26% 16.82% -7.31% 13.23% 48.56% -13.38% 237.95% -72.82% 36.26% -5.20% 17.39% -18.92% 6.82% 9.74% 8.21% 18.61% 15.90% 88.60% 3.07% 58.84%  
      other comprehensive loss:
    		                       
      unrealized gain on marketable securities
    		-5,994,000 299,000 1,222,000 337,000 1,427,000 -3,416,000 4,030,000 -322,000 -1,225,000 1,898,000 1,185,000 -597,000 1,911,000   -767,000 -2,556,000   14,000 115,000   
      total comprehensive loss
    		-75,228,000 -86,682,000 -80,953,000 -76,277,000 -64,154,000 -74,168,000 -58,457,000 -42,384,000 -49,782,000 -12,470,000 -51,682,000 -39,396,000 -39,017,000 -33,901,000 -44,932,000 -41,024,000 -39,240,000 -34,414,000 -28,728,000 -24,646,000 -12,960,000 -12,649,000 -8,181,000 
      net income per share
    		-0.71 -0.98 -0.94 -0.95 -0.82 -0.89 -0.82 -0.58 -0.69 -0.25 -0.9 -0.67 -0.7 -0.59 -0.79 -0.78 -0.71 -0.67 -0.56 -0.55 -0.29 1.96 -0.39 
      weighted-average common stock outstanding, basic and diluted
    		97,534,269  87,300,286 80,449,405 80,146,531  76,125,975 73,059,398 70,770,320  58,421,859 58,326,963 58,187,038  54,535,514 51,772,440 51,651,125  50,714,846 45,094,238 44,649,572   
      impairment of long-lived assets
    		  3,855,000      4,925,000               
      collaboration revenue—from related parties
    		         7,676,750 4,728,000 16,513,000 9,466,000 16,139,000 9,551,000 11,514,000 9,622,000 15,275,000 20,336,000 18,519,000 18,702,000 5,312,250 14,533,000 
      unrealized loss on marketable securities
    		             964,000 -1,930,000   -4,500 -146,000   -42,500 -195,000 
      net loss attributable to common stockholders
    		                -36,684,000 -33,900,000 -28,582,000 -24,660,000 -13,075,000 -12,685,000 -7,986,000 
      reconciliation of net loss to net loss attributable to common stockholders:
    		                       
      deemed dividend from exchange of convertible preferred stock
    		                       
      interest income
    		                   98,000 118,000 124,000 125,000 
      interest expense
    		                   -28,000 -24,000 -27,000 -28,000 
      weighted-average common stocks outstanding, basic and diluted
    		 84,490,585    75,043,991    58,365,499    53,933,229    47,989,023    17,349,582 20,677,392 
    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 
                             
        assets
      		                       
        current assets:
      		                       
        cash and cash equivalents
      		144,090,000 357,011,000 112,949,000 335,816,000 89,966,000 120,256,000 110,718,000 67,612,000 93,510,000 109,966,000 81,051,000 52,386,000 50,152,000 68,395,000 155,658,000 76,914,000 33,733,000 47,976,000 156,819,000 84,903,000 53,098,000 31,004,000 54,593,000 
        marketable securities
      		506,839,000 491,265,000 392,733,000 329,629,000 373,184,000 368,488,000 439,252,000 442,341,000 427,034,000 264,915,000 276,774,000 315,188,000 346,725,000 338,771,000 326,250,000 315,395,000 387,079,000 394,442,000 379,567,000 274,204,000 280,439,000 265,198,000 239,248,000 
        prepaid expenses and other current assets
      		26,503,000 22,938,000 22,616,000 22,882,000 17,801,000 20,577,000 17,428,000 13,750,000 14,679,000 11,674,000 14,091,000 13,706,000 11,353,000 9,713,000 9,232,000 8,091,000 9,307,000 8,720,000 5,772,000 4,795,000 5,520,000 4,704,000 2,946,000 
        total current assets
      		677,432,000 871,214,000 528,298,000 728,327,000 500,951,000 510,268,000 568,715,000 525,407,000 537,253,000 405,317,000 375,694,000 385,402,000 411,550,000 419,416,000 494,022,000 402,770,000 431,382,000 451,273,000 543,731,000 364,806,000 340,791,000 302,339,000 297,364,000 
        marketable securities, non-current
      		894,724,000 771,158,000 473,055,000 297,629,000 312,335,000 362,159,000 361,035,000 192,445,000 224,390,000 61,434,000 76,988,000 104,759,000 119,017,000 152,328,000 113,701,000 90,182,000 102,478,000 125,187,000 74,692,000 45,305,000 101,639,000 162,531,000 187,464,000 
        property and equipment
      		41,617,000 43,175,000 45,128,000 48,572,000 49,172,000 50,457,000 51,244,000 51,735,000 49,336,000 48,134,000 36,145,000 27,494,000 17,432,000 13,334,000 12,569,000 12,748,000 11,759,000 11,881,000 12,184,000 12,118,000 10,752,000 10,841,000 10,984,000 
        right-of-use assets, operating leases
      		41,736,000 42,351,000 42,947,000 46,045,000 46,734,000 47,407,000 48,065,000 48,704,000 49,329,000 52,945,000 54,955,000 55,687,000 56,604,000 8,909,000 9,048,000 9,181,000 9,307,000 9,426,000 9,540,000 9,648,000 9,750,000 9,845,000 9,959,000 
        other non-current assets
      		7,697,000 9,114,000 6,828,000 4,675,000 3,313,000 1,950,000  1,889,000 2,118,000 2,118,000 2,802,000 2,802,000 3,155,000 3,017,000 3,016,000 2,427,000 2,022,000 2,022,000 716,000 920,000 30,000   
        restricted cash
      		5,810,000 5,800,000 5,788,000 5,820,000 5,807,000 5,794,000 5,783,000 5,841,000 5,825,000 5,811,000 5,794,000 5,801,000 6,147,000 6,130,000 6,116,000 6,113,000 6,112,000 6,116,000 1,590,000 1,589,000 1,590,000 1,589,000  
        total assets
      		1,669,016,000 1,742,812,000 1,102,044,000 1,131,068,000 918,312,000 978,035,000 1,034,842,000 826,021,000 868,251,000 575,759,000 552,378,000 581,945,000 613,905,000 603,134,000 638,472,000 523,421,000 563,060,000 605,905,000 642,453,000 434,386,000 464,552,000 487,175,000 507,361,000 
        liabilities and stockholders’ equity
      		                       
        current liabilities:
      		                       
        accounts payable
      		12,839,000 4,015,000 5,506,000 5,781,000 10,263,000 5,989,000 6,494,000 6,510,000 6,812,000 7,075,000 4,978,000 3,745,000 6,483,000 4,335,000 6,327,000 2,374,000 2,567,000 4,005,000 5,033,000 8,177,000 8,348,000 4,368,000 3,979,000 
        accrued expenses
      		35,095,000 42,274,000 28,639,000 27,976,000 23,117,000 34,867,000 26,530,000 23,780,000 15,997,000 33,864,000 26,383,000 22,490,000 18,502,000 27,502,000 24,692,000 21,738,000 20,777,000 22,971,000 19,219,000 14,668,000 10,572,000 10,330,000 7,874,000 
        deferred revenue
      		 22,925,000 23,279,000 40,000,000 11,476,000 13,576,000 20,024,000 19,259,000 22,613,000 37,883,000 27,352,000 24,302,000 32,248,000 35,260,000 55,776,000 59,460,000 60,852,000 61,739,000 66,234,000 82,263,000 87,912,000   
        operating lease liabilities
      		12,032,000 11,941,000 11,853,000 11,766,000 11,681,000 11,594,000 11,508,000 11,424,000 8,757,000 5,068,000 2,585,000 2,566,000 2,554,000 2,535,000 2,516,000 2,498,000 2,480,000 2,461,000 2,443,000 2,425,000 2,408,000   
        finance lease liabilities
      		1,701,000 1,815,000 1,890,000 1,900,000 1,559,000 1,518,000 1,343,000 992,000 1,133,000 1,277,000 1,010,000 1,231,000 1,339,000 1,408,000 1,103,000 1,158,000 1,087,000 1,138,000 1,189,000 1,038,000 640,000   
        other current liabilities
      		976,000 242,000 408,000 117,000 893,000 223,000 633,000 178,000 824,000 524,000 858,000 268,000 807,000 303,000 710,000 272,000 576,000 228,000 375,000 114,000 257,000 106,000  
        total current liabilities
      		62,643,000 83,212,000 71,575,000 87,540,000 58,989,000 67,767,000 66,532,000 62,143,000 56,136,000 85,691,000 63,166,000 54,602,000 61,933,000 71,343,000 91,124,000 87,500,000 88,339,000 92,542,000 94,493,000 108,685,000 110,137,000 110,617,000 107,286,000 
        non-current liabilities
      		                       
        deferred revenue, net of current portion
      		 11,440,000 13,957,000     3,189,000 23,781,000 16,768,000 16,421,000 20,421,000 24,866,000 28,000,000 21,086,000 24,071,000 31,823,000 39,295,000 49,939,000 52,672,000 64,654,000 77,838,000 90,308,000 
        operating lease liabilities, net of current portion
      		65,585,000 67,034,000 68,450,000 69,835,000 71,182,000 72,423,000 73,636,000 74,822,000 75,975,000 77,028,000 76,605,000 70,502,000 63,875,000 12,146,000 12,431,000 12,708,000 12,978,000 13,224,000 13,463,000 13,696,000 13,924,000 14,128,000 14,327,000 
        finance lease liabilities, net of current portion
      		1,151,000 1,462,000 1,804,000 2,213,000 1,908,000 2,226,000 1,744,000 943,000 1,156,000 1,301,000 643,000 762,000 989,000 1,246,000 690,000 927,000 927,000 1,140,000 1,347,000 1,145,000 498,000 604,000 755,000 
        total liabilities
      		129,379,000 163,148,000 155,786,000 159,588,000 132,079,000 142,416,000 141,912,000 141,097,000 157,048,000 180,788,000 156,843,000 146,517,000 151,900,000 112,983,000 125,587,000 125,470,000 134,340,000 146,267,000 159,318,000 176,282,000 189,305,000 203,287,000 212,676,000 
        stockholders’ equity:
      		                       
        preferred stock, 0.0001 par value...
      		                       
        common stock, 0.0001 par value...
      		8,000 8,000 7,000 7,000 7,000 7,000 7,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 5,000 5,000 5,000 5,000 5,000 4,000 4,000 4,000 
        additional paid-in capital
      		2,679,018,000 2,643,817,000 1,923,730,000 1,867,999,000 1,606,475,000 1,591,707,000 1,574,850,000 1,308,388,000 1,292,283,000 926,269,000 914,363,000 902,574,000 889,755,000 878,884,000 867,717,000 707,852,000 697,597,000 689,275,000 678,358,000 424,599,000 417,096,000 412,777,000 410,925,000 
        accumulated deficit
      		-1,135,195,000 -1,065,961,000 -978,980,000 -896,805,000 -820,191,000 -754,610,000 -683,858,000 -621,371,000 -579,309,000 -530,752,000 -516,384,000 -463,517,000 -424,718,000 -383,790,000 -348,925,000 -305,923,000 -265,666,000 -228,982,000 -195,082,000 -166,500,000 -141,840,000 -128,765,000 -116,080,000 
        accumulated other comprehensive income
      		-4,194,000 1,800,000                    -128,000 -164,000 
        total stockholders’ equity
      		1,539,637,000 1,579,664,000 946,258,000 971,480,000 786,233,000 835,619,000 892,930,000 684,924,000 711,203,000 394,971,000 395,535,000 435,428,000 462,005,000 490,151,000 512,885,000 397,951,000 428,720,000 459,638,000 483,135,000 258,104,000 275,247,000 283,888,000 294,685,000 
        total liabilities and stockholders’ equity
      		1,669,016,000 1,742,812,000 1,102,044,000 1,131,068,000 918,312,000 978,035,000 1,034,842,000 826,021,000 868,251,000 575,759,000 552,378,000 581,945,000 613,905,000 603,134,000 638,472,000 523,421,000 563,060,000 605,905,000 642,453,000 434,386,000 464,552,000   
        commitments and contingencies
      		                       
        contract assets
      		    20,000,000 947,000 1,317,000 1,704,000 2,030,000 3,762,000 3,778,000 4,122,000 3,320,000  2,882,000 2,370,000 1,263,000      577,000 
        accumulated other comprehensive loss
      		  1,501,000 279,000 -58,000 -1,485,000 1,931,000 -2,099,000 -1,777,000 -552,000 -2,450,000 -3,635,000 -3,038,000 -4,949,000 -5,913,000 -3,983,000 -3,216,000 -660,000 -146,000  -13,000   
        accounts receivable
      		   40,000,000      15,000,000              
        other non-current liabilities
      		          8,000 230,000 237,000 248,000 256,000 264,000 273,000 66,000 76,000 84,000 92,000 100,000  
        contract assets—due from related party
      		             2,537,000    135,000      
        accounts receivable—due from related party
      		                       
        accounts receivable—due from related parties
      		                    856,000 577,000  
        contract assets—due from related parties
      		                  1,573,000 904,000 878,000 856,000  
        other assets
      		                     30,000 1,590,000 
        deferred revenue, current
      		                     92,552,000 92,011,000 
        operating lease liabilities, current portion
      		                     2,572,000 2,733,000 
        finance lease liabilities, current portion
      		                     689,000  
        series seed convertible preferred stock, 0.0001 par value...
      		                       
        series a convertible preferred stock, 0.0001 par value...
      		                       
        series b convertible preferred stock, 0.0001 par value...
      		                       
        series b-1 convertible preferred stock, 0.0001 par value...
      		                       
        stockholders’ equity
      		                       
        total liabilities, convertible preferred stock and stockholders’ equity
      		                     487,175,000 507,361,000 
        finance liabilities, current portion
      		                      689,000 
      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 2021-06-30 2021-03-31 2020-12-31 
                            
          operating activities
        		                    
          net loss
        		-69,234,000 -86,981,000 -82,175,000 -76,614,000 -65,581,000 -70,752,000 -62,487,000 -42,062,000 -48,557,000 -14,368,000 -52,867,000 -38,799,000 -40,928,000  -43,002,000 -40,257,000 -36,684,000 -24,660,000 -13,075,000 -12,685,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                    
          stock-based compensation expense
        		16,007,000 14,453,000 15,802,000 15,416,000 14,233,000 13,799,000 14,904,000 14,341,000 11,968,000 10,898,000 11,655,000 11,180,000 9,385,000 8,909,000 9,076,000 9,622,000 7,873,000 5,726,000 3,172,000  
          depreciation and amortization
        		2,022,000 2,032,000 2,149,000 2,084,000 2,048,000 1,987,000 1,987,000 1,938,000 1,461,000 891,000 895,000 900,000 879,000 818,000 767,000 705,000 687,000 552,000 485,000 497,000 
          premiums and discounts on available-for-sale marketable securities
        		-2,730,000  -2,188,000 -2,121,000 -2,525,000  -3,623,000 -4,021,000 -3,072,000  -1,217,000 -1,417,000 -1,326,000  -58,000 677,000 1,175,000 1,232,000 1,279,000  
          changes in operating assets and liabilities:
        		                    
          prepaid expenses and other current assets
        		-3,565,000  266,000 -5,081,000 2,776,000  -3,678,000 929,000 -3,005,000  -384,000 -2,353,000 -1,641,000        
          contract asset
        		 0 0 20,000,000 -19,053,000 370,000 386,000 327,000 1,732,000 15,000 344,000          
          accounts payable
        		8,824,000 -1,491,000 -267,000 -4,133,000 3,917,000 -505,000 92,000 31,000 75,000 1,531,000 1,020,000 -2,730,000 2,217,000 -2,068,000 4,168,000 -410,000 -1,437,000 -145,000 4,150,000 467,000 
          accrued expenses and other current liabilities
        		-7,209,000 13,662,000 664,000 4,751,000 -11,690,000 9,022,000 2,749,000 7,803,000 -15,394,000 6,793,000 2,639,000 3,785,000 -10,037,000 2,842,000 3,397,000 558,000 -2,278,000 3,857,000 235,000 3,486,000 
          deferred revenue
        		-34,365,000 -2,871,000 -2,764,000 28,524,000 -2,100,000 -6,448,000 -2,424,000 -23,946,000 -8,257,000 10,878,000 -950,000 -12,392,000 -6,145,000 -13,602,000 -6,669,000 -9,144,000 -8,359,000 -17,633,000 -17,822,000 -11,928,000 
          operating lease right-of-use assets
        		615,000 596,000 708,000 689,000 673,000 658,000 639,000 625,000 619,000 2,010,000 732,000 917,000 1,138,000 139,000 133,000 126,000 119,000 102,000 95,000 114,000 
          operating lease liabilities
        		-1,358,000 -1,329,000 -1,297,000 -1,262,000 -1,154,000 -1,127,000 -1,101,000 1,513,000 2,636,000 2,907,000 6,121,000 6,639,000 2,915,000 -266,000 -259,000 -252,000 -227,000 -211,000 -368,000 -360,000 
          other assets and liabilities
        		2,153,000  290,000 588,000 -694,000  475,000 -641,000 278,000  365,000 -184,000 358,000  -167,000 -720,000 550,000    
          net cash from operating activities
        		-88,840,000 -66,747,000 -27,110,000 -59,884,000 -79,150,000 -61,784,000 -50,190,000 -42,936,000 -39,591,000 8,045,000 -31,647,000 -35,256,000 -43,968,000 -39,536,000 -34,269,000 -38,985,000 -40,295,000 -30,511,000 -22,823,000 -20,068,000 
          capital expenditures
        		-434,000 -106,000 -1,102,000 -695,000 -467,000 -936,000 189,000 -4,689,000 -7,402,000 -11,625,000 -8,078,000 -10,768,000 -4,009,000 -373,000 -1,499,000 -735,000 -482,000 -626,000 -164,000 -1,437,000 
          free cash flows
        		-89,274,000 -66,853,000 -28,212,000 -60,579,000 -79,617,000 -62,720,000 -50,001,000 -47,625,000 -46,993,000 -3,580,000 -39,725,000 -46,024,000 -47,977,000 -39,909,000 -35,768,000 -39,720,000 -40,777,000 -31,137,000 -22,987,000 -21,505,000 
          investing activities
        		                    
          purchase of property and equipment
        		-434,000 -106,000 -181,000 -695,000 -467,000 -936,000 189,000 -4,689,000 -7,402,000 -11,625,000 -8,078,000 -10,768,000 -4,009,000 -373,000 -1,246,000 -735,000 -482,000 -626,000 -164,000 -1,437,000 
          purchases of investments
        		-276,266,000  -367,558,000 -58,251,000 -83,656,000  -295,944,000 -104,156,000 -422,704,000  -29,170,000 -52,642,000 -61,835,000  -153,909,000 -64,709,000 -80,118,000 -30,151,000 -16,013,000  
          maturities of investments
        		133,860,000  132,440,000 118,967,000 132,738,000  138,075,000 124,487,000 99,499,000  97,759,000 99,249,000 90,428,000  117,674,000 147,247,000 106,463,000 91,500,000 60,500,000  
          net cash from investing activities
        		-142,840,000 -394,398,000 -235,299,000 60,021,000 48,615,000 68,568,000 -157,680,000 15,642,000 -330,607,000 18,952,000 60,511,000 35,839,000 24,584,000 -49,666,000 -37,481,000 81,803,000 25,863,000 60,723,000 44,323,000 -3,990,000 
          financing activities
        		                    
          proceeds from stock option exercises
        		19,194,000 48,832,000 4,552,000 7,702,000 535,000 2,174,000 5,054,000 629,000 3,933,000 563,000 134,000 677,000 1,486,000 1,364,000 964,000 377,000 449,000 1,471,000 1,147,000 24,000 
          payments on finance leases
        		-425,000  -419,000 -382,000 -277,000  -641,000 -352,000 -290,000  -340,000 -334,000 -327,000  -292,000 -269,000 -264,000 -186,000 -155,000  
          net cash from financing activities
        		18,769,000 705,219,000 39,510,000 245,726,000 258,000 2,765,000 250,918,000 1,412,000 353,756,000 1,934,000 -206,000 1,305,000 1,159,000 1,953,000 150,497,000 364,000 185,000 1,592,000 595,000 270,000 
          net decrease in cash, cash equivalents and restricted cash
        		-212,911,000            -18,225,000        
          cash, cash equivalents and restricted cash at beginning of period
        		362,811,000 0 0 0 126,050,000 0 0 0 115,777,000 1,000 0 0 74,524,000 0 0 0 54,092,000 0 32,593,000 0 
          cash, cash equivalents and restricted cash at end of period
        		149,900,000 244,074,000 -222,899,000 245,863,000 95,773,000 9,549,000 43,048,000 -25,882,000 99,335,000 28,932,000 28,658,000 1,888,000 56,299,000 -87,249,000 78,747,000 43,182,000 39,845,000 31,804,000 54,688,000 -23,788,000 
          supplemental disclosure of cash flow activities
        		                    
          cash paid for interest
        		65,000 75,000 83,000 77,000 77,000 62,000 54,000 41,000 49,000 47,000 37,000 26,000 52,000 55,000 38,000 40,000 46,000 30,000 24,000 27,000 
          supplemental disclosure of noncash investing and financing activities
        		                    
          property and equipment purchases included in accounts payable and accrued expenses
        		110,000 -948,000 912,000 -241,000 357,000 -684,000 -109,000 -352,000 1,205,000 1,254,000 1,701,000 -39,000 1,100,000 -253,000 -405,000 619,000 126,000 61,000 259,000 -770,000 
          impairment of long-lived assets
        		                    
          premiums and discounts on available for sale marketable securities
        		                    
          prepaid expenses and other assets
        		             -480,000 -1,142,000 1,216,000 -586,000 725,000 -816,000 -2,376,000 
          accounts receivable
        		     0 0 0 15,000,000            
          other non-current assets
        		 -2,286,000                   
          other non-current liabilities
        		                    
          purchase of marketable securities
        		                   -68,443,000 
          maturities of marketable securities
        		                   65,890,000 
          issuance of common stock and accompanying pre-funded warrants from january 2024 public offering, net of issuance costs of 14.9 million
        		     0               
          proceeds from issuance of common stock through at-the market sales agreement, net of issuance costs of 1.2 million
        		     0               
          issuance of common stock and accompanying pre-funded warrants from august 2024 public offering, net of issuance costs of 12.2 million
        		     0               
          issuance of common stock and accompanying pre-funded warrants from june 2025 public offering, net of issuance costs of 15.7 million
        		 0                   
          issuance of common stock from december 2025 public offering, net of issuance costs of 36.2 million
        		                    
          proceeds from employee stock purchase plan
        		 573,000 0   884,000 -1,000   446,000 0   894,000 0      
          payments on financing leases
        		                   -152,000 
          net increase in cash, cash equivalents and restricted cash
        		 244,074,000 -222,899,000 245,863,000 -30,277,000 9,549,000   -16,442,000 28,931,000 28,658,000   -87,249,000 78,747,000 43,182,000 -14,247,000 31,804,000 22,095,000 -23,788,000 
          right-of-use assets obtained in exchange for new operating lease liabilities
        		         0 0 0 48,833,000        
          purchases of property and equipment through finance and lease liabilities
        		                    
          lease impairment charge
        		     0 0 0 4,925,000            
          purchase of property and equipment through finance lease
        		  -921,000            -253,000      
          other long term assets
        		                    
          issuance of common stock and accompanying pre-funded warrants from june 2025 public offering, net of issuance costs of 13.5 million
        		                    
          offering costs included in accrued expenses
        		                    
          proceeds from 2022 issuance of common stock and accompanying pre-funded warrants from private placement, net of issuance costs of 0.2 million
        		                    
          other long-term assets
        		                    
          proceeds from issuance of common stock and accompanying pre-funded warrants from public offering, net of underwriting discounts and issuance costs
        		       0 301,373,000            
          proceeds from issuance of common stock through at-the market sales agreement, net of issuance costs
        		       0 48,740,000            
          loss on disposal of property and equipment
        		                    
          proceeds from issuance of common stock and accompanying pre-funded warrants from private placement, net of issuance costs
        		             0       
          payments of offering costs in connection with initial public offering
        		                 0 -397,000  
          proceeds from follow-on public offering, net of underwriting discounts and offering costs
        		                    
          proceeds from concurrent private placement
        		                   0 
          contract asset—due from related parties
        		            -783,000  -513,000 -1,106,000 -1,128,000 878,000 -22,000 -279,000 
          net income
        		                    
          adjustments to reconcile net income to net cash from operating activities:
        		                    
          non-cash research and development expense
        		                   0 
          accounts receivable—due from related party
        		                    
          contract asset—due from related party
        		                    
          proceeds from the issuance of series b-1 convertible preferred stock, net of issuance costs
        		                   0 
          proceeds from the issuance of series c convertible preferred stock, net of issuance costs
        		                   0 
          proceeds from initial public offering, net of underwriting discounts and offering costs
        		                   398,000 
          offering costs included in accounts payable
        		                    
          supplemental disclosure of noncash operating activities
        		                    
          reduction of right-of-use asset and liability due to lease modification
        		                   0 
          receivables—due from related parties
        		                 -48,000 -279,000  
          proceeds from follow on offering, net of underwriting discounts and offering costs
        		                    
          proceeds from concurrent private placement, follow on
        		                    
          supplemental disclosure of noncash investing activities
        		                    
          other receivables—due from related party
        		                    
          proceeds from the issuance of series b convertible preferred stock, net of issuance costs
        		                    
          right-of-use assets obtained in exchange for operating lease liabilities
        		                    
          tenant improvement receivable included in other assets
        		                    
          tenant improvements included in other assets
        		                    
          other liabilities
        		                  143,000  
          offering costs included in accrued liabilities
        		                    
          net amortization of premiums and discounts on investments
        		                    
          other receivables—due from related parties
        		                    
          stock-based compensation
        		                    
          other non-current assets and liabilities