7Baggers

Protagonist Therapeutics, Inc
(NASDAQ:PTGX) 

PTGX stock logo

Protagonist Therapeutics, Inc., a clinical-stage biopharmaceutical company, discovers and develops peptide-based therapeutic drugs to address unmet medical needs. It is developing PTG-300, an injectable hepcidin mimetic that is in Phase II clinical trial for the treatment of patients with polycythem...

Founded: 2006
Full Time Employees: 76
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
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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 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 
                                            
      license and collaboration revenue
    		56,368,000 7,437,000 4,712,000 5,546,000 28,321,000 170,638,000 4,675,000 4,167,000 254,953,000                                
      operating expenses:
    		                                        
      research and development
    		46,739,000 46,358,000 40,003,000 37,036,000 35,893,000 34,904,000 35,970,000 33,520,000 33,734,000 28,899,000 30,664,000 33,182,000 27,416,000 29,884,000 25,402,000 34,611,000 36,318,000 38,373,000 36,956,000 26,432,000 24,245,000 19,486,000 15,995,000 20,257,000 18,768,000 15,911,000 17,293,000 19,355,000 12,444,000 14,248,000 12,145,000 17,735,000 15,368,000 11,724,000 11,168,000 12,007,000 11,282,000 8,823,000 5,561,000 5,696,000 
      general and administrative
    		13,277,000 11,434,000 11,130,000 10,551,000 11,738,000 8,954,000 10,158,000 9,440,000 14,910,000 8,052,000 7,662,000 9,172,000 8,605,000 6,632,000 6,901,000 7,691,000 10,515,000 7,260,000 7,256,000 6,715,000 5,965,000 4,994,000 4,891,000 4,177,000 4,576,000 4,107,000 4,015,000 3,863,000 3,764,000 3,517,000 3,361,000 3,178,000 3,642,000 3,071,000 2,593,000 3,124,000 2,991,000 2,574,000 1,577,000 1,395,000 
      total operating expenses
    		60,016,000 57,792,000 51,133,000 47,587,000 47,631,000 43,858,000 46,128,000 42,960,000 48,644,000 36,951,000 38,326,000 42,354,000 36,021,000 36,516,000 32,303,000 42,302,000 46,833,000 45,633,000 44,212,000 33,147,000 30,210,000 24,480,000 20,886,000 24,434,000 23,344,000 20,018,000 21,308,000 23,218,000 16,208,000 17,765,000 15,506,000 20,913,000 19,010,000 14,795,000 13,761,000 15,131,000 14,273,000 11,397,000 7,138,000 7,091,000 
      income from operations
    		-3,648,000 -50,355,000 -46,421,000 -42,041,000 -19,310,000 126,780,000 -41,453,000 -38,793,000 206,309,000 23,049,000 -38,326,000 -42,354,000 -36,021,000 -36,516,000 -32,303,000 -41,443,000 -21,111,000 -37,016,000 -33,926,000 -30,882,000 -24,021,000 -18,830,000 -7,772,000 -18,217,000 -19,697,000 -17,299,000 -17,167,000 -31,407,000 -14,648,000 -15,412,000 -9,389,000 -9,239,000 -8,229,000 -3,513,000 -4,980,000 -15,131,000 -14,273,000 -11,397,000 -7,138,000 -7,091,000 
      yoy
    		-81.11% -139.72% 11.98% 8.37% -109.36% 450.05% 8.16% -8.41% -672.75% -163.12% 18.65% 2.20% 70.63% -1.35% -4.78% 34.20% -12.11% 96.58% 336.52% 69.52% 21.95% 8.85% -54.73% -42.00% 34.47% 12.24% 82.84% 239.94% 78.00% 338.71% 88.53% -38.94% -42.35% -69.18% -30.23% 113.38%     
      qoq
    		-92.76% 8.47% 10.42% 117.72% -115.23% -405.84% 6.86% -118.80% 795.09% -160.14% -9.51% 17.58% -1.36% 13.04% -22.05% 96.31% -42.97% 9.11% 9.86% 28.56% 27.57% 142.28% -57.34% -7.51% 13.86% 0.77% -45.34% 114.41% -4.96% 64.15% 1.62% 12.27% 134.24% -29.46% -67.09% 6.01% 25.23% 59.67% 0.66%  
      interest income
    		5,876,000 6,761,000 7,049,000 7,406,000 7,573,000 6,853,000 7,682,000 7,404,000 4,376,000 4,242,000 4,252,000 3,913,000 2,491,000 2,251,000 1,157,000 484,000 168,000 122,000 122,000 97,000 102,000 80,000 87,000 207,000 526,000   604,000 728,000 748,000 654,000 576,000 568,000 461,000 155,000 152,000 172,000 149,000 54,000 27,000 
      other income
    		53,000 -124,000 33,000 36,000 82,000 31,000 141,000 97,000     -195,000    13,000   -57,000    512,000                 
      income before income tax benefit
    		2,281,000 -21,398,250 -39,339,000   36,436,000 -33,630,000 -31,292,000                                 
      income tax benefit
    		1,502,000 -43,000    -557,500 420,000                 -1,129,000  -856,000 102,000 1,629,000             
      net income
    		3,783,000 -44,384,000 -39,339,000 -34,771,000 -11,655,000 131,674,000 -33,210,000 -30,616,000 207,340,000 27,335,000 -34,105,000 -38,460,000 -33,725,000 -34,194,000 -31,232,000 -41,037,000 -20,930,000 -36,907,000 -33,804,000 -30,842,000 -23,998,000 -18,886,000 -7,763,000 -19,421,000 -20,080,000 -17,501,000 -16,409,000 -29,174,000 -14,103,000 -13,865,000 -8,735,000 -8,663,000 -7,661,000 -3,052,000 -4,825,000 -14,979,000 -14,101,000 -11,248,000 -7,084,000 -7,098,000 
      yoy
    		-132.46% -133.71% 18.46% 13.57% -105.62% 381.70% -2.62% -20.40% -714.80% -179.94% 9.20% -6.28% 61.13% -7.35% -7.61% 33.06% -12.78% 95.42% 335.45% 58.81% 19.51% 7.91% -52.69% -33.43% 42.38% 26.22% 87.85% 236.77% 84.09% 354.29% 81.04% -42.17% -45.67% -72.87% -31.89% 111.03%     
      qoq
    		-108.52% 12.82% 13.14% 198.34% -108.85% -496.49% 8.47% -114.77% 658.51% -180.15% -11.32% 14.04% -1.37% 9.48% -23.89% 96.07% -43.29% 9.18% 9.60% 28.52% 27.07% 143.28% -60.03% -3.28% 14.74% 6.65% -43.75% 106.86% 1.72% 58.73% 0.83% 13.08% 151.02% -36.75% -67.79% 6.23% 25.36% 58.78% -0.20%  
      net income per share
    		0.06 -0.7 -0.62 -0.55 -0.19 2.13 -0.54 -0.5 3.41 0.52 -0.58 -0.68 -0.67 -0.7 -0.64 -0.84 -0.43 -0.77 -0.7 -0.69 -0.54 -0.47 -0.21 -0.59 -0.72 -0.62 -0.61 -1.18 -0.58 -0.59 -0.38 -0.41 -0.36 -0.08 -0.29 -0.89 -0.84 2.82 -0.87 -19.07 
      weighted-average shares used for eps calculation
    		65,087,847 63,573,048 63,772,332 63,510,537 62,963,806 61,566,989 61,767,934 61,305,289 60,855,689 56,763,559 59,182,899 56,775,742 50,573,650 49,042,232 49,107,639 49,049,902 48,752,548 46,322,910 47,987,184 44,864,637 44,224,169 34,396,446 37,386,881 32,799,691 27,703,918 25,894,024 26,956,957 24,662,779 24,297,576 22,364,515 22,912,279 21,207,234 21,112,393 17,694,505 16,911,575 16,875,627 16,766,218 6,501,796 8,483,189 383,910 
      income before income tax expense
    		   -34,599,000 -11,655,000    210,666,000                                
      income tax expense
    		   172,000    676,000 -3,326,000                -176,000    -183,000            
      other expense
    		        -19,000 44,000 -31,000 -19,000  71,000 -86,000 -78,000  -13,000   -79,000 -9,000 -59,000  -490,000               -34,000 
      license and collaboration revenue - related party
    		             6,645,250  859,000 25,722,000 8,617,000 10,286,000 2,265,000 6,189,000 5,650,000 13,114,000 6,217,000 3,647,000 2,719,000 4,141,000 -8,189,000 1,560,000 2,353,000 6,117,000 11,674,000 10,781,000 11,282,000 8,781,000      
      interest expense
    		                     -127,000 -19,000 -209,000 -243,000                
      loss on early repayment of debt
    		                       -585,000                 
      loss before income tax expense
    		                 -22,161,000 -33,804,000 -30,842,000 -23,998,000    -19,904,000    -13,920,000            
      loss before income tax benefit
    		                     -18,886,000 -7,763,000 -18,292,000  -16,645,000 -16,511,000 -30,803,000             
      interest income and other
    		                         497,250 656,000              
      change in fair value of redeemable convertible preferred stock tranche and warrant liabilities
    		                                        
      net loss attributable to common stockholders
    		                                 -3,052,000 -4,825,000 -14,979,000 -14,101,000 -11,248,000 -7,377,000 -7,323,000 
    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 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 
                                              
        assets
      		                                        
        current assets:
      		                                        
        cash and cash equivalents
      		193,712,000 128,390,000 113,713,000 168,543,000 139,653,000 97,249,000 131,121,000 355,643,000 172,568,000 186,727,000 230,527,000 235,382,000 127,686,000 125,744,000 152,816,000 120,237,000 98,477,000 123,665,000 120,542,000 192,412,000 83,000,000 117,358,000 83,625,000 146,242,000 60,215,000 33,006,000 50,195,000 71,143,000 70,077,000 82,233,000 87,427,000 63,864,000 69,577,000 106,029,000 50,395,000 10,365,000 9,517,000 21,084,000 96,024,000 13,768,000 
        marketable securities
      		354,074,000 438,974,000 462,404,000 401,922,000 434,707,000 321,664,000 337,600,000 208,354,000 150,067,000 154,890,000 90,224,000 78,019,000 103,073,000 111,611,000 114,621,000 171,653,000 206,812,000 203,235,000 193,759,000 161,868,000 190,476,000 188,451,000 110,349,000 62,423,000 57,298,000 100,011,000               
        receivable from collaboration partner
      		53,663,000 121,000 583,000   165,000,000  43,000 300,043,000 10,000,000  39,000 51,000                            
        prepaid expenses and other current assets
      		12,006,000 10,089,000 9,724,000 8,698,000 8,675,000 7,728,000 8,048,000 6,885,000 4,875,000 3,960,000 4,130,000 3,501,000 4,926,000 5,712,000 9,055,000 9,721,000 8,205,000 9,478,000 8,877,000 7,683,000 6,213,000 6,277,000 6,843,000 5,518,000 4,716,000 5,529,000 4,203,000 4,899,000 3,502,000 2,624,000 3,234,000 2,959,000 2,621,000 3,773,000 2,703,000 1,743,000 1,810,000 3,394,000 1,768,000 487,000 
        total current assets
      		613,455,000 577,574,000 586,424,000 602,526,000 605,860,000 591,641,000 476,769,000 570,925,000 627,553,000 355,577,000 324,881,000 316,941,000 235,736,000 243,077,000 276,617,000 304,302,000 341,522,000 340,736,000 327,687,000 371,818,000 285,508,000 315,606,000 204,151,000 217,466,000 125,986,000 145,311,000 144,023,000 137,320,000 122,995,000 137,503,000 147,502,000 136,111,000 142,231,000 150,947,000 97,704,000 69,126,000 67,548,000 83,244,000 102,245,000 22,417,000 
        marketable securities - noncurrent
      		72,548,000 78,638,000 102,703,000 102,493,000 123,517,000 140,252,000 114,560,000 31,447,000   1,985,000        38,169,000 26,122,000 6,254,000 2,000,000 6,025,000                  
        property and equipment
      		3,778,000 3,860,000 4,100,000 4,108,000 3,530,000 3,190,000 2,468,000 1,780,000 1,111,000 1,195,000 1,421,000 1,263,000 1,341,000 1,565,000 1,783,000 1,962,000 2,064,000 1,798,000 1,723,000 1,718,000 1,432,000 1,462,000 1,459,000 1,553,000 1,603,000 1,681,000 1,734,000 1,692,000 1,546,000 861,000 904,000 912,000 1,001,000 879,000 945,000 903,000 641,000 562,000 564,000 599,000 
        restricted cash - noncurrent
      		288,000 287,000 287,000 290,000 225,000 225,000 225,000 225,000 225,000 225,000 225,000 225,000 225,000  225,000 225,000 225,000 225,000 225,000 225,000 225,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000    
        operating lease right-of-use asset
      		7,390,000 7,829,000 8,174,000 8,589,000 9,000,000 9,417,000 9,835,000 10,252,000 387,000 954,000 1,504,000 2,037,000 2,556,000 3,061,000 3,549,000 4,023,000 4,485,000 4,936,000 5,371,000 4,349,000 4,653,000 4,950,000 5,235,000 5,511,000 5,780,000 6,042,000 6,295,000 6,539,000 6,779,000            
        total assets
      		697,459,000 668,188,000 701,688,000 718,006,000 742,132,000 744,725,000 603,857,000 614,629,000 629,276,000 357,951,000 330,016,000 320,466,000 239,858,000 247,928,000 282,174,000 310,512,000 348,296,000 347,695,000 373,175,000 404,232,000 298,072,000 324,468,000 217,320,000 224,980,000 134,901,000 154,917,000 154,627,000 148,105,000 132,248,000 139,472,000 148,856,000 137,473,000 149,239,000 163,734,000 110,415,000 70,479,000 82,673,000 93,990,000 102,843,000 24,516,000 
        liabilities and stockholders’ equity
      		                                        
        current liabilities:
      		                                        
        accounts payable
      		8,437,000 5,339,000 5,646,000 3,249,000 2,917,000 1,615,000 3,049,000 3,629,000 3,507,000 772,000 1,252,000 4,573,000 4,021,000 3,640,000 4,715,000 1,412,000 7,159,000 1,600,000 706,000 7,905,000 2,732,000 3,075,000 2,797,000 2,855,000 3,704,000 2,790,000 1,583,000 2,787,000 6,454,000 5,711,000 4,871,000 2,278,000 1,307,000 1,257,000 2,267,000 2,639,000 1,132,000 1,163,000 2,335,000 1,441,000 
        accrued expenses and other payables
      		17,491,000 28,269,000 22,868,000 15,397,000 11,843,000 23,693,000 20,739,000 15,175,000 16,487,000 19,358,000 24,809,000 19,369,000 16,587,000 24,955,000 29,574,000 36,244,000 32,874,000 37,716,000 33,061,000 20,096,000 17,680,000 18,498,000 15,518,000 12,917,000 11,616,000 12,360,000 10,486,000 10,845,000 8,713,000 11,163,000 10,496,000 13,262,000 10,358,000 9,546,000 8,241,000 6,727,000 6,647,000 5,272,000 3,014,000 2,669,000 
        deferred revenue
      		6,282,000 9,550,000 14,200,000 14,688,000 16,895,000 18,891,000 19,696,000                                  
        operating lease liability
      		2,339,000 2,283,000 2,228,000 2,173,000 1,568,000 510,000 45,000                                  
        total current liabilities
      		34,549,000 45,441,000 44,942,000 35,507,000 35,112,000 47,398,000 44,578,000 41,578,000 39,910,000 21,274,000 27,867,000 26,398,000 23,229,000 31,179,000 36,754,000 40,088,000 43,456,000 44,016,000 39,156,000 42,973,000 34,515,000 40,241,000 38,563,000 35,360,000 36,372,000 35,406,000 30,776,000 33,323,000 24,499,000 26,158,000 24,101,000 29,018,000 33,924,000 42,555,000 52,247,000 9,366,000 7,779,000 6,435,000 5,349,000 4,110,000 
        operating lease liability - noncurrent
      		7,437,000 8,040,000 8,521,000 9,106,000 9,792,000 10,356,000 10,855,000 10,971,000     462,000  1,804,000 2,446,000 3,062,000 3,658,000 4,238,000 3,691,000 4,102,000 4,500,000 4,885,000 5,259,000 5,616,000 5,961,000 6,293,000 6,616,000 6,924,000            
        total liabilities
      		41,986,000 53,481,000 56,251,000 49,988,000 53,080,000 69,430,000 71,942,000 73,305,000 68,832,000 21,274,000 27,867,000 26,398,000 23,691,000 32,320,000 38,558,000 42,534,000 46,518,000 47,674,000 43,515,000 46,785,000 38,738,000 44,862,000 47,730,000 57,495,000 72,235,000 74,953,000 59,269,000 63,789,000 31,423,000 26,957,000 24,898,000 29,811,000 34,618,000 43,102,000 52,579,000 9,449,000  6,435,000 5,349,000 4,110,000 
        commitments and contingencies
      		                                        
        stockholders’ equity:
      		                                        
        preferred stock, 0.00001 par value...
      		                                        
        common stock, 0.00001 par value...
      		1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000                            
        additional paid-in capital
      		1,122,629,000 1,084,736,000 1,071,198,000 1,054,980,000 1,041,143,000 1,015,898,000 1,002,774,000 980,558,000 969,042,000 952,491,000 945,363,000 903,205,000 786,768,000 752,722,000 746,657,000 740,027,000 732,542,000 709,682,000 702,319,000 696,157,000 567,176,000 563,389,000 434,603,000 424,855,000 300,300,000 297,846,000 295,672,000 268,234,000 255,591,000 253,222,000 250,670,000 225,622,000 223,904,000 222,188,000 156,234,000 154,700,000 153,610,000 152,393,000 150,863,000 158,000 
        accumulated other comprehensive income
      		-269,000 641,000 525,000  85,000  1,336,000                                  
        accumulated deficit
      		-466,888,000 -470,671,000 -426,287,000 -386,948,000 -352,177,000 -340,522,000 -472,196,000 -438,986,000 -408,370,000 -615,710,000 -643,045,000 -608,940,000 -570,480,000 -536,755,000 -502,561,000 -471,329,000 -430,292,000 -409,362,000 -372,455,000 -338,651,000 -307,809,000 -283,811,000 -264,925,000 -257,162,000 -237,741,000 -217,661,000 -200,160,000 -183,751,000 -154,577,000 -140,474,000 -126,609,000 -117,874,000 -109,211,000 -101,550,000 -98,498,000 -93,673,000 -78,694,000 -64,593,000 -53,345,000 -46,261,000 
        total stockholders’ equity
      		655,473,000 614,707,000 645,437,000 668,018,000 689,052,000 675,295,000 531,915,000 541,324,000 560,444,000 336,677,000 302,149,000 294,068,000 216,167,000 215,608,000 243,616,000 267,978,000 301,778,000 300,021,000 329,660,000 357,447,000 259,334,000 279,606,000 169,590,000 167,485,000 62,666,000 79,964,000 95,358,000 84,316,000 100,825,000 112,515,000 123,958,000 107,662,000 114,621,000 120,632,000 57,836,000 61,030,000 74,894,000 87,555,000 97,494,000  
        total liabilities and stockholders’ equity
      		697,459,000 668,188,000 701,688,000 718,006,000 742,132,000 744,725,000 603,857,000 614,629,000 629,276,000 357,951,000 330,016,000 320,466,000 239,858,000 247,928,000 282,174,000 310,512,000 348,296,000 347,695,000 373,175,000 404,232,000 298,072,000 324,468,000 217,320,000 224,980,000 134,901,000 154,917,000 154,627,000 148,105,000 132,248,000 139,472,000 148,856,000 137,473,000 149,239,000 163,734,000  70,479,000 82,673,000    
        income taxes payable
      		    1,889,000 2,689,000 1,049,000 2,650,000 3,326,000                                
        deferred revenue - noncurrent
      		  2,788,000 5,375,000 8,176,000 11,676,000 16,509,000 20,756,000 28,922,000                                
        contract asset
      		   23,363,000 22,825,000                                    
        accumulated other comprehensive loss
      		   -15,000  -82,000  -249,000 -229,000 -105,000 -170,000 -198,000 -122,000 -359,000 -480,000 -720,000 -472,000      -88,000 -208,000  -221,000 -154,000 -167,000 -189,000 -233,000 -103,000 -86,000 -72,000    -22,000 -245,000 -24,000 -101,000 
        payable to collaboration partner
      		        3,000 3,000 3,000 10,000 22,000                            
        deferred revenue - current
      		       20,124,000 16,125,000                                
        operating lease liability - current
      		        462,000 1,141,000 1,803,000 2,446,000 2,599,000  2,433,000 2,352,000 2,275,000 2,200,000 2,027,000 1,567,000 1,512,000 1,459,000 1,406,000 1,355,000 1,306,000 1,256,000 1,209,000 1,164,000 1,120,000            
        receivable from collaboration partner – related party
      		             10,000                           
        research and development tax incentive receivable
      		               2,648,000 2,878,000 2,792,000 1,871,000 2,778,000 1,823,000 1,084,000 535,000 276,000 153,000  173,000 1,421,000 1,876,000 1,429,000 1,155,000 2,190,000 1,918,000 1,347,000 885,000 2,881,000 2,480,000 2,241,000 1,944,000 1,744,000 
        restricted cash – noncurrent
      		             225,000                           
        payable to collaboration partner – related party
      		             69,000                           
        deferred revenue – related party
      		                                        
        operating lease liability – current
      		             2,515,000                           
        operating lease liability – noncurrent
      		             1,141,000                           
        receivable from collaboration partner and contract asset - related party
      		              125,000 43,000 25,150,000 1,566,000 2,638,000 7,077,000 3,996,000 2,426,000 2,789,000 2,997,000 3,594,000 6,755,000 1,945,000 4,889,000 5,061,000 4,587,000           
        payable to collaboration partner - related party
      		              32,000 80,000 380,000 899,000 1,121,000 11,396,000 6,823,000 2,732,000 2,077,000 1,003,000 1,116,000 1,262,000 1,020,000 810,000 1,211,000 1,061,000 764,000 276,000 379,000        
        deferred revenue - related party
      		                768,000 1,601,000 2,241,000 2,009,000       16,478,000 17,717,000 7,001,000 8,223,000 7,970,000 13,202,000 21,880,000 31,752,000 41,739,000      
        restricted cash - current
      		                     10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000    10,000 10,000 10,000 10,000    
        other liabilities
      		                  121,000 121,000 121,000 121,000                   
        accumulated other comprehensive gain
      		                 -299,000 -204,000 -59,000 -33,000 28,000   107,000          100,000 3,000     
        deferred revenue - related party - current
      		                    5,768,000 14,477,000 16,765,000 17,230,000 18,630,000 17,738,000               
        deferred tax asset
      		                        1,082,000 1,433,000 2,125,000 2,104,000 478,000            
        long-term debt
      		                        9,832,000 9,794,000               
        deferred revenue - related party - noncurrent
      		                      4,112,000 16,784,000 20,415,000 23,792,000 22,200,000 23,850,000             
        other liability - noncurrent
      		                      170,000 92,000                 
        deferred rent
      		                                   83,000     
        available-for-sale securities
      		                          87,497,000 54,958,000 42,469,000  51,090,000 61,303,000 65,383,000      2,499,000 6,408,000 
        available-for-sale securities - current
      		                             46,620,000    37,972,000 43,191,000 54,127,000 53,731,000 56,515,000   
        available-for-sale securities - noncurrent
      		                                5,557,000 11,458,000 11,316,000  14,000,000 10,150,000   
        deferred tax asset - noncurrent
      		                             658,000           
        deferred rent - noncurrent
      		                             799,000 797,000 793,000 694,000 547,000 332,000      
        restricted cash
      		                              10,000 10,000 10,000     10,000 10,000 10,000 
        receivable from collaboration partner - related party
      		                              4,586,000 5,785,000 2,722,000 1,816,000 520,000      
        other assets
      		                                    34,000 34,000 34,000 34,000 
        total liabilities and stockholders' equity
      		                                  110,415,000      
        liabilities, redeemable convertible preferred stock and stockholders’ equity
      		                                        
        redeemable convertible preferred stock
      		                                        
        stockholders’ equity
      		                                        
        total liabilities, redeemable convertible preferred stock and stockholders’ equity
      		                                     93,990,000 102,843,000  
        deferred offering costs
      		                                       1,466,000 
        liabilities redeemable convertible preferred stock and stockholders’ deficit
      		                                        
        stockholders’ deficit:
      		                                        
        total stockholders’ deficit
      		                                       -46,204,000 
        total liabilities, redeemable convertible preferred stock and stockholders’ deficit
      		                                       24,516,000 
      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 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 
                                               
          cash flows from operating activities
        		                                       
          net income
        		3,783,000 -44,384,000 -39,339,000 -34,771,000 -11,655,000 131,674,000 -33,210,000 -30,616,000 207,340,000                               
          adjustments to reconcile net income to net cash from operating activities:
        		                                       
          stock-based compensation
        		14,519,000 10,701,000 10,559,000 10,912,000 13,802,000 9,093,000 10,165,000 8,944,000 9,352,000 6,601,000 6,765,000 8,343,000 7,584,000 5,512,000 5,950,000 6,805,000 5,935,000 5,024,000 4,775,000 3,936,000 2,660,000 1,967,000 1,888,000 1,996,000 2,048,000 2,160,000 2,201,000 2,013,000 1,979,000 2,072,000 2,017,000 1,645,000 1,185,000 1,189,000 1,207,000 1,002,000 843,000 1,520,000 448,000 
          non-cash lease expense
        		439,000 345,000 106,000 568,000 569,000                                   
          depreciation
        		407,000 376,000 361,000 304,000 239,000 118,000 231,000 241,000 236,000 248,000 244,000 237,000 248,000  270,000 259,000 249,000                       
          accretion of discount on marketable securities
        		-1,025,000 -1,336,000 -1,684,000 -1,914,000 -2,289,000 -2,760,000 -2,838,000 -1,662,000 -1,615,000                               
          other
        		-2,000         0 0 0 194,000                           
          changes in operating assets and liabilities:
        		                                       
          receivable from collaboration partner
        		-53,542,000 462,000 -583,000 0 165,000,000 -165,000,000 43,000 300,000,000 -290,043,000 -10,000,000 39,000 12,000 -41,000                           
          contract asset
        		   538,000 -22,825,000                                   
          prepaid expenses and other assets
        		-1,918,000 -365,000 50,000 -1,097,000 -948,000 320,000 -1,163,000 -2,010,000 -915,000 171,000 -629,000 1,424,000 787,000 3,341,000 668,000 -1,534,000 1,279,000 -595,000 -1,211,000 -1,478,000 57,000 464,000 -1,318,000 -1,054,000 806,000 -1,234,000 218,000 -1,398,000 -406,000 591,000 -281,000 -343,000 1,150,000 -1,367,000      
          accounts payable
        		3,003,000 -307,000 2,418,000 375,000 1,237,000 -1,430,000 -355,000 -198,000 2,825,000 -597,000 -3,204,000 552,000 381,000 -1,076,000 3,305,000 -5,743,000 5,559,000 895,000 -7,159,000 5,218,000 -344,000 277,000 -41,000 -840,000 913,000 1,165,000 -1,167,000 -3,694,000 696,000 813,000 2,603,000 993,000 21,000 -1,005,000 -332,000 1,579,000 -151,000 -272,000 72,000 
          accrued expenses and other payables
        		-10,792,000 5,409,000 7,545,000 3,439,000 -11,817,000 3,228,000 5,290,000 -1,359,000 -2,870,000 -5,338,000 5,402,000 2,722,000 -8,383,000 -4,588,000 -6,574,000 3,557,000 -5,110,000 4,704,000 13,007,000 2,059,000 -673,000 2,710,000 2,748,000 1,082,000 -700,000 1,879,000 -462,000 2,734,000 -3,053,000 665,000 -2,738,000 3,010,000 974,000 1,522,000 1,754,000 158,000 1,359,000 2,190,000 1,003,000 
          deferred revenue
        		-3,268,000 -7,438,000 -3,075,000 -5,008,000 -5,496,000 -5,638,000 -4,675,000 -4,167,000 45,047,000                               
          income taxes payable
        		 0 0 -1,889,000 -800,000 1,640,000 -1,601,000 -676,000 3,326,000                               
          operating lease liability
        		-547,000 -426,000 -581,000 -237,000 341,000 -841,000 -166,000 -523,000 -696,000 -696,000 -693,000 -680,000 -674,000 -675,000 -671,000 -661,000 -654,000 -556,000 -506,000 -496,000 -491,000 -491,000 -492,000 -481,000 -477,000 -476,000 -478,000 -468,000 -463,000           
          net cash from operating activities
        		-48,943,000 -36,975,000 -1,937,000 -28,780,000 125,363,000 -29,178,000 -27,863,000 268,622,000 -27,429,000 16,960,000 -26,611,000 -26,238,000 -34,347,000 -31,635,000 -25,201,000 -13,635,000 -37,666,000 -26,939,000 -28,470,000 -23,700,000 -28,756,000 -18,867,000 -16,287,000 -21,482,000 -15,848,000 -14,289,000 -14,246,000 3,670,000 -16,662,000 -10,135,000 -9,276,000 -15,398,000 -15,138,000 -14,149,000 40,704,000 -12,327,000 -10,356,000 -9,680,000 -6,980,000 
          capital expenditures
        		-105,000 -144,000 -183,000 -743,000 -512,000 -589,000 -725,000 202,000 -197,000 39,000 -462,000 -130,000 5,000 -112,000 -223,000 -403,000 -38,000 -77,000 -304,000 -534,000 -43,000 -67,000 -69,000 -117,000 -133,000 -275,000 384,000 -1,459,000 483,000 -62,000 -148,000 -96,000 -172,000 0 -226,000 -448,000 70,000 -52,000 -48,000 
          free cash flows
        		-49,048,000 -37,119,000 -2,120,000 -29,523,000 124,851,000 -29,767,000 -28,588,000 268,824,000 -27,626,000 16,999,000 -27,073,000 -26,368,000 -34,342,000 -31,747,000 -25,424,000 -14,038,000 -37,704,000 -27,016,000 -28,774,000 -24,234,000 -28,799,000 -18,934,000 -16,356,000 -21,599,000 -15,981,000 -14,564,000 -13,862,000 2,211,000 -16,179,000 -10,197,000 -9,424,000 -15,494,000 -15,310,000 -14,149,000 40,478,000 -12,775,000 -10,286,000 -9,732,000 -7,028,000 
          cash flows from investing activities
        		                                       
          purchase of marketable securities
        		-68,968,000 -104,274,000 -161,117,000 -67,154,000 -214,040,000 -114,409,000 -266,666,000 -174,956,000 -65,671,000 -97,968,000 -58,955,000 -6,062,000 -28,060,000 -80,595,000 -32,158,000 -46,289,000 -55,832,000 -30,687,000 -92,442,000 -76,255,000 -87,205,000 -132,427,000 -80,847,000 -45,870,000 -20,883,000               
          proceeds from maturities of marketable securities
        		156,691,000 153,233,000 102,650,000 122,777,000 113,180,000 105,994,000 58,731,000 86,865,000 71,984,000 36,700,000 45,800,000 32,000,000 37,896,000 84,600,000 89,595,000 81,313,000 51,629,000 58,750,000 48,000,000 84,528,000 80,552,000 58,150,000 26,800,000 40,832,000 63,751,000               
          proceeds from sale of marketable securities
        		3,384,000 0 0 0 7,003,000                                   
          purchases of property and equipment
        		-215,000 -144,000 -88,000 -813,000 -545,000 -310,000 -775,000 -28,000 -242,000 -19,000 -404,000 -176,000 -10,000 -70,000 -162,000 -290,000 -273,000 -196,000 -265,000 -500,000 -140,000 -125,000 -75,000 -133,000 -138,000 -218,000 309,000 -892,000 -166,000 -62,000 -148,000 -68,000 -208,000       
          net cash from investing activities
        		90,892,000 48,815,000 -58,555,000 54,810,000 -94,402,000 -8,725,000 -208,710,000 -88,119,000 6,071,000 -61,287,000 -13,559,000 25,762,000 9,826,000 3,935,000 57,275,000 34,734,000 -4,476,000 27,867,000 -44,707,000 7,773,000 -6,793,000 -74,402,000   42,730,000 -12,554,000 -32,039,000 -13,225,000 4,108,000   9,591,000 -21,844,000 4,752,000 -772,000 13,093,000 -1,250,000 -64,325,000 3,884,000 
          cash flows from financing activities
        		                                       
          proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan
        		23,374,000 2,837,000 5,659,000 2,925,000 11,922,000 4,031,000 12,051,000 2,572,000 7,799,000 519,000 1,021,000 973,000 2,261,000 553,000 682,000 655,000 2,558,000 2,339,000 1,381,000 1,247,000 1,316,000 313,000   406,000 14,000 1,288,000 87,000 390,000 2,000 328,000 74,000 530,000 218,000 328,000 87,000 374,000   
          tax withholding payments related to net settlement of restricted stock units
        		 0 0 0 -479,000 0 0 0 -600,000 0 0 -669,000 -100,000 0 -2,000 0 -186,000 0 0 0 -189,000                   
          net cash from financing activities
        		23,374,000 2,837,000 5,659,000 2,925,000 11,443,000 4,031,000 12,051,000 2,572,000 7,199,000 527,000 35,315,000 108,172,000 26,463,000 553,000 680,000 680,000 16,925,000 2,173,000 1,381,000 125,390,000 979,000 126,981,000 7,669,000 112,577,000 399,000 9,779,000 25,237,000 10,630,000 390,000 479,000 23,032,000 74,000 530,000 65,062,000 31,000 87,000 374,000 -852,000 85,278,000 
          net increase in cash, cash equivalents and restricted cash
        		65,323,000 14,677,000 -54,833,000 28,955,000 42,404,000 -33,872,000 -224,522,000 183,075,000 -14,159,000 -43,800,000 -4,855,000 107,696,000 1,942,000 -27,072,000 32,579,000   3,123,000 -71,870,000 109,412,000 -34,593,000 33,733,000 -62,617,000 86,027,000 27,209,000     -5,194,000    55,634,000 40,030,000     
          cash, cash equivalents and restricted cash, beginning of period
        		128,677,000 0 0 0 97,474,000 0 0 0 186,952,000 0 0 0 125,969,000 0 0 0 123,890,000 0 0 0 117,818,000 0 0 0 33,466,000 0 0 0 82,693,000      0     
          cash, cash equivalents and restricted cash, end of period
        		194,000,000 14,677,000 -54,833,000 28,955,000 139,878,000 -33,872,000 -224,522,000 183,075,000 172,793,000 -43,800,000 -4,855,000 107,696,000 127,911,000 -27,072,000 32,579,000 21,760,000 98,702,000 3,123,000 -71,870,000 109,412,000 83,225,000 33,733,000 -62,617,000 86,027,000 60,675,000 -17,189,000 -20,948,000 1,066,000 70,537,000 -5,194,000 23,563,000    40,030,000     
          supplemental disclosure of non-cash financing and investing information:
        		                                       
          purchases of property and equipment in accounts payable and accrued liabilities
        		110,000  -95,000 70,000 33,000 -279,000 50,000 230,000 45,000 58,000 -58,000 46,000 15,000 -42,000 -61,000 -113,000 235,000 119,000 -39,000 -34,000 97,000 58,000 6,000 16,000 5,000 -57,000 75,000 -567,000 649,000           
          payable to collaboration partner
        		     0 0   0 -7,000 -12,000 -47,000                           
          proceeds from public offering of common stock, net of issuance costs
        		         8,000 -78,000       -166,000 0   107,825,000 -211,000                 
          proceeds from at-the-market offering, net of issuance costs
        		         0 0 0 24,302,000 0 0 0 14,553,000     18,843,000 6,385,000   0 23,949,000             
          proceeds from exercise of warrants in exchange for issuance of pre-funded warrants
        		         0                              
          proceeds from issuance of common stock upon exercise of warrants
        		         0                              
          supplemental disclosure of cash flow information:
        		                                       
          cash paid for taxes
        		                                       
          leasehold improvements obtained under tenant improvement allowance
        		 0    808,000 97,000                                 
          right-of-use asset obtained in exchange for lease obligation
        		     0 0                                 
          net realized loss on sale of marketable securities
        		  -1,000 0 5,000                                   
          operating lease right-of-use asset amortization
        		     418,000 416,000 651,000 584,000 584,000 583,000 584,000 584,000 584,000 583,000 584,000 584,000 584,000 491,000 443,000 444,000 444,000 444,000 443,000 444,000 445,000 444,000 444,000 459,000           
          research and development tax incentive receivable
        		             -33,000    -921,000 828,000 -931,000 -751,000 -473,000 -239,000 -116,000 -162,000 174,000   -441,000 -332,000 1,059,000 -357,000 -606,000 -460,000 2,009,000 -377,000 -102,000   
          issuance costs related to prior period common stock offering
        		             0 0                         
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		             75,000 -175,000 -19,000 29,000 22,000 -74,000 -51,000 -23,000 21,000 123,000 103,000 -72,000 -125,000   8,000 -87,000 -110,000   -31,000 67,000     
          issuance costs related to common stock offering included in accrued liabilities and other payables
        		                25,000 -166,000 -6,000 139,000 58,000                   
          net loss
        		         27,335,000 -34,105,000 -38,460,000 -33,725,000 -34,194,000 -31,232,000 -41,037,000 -20,930,000 -36,907,000 -33,804,000 -30,842,000 -23,998,000 -18,886,000 -7,763,000 -19,421,000 -20,080,000 -17,501,000 -16,409,000 -29,174,000 -14,103,000 -13,865,000 -8,735,000 -8,663,000 -7,661,000 -3,052,000 -4,825,000 -14,979,000 -14,101,000 -11,248,000 -7,084,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                                       
          amortization of discount/premium on marketable securities
        		         -1,348,000 -1,006,000 -960,000 -1,255,000                           
          other liabilities
        		                                       
          net amortization of (discount) premium on marketable securities
        		                                       
          depreciation and amortization
        		                   185,000 180,000 188,000 182,000 202,000 217,000 202,000 195,000 176,000 130,000 128,000 151,000 170,000 78,000 117,000 108,000 93,000 88,000 75,000 83,000 
          change in deferred tax asset
        		                     34,000 -8,000 1,229,000 183,000 773,000 -102,000 -1,626,000 180,000           
          loss on early repayment of debt
        		                     0 0                 
          receivable from collaboration partner – related party
        		                                       
          payable to collaboration partner – related party
        		                                       
          deferred revenue – related party
        		                                       
          early repayment of long-term debt
        		                     0 0                 
          issuance costs related to long-term debt
        		                     0 0                 
          cash paid for interest
        		                                       
          issuance costs related to at-the-market offering of common stock included in prepaid expenses and other assets at the end of the previous year
        		                     0 0                 
          issuance costs related to common stock offering included in prepaid expenses and other assets at the end of the previous year
        		                                       
          net amortization of premium on marketable securities
        		              -89,000 96,000 358,000                       
          receivable from collaboration partner - related party
        		              -82,000 25,107,000 -23,584,000 1,072,000 4,439,000 -3,081,000 -1,570,000 363,000 208,000 597,000 3,161,000 -4,810,000   -474,000 -1,000 1,198,000 -3,062,000 -906,000 -1,296,000      
          payable to collaboration partner - related party
        		              -48,000 -300,000 -519,000 -222,000 -10,275,000 4,573,000 4,091,000 656,000 1,074,000 -113,000 -146,000 242,000 210,000 -401,000 150,000 297,000 488,000 -103,000 379,000       
          deferred revenue - related party
        		              0 -768,000 -833,000 -640,000 232,000 -3,759,000 -8,709,000 -6,400,000 -13,136,000 -5,032,000 -2,485,000 2,852,000 -2,889,000 34,566,000 -1,222,000 253,000 -5,232,000 -8,678,000 -9,872,000 -9,987,000      
          issuance costs related to prior common stock offering
        		                                       
          net decrease in cash, cash equivalents and restricted cash
        		                -25,188,000          -20,948,000 1,066,000 -12,156,000   -5,713,000 -36,452,000       
          issuance costs related to common stock offering included in accrued liabilities and other payables at the end of the previous year
        		                    205,000                   
          net amortization of premium (accretion of discount) on marketable securities
        		                 509,000 500,000 473,000 348,000                   
          gain on disposal of property and equipment
        		                                       
          proceeds from issuance of long-term debt, net of issuance costs
        		                                       
          amortization of debt issuance costs and accretion of debt discount
        		                     137,000 0 -23,000 45,000               
          issuance costs related to at-the-market offering of common stock included in accrued liabilities and other payables
        		                                       
          foreign currency remeasurement loss
        		                        549,000               
          issuance costs related to common stock offering
        		                    -148,000                   
          issuance costs related to issuance of long-term debt
        		                                       
          other liability
        		                     -49,000 78,000                 
          proceeds from issuance of common stock and warrants in private placement, net of issuance costs
        		                             -6,000          
          issuance costs related to public offering of common stock included in accrued liabilities and other payables
        		                     180,000 -208,000                 
          issuance costs related to public offering of common stock included in prepaid expenses and other assets at the end of the previous year
        		                     -1,000 0                 
          fair value of common stock retired in exchange for issuance of common stock warrant
        		                                       
          accretion of discount on marketable securities, net of premium amortization
        		                      88,000 -79,000 -164,000               
          net cash from (used) in investing activities
        		                                       
          proceeds from issuance of common stock upon under equity incentive and employee stock purchase plans
        		                                       
          tenant improvement allowance reimbursement
        		                           0 469,000           
          supplemental disclosures of non-cash financing and investing information:
        		                                       
          amortization of issuance costs and accretion of final payment fee for long-term debt
        		                                       
          net (accretion of discount) amortization of premium on marketable securities
        		                                       
          proceeds from issuance of common stock and warrants in private placement, net of issuance costs
        		                                       
          supplemental disclosures of cash flow information:
        		                                       
          deferred offering costs in accounts payable and accrued liabilities
        		                                       
          acquisition of new equipment upon trade-in for existing equipment
        		                                       
          net (accretion of discount) amortization of premium on available-for-sale securities
        		                          -188,000 -115,000 -94,000           
          purchase of available-for-sale securities
        		                          -65,348,000 -30,733,000 -21,726,000 -19,113,000 -12,935,000 -13,376,000 -25,636,000 -11,392,000 -20,152,000 0 -8,002,000 -66,773,000 0 
          proceeds from maturities of available-for-sale securities
        		                          33,000,000 18,400,000 26,000,000 23,724,000 23,000,000 23,035,000 4,000,000 16,200,000 19,570,000 13,465,000 6,800,000 2,500,000 3,900,000 
          receivable from collaboration partner and contract asset - related party
        		                                       
          net amortization of premium on available-for-sale securities
        		                             -98,000 194,000 -10,000 120,000 190,000      
          change in fair value associated with redeemable convertible preferred stock tranche liability
        		                                     0 0 
          change in fair value of redeemable convertible preferred stock warrant liability
        		                                     0 0 
          proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
        		                                     -20,000 0 
          cash, cash equivalents and restricted cash, beginning of year
        		                             0 0 0 106,489,000       
          purchases of property and equipment in accounts payable
        		                               -28,000 36,000       
          conversion of redeemable convertible preferred stock to common stock at closing of initial public offering
        		                                     0  
          settlement of fair value of redeemable convertible preferred stock liability
        		                                     0 0 
          reclassification of preferred stock warrant liability to equity
        		                                     0 0 
          accretion of redeemable convertible preferred stock
        		                                     0 293,000 
          loss on disposal of property and equipment
        		                                 0 3,000   0 0 
          net cash from by investing activities
        		                                       
          proceeds from issuance of common stock in at-the-market offerings, net of issuance costs
        		                                       
          payment of deferred offering costs
        		                                       
          cash, cash equivalents and restricted cash, end of year
        		                                70,037,000       
          proceeds from issuance of common stock, net of issuance costs
        		                                       
          supplemental disclosures of non-cash financing information:
        		                                       
          tranche liability in connection with the series c redeemable convertible preferred stock financing
        		                                       
          purchase of property and equipment
        		                                  -190,000 -372,000 -48,000 -52,000 -48,000 
          proceeds from issuance of redeemable preferred stock, net of issuance costs
        		                                       
          proceeds from issuance of initial public offering, net of issuance cost
        		                                       
          supplemental non-cash financing and investing activities
        		                                       
          acquisition of equipment in trade-in
        		                                  0     
          purchase of property and equipment in accounts payable and accrued liabilities
        		                                  -36,000 -76,000 118,000   
          amortization of premium on available-for-sale securities
        		                                   150,000 122,000 35,000 10,000 
          prepaid expenses and other current assets
        		                                   112,000 1,586,000 -1,621,000 -1,313,000 
          other assets
        		                                     0 0 
          supplemental disclosures of non-cash financing and investing information
        		                                       
          effect of exchange rate changes on cash and cash equivalents
        		                                    115,000   
          net increase in cash and cash equivalents
        		                                    -11,117,000 -74,940,000 82,256,000 
          cash, beginning of period
        		                                    21,094,000   
          cash, end of period
        		                                    9,977,000   
          offering costs in accounts payable and accrued liabilities
        		                                       
          cash flows from operating actitivies
        		                                       
          research and development tax credit receivable
        		                                       
          proceeds from sale of property and equipment
        		                                     0  
          proceeds from issuance of redeemable convertible preferred stock upon exercise of preferred stock warrant liability
        		                                       
          proceeds from issuance of common stock upon exercise of stock options
        		                                     8,000 0 
          proceeds from issuance of common stock upon initial public offering, net of issuance costs
        		                                       
          effect on exchange rate changes on cash and cash equivalents
        		                                     -83,000 74,000 
          cash and cash equivalents, beginning of year
        		                                       
          cash and cash equivalents, end of year
        		                                       
          purchase of property and equipment in accounts payable
        		                                       
          cash and cash equivalents, beginning of period
        		                                      0 
          cash and cash equivalents, end of period
        		                                      82,256,000 
          supplemental disclosures of non-cash financing information
        		                                       
          payments of deferred offering costs