7Baggers

Arcus Biosciences, Inc
(NYSE:RCUS) 

RCUS stock logo

Arcus Biosciences, Inc., a clinical-stage biopharmaceutical company, develops and commercializes cancer therapies in the United States. Its product pipeline includes, Etrumadenant, a dual A2a/A2b adenosine receptor antagonist, which is in a Phase 1b/2 clinical trial; and Zimberelimab, an anti-PD-1 a...

Founded: 2015
Full Time Employees: 139
Sector: Healthcare
Industry: Biotechnology
Healthcare
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At a glance:
Bull Thesis:
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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 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 
                                     
      revenues:
    		                                 
      license and development services
    		12,000,000                                 
      other collaboration
    		5,000,000                                 
      total revenues
    		17,000,000 33,000,000 26,000,000 160,000,000 28,000,000 26,000,000 48,000,000 39,000,000 145,000,000 31,000,000 32,000,000 29,000,000 25,000,000 33,655,000 33,581,000 26,759,000 18,005,000 7,095,750 9,461,000               
      yoy
    		-39.29% 26.92% -45.83% 310.26% -80.69% -16.13% 50.00% 34.48% 480.00% -7.89% -4.71% 8.37% 38.85% 374.30% 254.94%                   
      qoq
    		-48.48% 26.92% -83.75% 471.43% 7.69% -45.83% 23.08% -73.10% 367.74% -3.13% 10.34% 16.00% -25.72% 0.22% 25.49% 48.62% 153.74% -25.00%                
      operating expenses:
    		                                 
      research and development
    		122,000,000 121,000,000 141,000,000 139,000,000 122,000,000 101,000,000 123,000,000 115,000,000 109,000,000 93,000,000 82,000,000 84,000,000 81,000,000 80,200,000 76,684,000 69,905,000 61,211,000 49,936,000 71,254,000 68,771,000 66,387,000 48,712,000 51,801,000 35,693,000 23,142,000 20,686,000 17,241,000 24,999,000 15,554,000 11,436,000 12,859,000 13,699,000 11,652,000 
      general and administrative
    		29,000,000 26,000,000 27,000,000 29,000,000 28,000,000 28,000,000 30,000,000 30,000,000 32,000,000 29,000,000 30,000,000 28,000,000 30,000,000 27,896,000 26,294,000 25,836,000 23,974,000 23,296,000 16,343,000 16,826,000 15,821,000 12,787,000 11,177,000 11,432,000 7,008,000 6,591,000 7,758,000 5,911,000 4,969,000 3,610,000 3,577,000 3,450,000 2,929,000 
      total operating expenses
    		151,000,000 147,000,000 168,000,000 168,000,000 150,000,000 129,000,000 153,000,000 145,000,000 161,000,000 122,000,000 112,000,000 112,000,000 111,000,000 108,096,000 102,978,000 95,741,000 85,185,000 73,232,000 87,597,000 85,597,000 82,208,000 61,499,000 62,978,000 47,125,000 30,150,000 27,277,000 24,999,000 30,910,000 20,523,000 15,046,000 16,436,000 17,149,000 14,581,000 
      income from operations
    		-134,000,000 -114,000,000 -142,000,000 -8,000,000 -122,000,000 -103,000,000 -105,000,000 -106,000,000 -16,000,000 -91,000,000 -80,000,000 -83,000,000 -86,000,000 -74,441,000 -69,397,000 -68,982,000 -67,180,000 281,267,000 -78,136,000 -76,136,000 -72,747,000 -52,012,000 1,552,000 -45,375,000 -28,400,000 -17,527,000 -23,249,000 -29,160,000 -18,773,000 -13,484,000 -12,145,000 -15,899,000 -13,331,000 
      yoy
    		9.84% 10.68% 35.24% -92.45% 662.50% 13.19% 31.25% 27.71% -81.40% 22.24% 15.28% 20.32% 28.01% -126.47% -11.18% -9.40% -7.65% -640.77% -5134.54% 67.79% 156.15% 196.75% -106.68% 55.61% 51.28% 29.98% 91.43% 83.41% 40.82%     
      qoq
    		17.54% -19.72% 1675.00% -93.44% 18.45% -1.90% -0.94% 562.50% -82.42% 13.75% -3.61% -3.49% 15.53% 7.27% 0.60% 2.68% -123.88% -459.97% 2.63% 4.66% 39.87% -3451.29% -103.42% 59.77% 62.04% -24.61% -20.27% 55.33% 39.22% 11.03% -23.61% 19.26%  
      operating margin %
    		-788.24% -345.45% -546.15% -5.00% -435.71% -396.15% -218.75% -271.79% -11.03% -293.55% -250.00% -286.21% -344.00% -221.19% -206.66% -257.79% -373.12% 3963.88% -825.87% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      non-operating income:
    		                                 
      interest and other income
    		9,000,000 10,000,000 10,000,000 10,000,000 11,000,000 12,000,000 14,000,000 13,000,000 13,000,000 11,000,000 12,000,000 9,000,000 9,000,000 7,544,000 5,013,000 2,861,000 582,000 176,000 161,000 166,000 154,000 159,000 270,000 301,000 647,000 929,000 1,254,000 1,482,000 1,534,000 846,000 1,333,000 2,366,000 377,000 
      interest expense
    		-3,000,000 -2,000,000 -3,000,000 -2,000,000 -1,000,000 -2,000,000 -1,000,000                           
      total non-operating income
    		6,000,000 8,000,000 7,000,000 8,000,000 10,000,000 10,000,000 13,000,000 13,000,000 12,000,000 11,000,000 11,000,000 9,000,000 8,000,000 6,981,000 4,478,000 2,350,000 191,000 -84,000 161,000 166,000 154,000 159,000 270,000 301,000 647,000 929,000 897,000 1,070,000 1,103,000     
      income before income taxes
    		-128,000,000 -106,000,000 -135,000,000  -112,000,000 -93,000,000 -92,000,000 -93,000,000 -4,000,000 -80,000,000 -69,000,000 -74,000,000 -78,000,000                     
      income tax expense
    		         -1,000,000 -2,000,000 -1,000,000 -2,000,000 4,000   -1,004,000                 
      net income
    		-128,000,000 -106,000,000 -135,000,000  -112,000,000 -94,000,000 -92,000,000 -93,000,000 -4,000,000 -81,000,000 -71,000,000 -75,000,000 -80,000,000 -67,456,000 -64,919,000 -66,632,000 -67,993,000 279,368,000 -77,975,000 -75,970,000 -72,593,000 -51,853,000 1,822,000 -45,074,000 -27,753,000 -16,598,000 -22,352,000 -28,090,000 -17,670,000 -12,295,000 -10,812,000 -13,533,000 -12,954,000 
      yoy
    		14.29% 12.77% 46.74% NaN% 2700.00% 16.05% 29.58% 24.00% -95.00% 20.08% 9.37% 12.56% 17.66% -124.15% -16.74% -12.29% -6.34% -638.77% -4379.64% 68.55% 161.57% 212.41% -108.15% 60.46% 57.06% 35.00% 106.73% 107.57% 36.41%     
      qoq
    		20.75% -21.48% NaN% NaN% 19.15% 2.17% -1.08% 2225.00% -95.06% 14.08% -5.33% -6.25% 18.60% 3.91% -2.57% -2.00% -124.34% -458.28% 2.64% 4.65% 40.00% -2945.94% -104.04% 62.41% 67.21% -25.74% -20.43% 58.97% 43.72% 13.72% -20.11% 4.47%  
      net income margin %
    		-752.94% -321.21% -519.23% NaN% -400.00% -361.54% -191.67% -238.46% -2.76% -261.29% -221.88% -258.62% -320.00% -200.43% -193.32% -249.01% -377.63% 3937.12% -824.17% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      net income per share
    		             -0.695 -0.9 -0.93 -0.96 4.04 -1.11 -1.09 -1.08 -0.87 0.03 -0.93 -0.63 -0.37 -0.51 -0.64 -0.41 -0.27 -0.25 -0.32 -1.37 
      basic and diluted
    		-1.02 -0.9 -1.27  -1.14 -1.03 -1 -1.02 -0.05 -0.768 -0.94 -1.04 -1.09                     
      shares used to compute net loss per share:
    		                                 
      basic and diluted
    		125.4 3.7 106.5  98.4 0.5 91.4 91.1 86.2 18.4 74.6 73.2 73                     
      license and development services revenue
    		 48,000,000 20,000,000 152,000,000 20,000,000 51,000,000 41,000,000 28,000,000 135,000,000                         
      other collaboration revenue
    		 5,500,000 6,000,000 8,000,000 8,000,000 8,000,000 7,000,000 11,000,000 10,000,000 9,000,000 10,000,000 10,000,000 8,000,000 8,029,000 9,839,000 10,066,000 10,066,000                 
      impairment of long-lived assets
    		        20,000,000                         
      net income per share
    		             -0.695 -0.9 -0.93 -0.96 4.04 -1.11 -1.09 -1.08 -0.87 0.03 -0.93 -0.63 -0.37 -0.51 -0.64 -0.41 -0.27 -0.25 -0.32 -1.37 
      basic
    		                                 
      diluted
    		                                 
      shares used to compute net income per share:
    		                                 
      basic
    		   106.1                              
      diluted
    		   106.5                              
      effective interest on liability for sale of future royalties
    		        -1,000,000  -1,000,000  -1,000,000 -563,000 -535,000 -511,000 -391,000                 
      license and development service revenue
    		         22,000,000 22,000,000 19,000,000 17,000,000 25,626,000 23,742,000 16,693,000 7,939,000                 
      net loss before income taxes
    		             -49,635,000 -64,919,000 -66,632,000 -66,989,000                 
      other comprehensive loss
    		             -2,135,000 -2,557,000 -2,584,000 -3,399,000                -55,000 
      comprehensive loss
    		             -52,021,000 -67,476,000 -69,216,000 -71,392,000   -76,014,000 -72,639,000   -45,218,000 -27,529,000 -16,587,000 -22,411,000 -28,006,000 -17,534,000 -12,294,000 -10,837,000 -13,519,000 -13,009,000 
      net income per share
    		             -0.695 -0.9 -0.93 -0.96 4.04 -1.11 -1.09 -1.08 -0.87 0.03 -0.93 -0.63 -0.37 -0.51 -0.64 -0.41 -0.27 -0.25 -0.32 -1.37 
      weighted-average number of shares used to compute basic and diluted net loss per share
    		              72,236,283 71,814,232 71,194,778   69,745,297 67,082,161 54,787,118  48,556,843 44,282,607 43,825,991 43,939,281 43,797,718 43,508,592 34,618,237    
      license revenue
    		                                 
      collaboration revenue
    		                 7,095,750 9,461,000 9,461,000 9,461,000             
      gain on deemed sale from equity method investee
    		                       131,000 482,000         
      share of loss from equity method investee
    		                       -131,000 -482,000  -357,000 -412,000 -431,000     
      other comprehensive income
    		                 -1,169,000 -46,000 -44,000 -46,000 -37,000 -63,000 -144,000 224,000 11,000 -59,000 84,000 136,000 -16,500 -25,000 14,000  
      comprehensive income
    		                 278,199,000 -78,021,000   -17,747,000 1,759,000           
      weighted-average number of shares used to compute basic net income per share
    		                 69,345,490 70,110,138    62,599,193           
      weighted-average number of shares used to compute diluted net income per share
    		                 73,966,267 70,110,138    65,145,707           
      total collaboration and license revenues
    		                   9,461,000 9,461,000             
      collaboration and license revenue
    		                     17,007,500 64,530,000 1,750,000 1,750,000 9,750,000 1,750,000 1,750,000 1,750,000 1,562,000 4,291,000 1,250,000 1,250,000 
      operation expenses:
    		                                 
      weighted-average number of shares used to compute basic and diluted net income per share
    		                              42,838,098 42,533,641 9,488,352 
                                     
    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 
                                       
        assets
      		                                 
        current assets:
      		                                 
        cash and cash equivalents
      		201,000,000 222,000,000 238,000,000 248,000,000 192,000,000 150,000,000 201,000,000 156,000,000 185,000,000 127,000,000 184,000,000 230,000,000 238,000,000 206,000,000 217,647,000 272,629,000 548,783,000 147,914,000 179,432,000 320,482,000 390,260,000 173,415,000 221,849,000 285,185,000 67,326,000 57,937,000 78,992,000 76,068,000 68,499,000 71,064,000 74,889,000 169,998,000 198,116,000 
        marketable securities
      		621,000,000 759,000,000 593,000,000 663,000,000 805,000,000 828,000,000 888,000,000 813,000,000 810,000,000 632,000,000 615,000,000 700,000,000 716,000,000 803,000,000                    
        receivable from collaboration partners
      		3,000,000 11,000,000 11,000,000 15,000,000 15,000,000 20,000,000 16,000,000 28,000,000 35,000,000 38,000,000 52,000,000 34,000,000 33,000,000 39,000,000 27,286,000 35,831,000 29,419,000 744,595,000 871,000 1,575,000 5,235,000 1,049,000 2,579,000 222,000 344,000  5,276,000       
        prepaid expenses and other current assets
      		19,000,000 15,000,000 15,000,000 20,000,000 19,000,000 18,000,000 22,000,000 25,000,000 34,000,000 34,000,000 31,000,000 22,000,000 28,000,000  21,625,000 15,672,000 18,527,000 15,620,000 17,574,000 21,967,000 8,680,000 5,471,000 11,816,000 8,665,000 8,007,000 4,303,000 4,223,000 3,273,000 3,080,000 2,321,000 2,329,000 1,550,000 1,834,000 
        total current assets
      		844,000,000 1,007,000,000 857,000,000 946,000,000 1,031,000,000 1,016,000,000 1,127,000,000 1,022,000,000 1,064,000,000 831,000,000 882,000,000 986,000,000 1,015,000,000 1,067,000,000 1,101,116,000 1,227,475,000 1,264,226,000 1,261,750,000 545,288,000 745,954,000 841,870,000 735,815,000 797,199,000 471,599,000 166,217,000 192,705,000 200,488,000 227,733,000 245,015,000 258,948,000 265,280,000 267,441,000 282,068,000 
        long-term marketable securities
      		54,000,000 29,000,000 10,000,000 16,000,000 8,000,000 14,000,000 2,000,000 40,000,000 100,000,000 107,000,000 151,000,000 80,000,000 90,000,000 129,000,000                    
        property and equipment
      		38,000,000 40,000,000 42,000,000 44,000,000 46,000,000 47,000,000 48,000,000 49,000,000 51,000,000 51,000,000 50,000,000 45,000,000 37,000,000 35,000,000 33,892,000 33,416,000 33,481,000 32,455,000 28,818,000 23,806,000 14,849,000 10,807,000 8,728,000 8,264,000 8,761,000 9,330,000 10,011,000 10,362,000 11,026,000 11,107,000 11,762,000   
        other noncurrent assets
      		61,000,000 63,000,000 65,000,000 69,000,000 71,000,000 73,000,000 75,000,000 75,000,000 78,000,000 106,000,000 108,000,000 109,000,000 112,000,000 114,000,000                    
        total assets
      		997,000,000 1,139,000,000 974,000,000 1,075,000,000 1,156,000,000 1,150,000,000 1,252,000,000 1,186,000,000 1,293,000,000 1,095,000,000 1,191,000,000 1,220,000,000 1,254,000,000 1,345,000,000 1,393,822,000 1,476,773,000 1,543,427,000 1,591,898,000 839,290,000 898,773,000 935,119,000 772,292,000 811,075,000 481,389,000 176,144,000 203,110,000 216,957,000 238,974,000 258,530,000 274,925,000 286,721,000 293,865,000 305,399,000 
        liabilities and stockholders' equity
      		                                 
        current liabilities:
      		                                 
        accounts payable
      		39,000,000 42,000,000 42,000,000 29,000,000 22,000,000 18,000,000 13,000,000 15,000,000 16,000,000 17,000,000 17,000,000 12,000,000 28,000,000 20,000,000 10,546,000 21,984,000 18,094,000 10,261,000 13,219,000 16,957,000 24,544,000 15,682,000 8,102,000 12,052,000 2,426,000 4,704,000 2,905,000 2,448,000 2,829,000 3,102,000 2,109,000 5,388,000 3,920,000 
        deferred revenue
      		34,000,000 35,000,000 52,000,000 71,000,000 72,000,000 85,000,000 105,000,000 113,000,000 124,000,000 91,000,000 103,000,000 103,000,000 97,000,000 97,000,000                    
        other current liabilities
      		136,000,000 154,000,000 141,000,000 110,000,000 98,000,000 123,000,000 97,000,000 71,000,000 64,000,000 76,000,000 80,000,000 65,000,000 54,000,000 76,000,000 2,984,000 2,466,000  52,000 209,000 380,000 2,381,000 3,566,000 3,422,000 1,463,000 1,408,000 1,480,000 1,490,000 1,513,000 1,545,000 1,560,000 1,585,000 1,650,000 1,732,000 
        total current liabilities
      		209,000,000 231,000,000 235,000,000 210,000,000 192,000,000 226,000,000 215,000,000 199,000,000 204,000,000 184,000,000 200,000,000 180,000,000 179,000,000 193,000,000 177,176,000 164,024,000 161,254,000 166,084,000 142,866,000 130,370,000 132,055,000 121,669,000 162,871,000 40,025,000 21,004,000 22,706,000 21,057,000 26,513,000 19,003,000 16,935,000 16,611,000 16,380,000 14,262,000 
        deferred revenue, noncurrent
      		45,000,000 43,000,000 53,000,000 60,000,000 219,000,000 234,000,000 289,000,000 214,000,000 242,000,000 307,000,000 326,000,000 330,000,000 330,000,000 355,000,000 382,584,000 429,339,000 456,905,000 462,217,000 94,675,000 103,908,000 113,369,000 122,830,000 91,298,000 8,522,000 10,272,000 12,022,000 13,772,000 10,522,000 12,272,000 16,984,000 18,546,000 16,087,000 17,337,000 
        long-term debt
      		100,000,000 99,000,000 98,000,000 97,000,000 48,000,000 48,000,000 47,000,000                           
        other noncurrent liabilities
      		119,000,000 135,000,000 152,000,000 159,000,000 166,000,000 157,000,000 136,000,000 138,000,000 140,000,000 142,000,000 145,000,000 144,000,000 145,000,000 140,000,000                    
        commitments
      		                                 
        stockholders’ equity:
      		                                 
        common stock and additional paid-in capital: 0.0001 par value per share...
      		2,138,000,000 2,116,000,000 1,815,000,000 1,793,000,000 1,775,000,000 1,617,000,000 1,602,000,000 1,582,000,000 1,561,000,000 1,311,000,000 1,291,000,000 1,267,000,000 1,226,000,000 1,206,000,000                    
        accumulated deficit
      		-1,613,000,000 -1,485,000,000 -1,379,000,000 -1,244,000,000 -1,244,000,000 -1,132,000,000 -1,038,000,000 -946,000,000 -853,000,000 -849,000,000 -768,000,000 -697,000,000 -622,000,000 -542,000,000 -474,898,000 -409,979,000 -343,347,000 -275,354,000 -554,722,000 -476,747,000 -400,777,000 -328,184,000 -276,331,000 -278,153,000 -233,079,000 -205,326,000 -188,728,000 -166,376,000 -138,286,000 -122,828,000 -110,533,000 -99,722,000 -86,188,000 
        accumulated other comprehensive loss
      		-1,000,000      1,000,000 -1,000,000 -1,000,000  -3,000,000 -4,000,000 -4,000,000 -7,000,000 -9,801,000 -7,244,000 -4,660,000             -107,000 -108,000 -83,000 -97,000 
        total stockholders’ equity
      		524,000,000 631,000,000 436,000,000 549,000,000 531,000,000 485,000,000 565,000,000 635,000,000 707,000,000 462,000,000 520,000,000 566,000,000 600,000,000 657,000,000 698,701,000 747,386,000 796,579,000 841,450,000 542,607,000 604,555,000 664,790,000 502,304,000 544,417,000 428,710,000 140,638,000 163,842,000 177,227,000 196,646,000 221,567,000 234,942,000 245,121,000 254,574,000 266,591,000 
        total liabilities and stockholders’ equity
      		997,000,000 1,139,000,000 974,000,000 1,075,000,000 1,156,000,000 1,150,000,000 1,252,000,000 1,186,000,000 1,293,000,000 1,095,000,000 1,191,000,000 1,220,000,000 1,254,000,000 1,345,000,000 1,393,822,000 1,476,773,000 1,543,427,000 1,591,898,000 839,290,000 898,773,000 935,119,000 772,292,000 811,075,000 481,389,000  203,110,000        
        preferred stock, 0.0001 par value per share...
      		                                 
        prepaid and other current assets
      		             19,000,000                    
        preferred stock: 0.0001 par value per share...
      		                                 
        short-term investments
      		              831,135,000 900,147,000 664,751,000 351,394,000 345,210,000 400,530,000 436,666,000 555,231,000 560,583,000 177,288,000 90,540,000 130,333,000 111,997,000 148,330,000 173,436,000 185,480,000 182,948,000 95,700,000 82,064,000 
        accrued interest receivable
      		              3,423,000 3,196,000 2,746,000 2,227,000 2,201,000 1,400,000 1,029,000 649,000 372,000 239,000          
        long-term investments
      		              143,138,000 98,329,000 128,836,000 181,990,000 218,730,000 84,096,000 57,986,000 6,440,000 2,700,000    5,992,000  1,201,000 3,181,000 7,746,000 11,792,000 10,595,000 
        right-of-use assets
      		              102,073,000 104,025,000 102,992,000 104,968,000 35,553,000 36,137,000 12,243,000 12,781,000            
        restricted cash
      		              3,005,000 3,005,000 3,005,000 3,005,000 3,005,000 3,005,000 1,988,000 203,000 203,000 203,000 203,000 203,000 203,000 203,000 203,000 203,000 203,000 203,000 203,000 
        other long-term assets
      		              10,598,000 10,523,000 10,887,000 7,730,000 7,896,000 5,775,000 6,183,000 6,246,000 2,245,000 1,323,000 963,000 872,000 263,000 319,000 315,000 284,000 205,000 205,000 205,000 
        accrued research and development
      		              39,827,000 35,019,000 37,654,000 29,587,000 40,470,000               
        other accrued liabilities
      		              20,528,000 14,438,000 16,196,000 24,181,000 14,625,000 9,706,000 7,536,000 9,543,000 7,496,000 5,611,000          
        deferred revenue, current
      		              103,291,000 90,117,000 89,310,000 102,003,000 74,343,000 74,571,000 74,571,000 74,571,000 115,614,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 6,250,000 6,250,000 5,000,000 5,000,000 
        operating lease liabilities, noncurrent
      		              119,195,000 121,343,000 114,815,000 116,887,000 48,943,000 49,741,000 14,706,000 15,243,000            
        other long-term liabilities
      		              16,166,000 14,681,000 13,874,000 5,260,000 10,199,000 10,199,000 10,199,000 10,246,000 8,178,000 693,000 640,000 806,000 1,026,000 1,283,000 1,543,000 1,792,000 2,047,000 2,308,000 2,554,000 
        total liabilities
      		              695,121,000 729,387,000 746,848,000 750,448,000 296,683,000 294,218,000 270,329,000 269,988,000 266,658,000 52,679,000 35,506,000 39,268,000 39,730,000 42,328,000 36,963,000 39,983,000 41,600,000 39,291,000 38,808,000 
        preferred stock, 0.0001 par value...
      		                                 
        common stock, 0.0001 par value...
      		              7,000 7,000 7,000 7,000 7,000 7,000 7,000 6,000 6,000 6,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000   
        additional paid-in capital
      		              1,183,393,000 1,164,602,000 1,144,579,000 1,118,058,000 1,097,414,000 1,081,341,000 1,065,562,000 830,438,000 820,661,000 706,713,000 373,425,000 369,100,000 365,898,000 362,905,000 359,820,000 357,873,000 355,758,000 354,375,000 352,872,000 
        liabilities
      		                                 
        accumulated other comprehensive income
      		                 -1,261,000 -92,000 -46,000 -2,000 44,000 81,000 144,000 288,000 64,000 53,000 113,000 29,000     
        accrued research and development expenses
      		                   28,756,000 23,023,000 18,307,000 28,237,000 13,899,000          
        deferred rent, non-current
      		                                 
        current liabilities
      		                                 
        deferred rent, noncurrent
      		                      4,311,000           
        deferred rent
      		                       3,439,000 3,590,000 3,734,000 3,875,000 4,010,000 4,145,000 4,272,000 4,396,000 4,516,000 4,655,000 
        accrued liabilities
      		                        10,170,000 9,522,000 9,662,000 15,552,000 7,629,000 6,023,000 6,667,000 4,342,000 3,610,000 
        total liabilities, convertible preferred stock and stockholders’ equity
      		                        176,144,000  216,957,000 238,974,000 258,530,000 274,925,000 286,721,000 293,865,000 305,399,000 
        receivable from collaboration partner
      		                         132,000     5,000,000   
        amounts owed by a related party
      		                           62,000  83,000 114,000 193,000 54,000 
        equity investment in related party
      		                           357,000 770,000 1,202,000 1,525,000 1,711,000 515,000 
        convertible preferred stock, 0.0001 par value...
      		                                 
        stockholders’ equity
      		                                 
        property, plant and equipment-net
      		                               12,513,000 11,813,000 
        common stock; 0.0001 par value...
      		                               4,000 4,000 
      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 
                                         
          cash flows from operating activities
        		                                 
          net loss
        		-128,000,000 -106,000,000 -135,000,000 0 -112,000,000 -94,000,000 -92,000,000 -93,000,000 -4,000,000  -71,000,000 -75,000,000 -80,000,000  -64,919,000 -66,632,000 -67,993,000  -77,975,000 -75,970,000 -72,593,000 -51,853,000 1,822,000 -45,074,000 -27,753,000 -16,598,000 -22,352,000 -28,090,000 -17,670,000 -12,295,000 -10,811,000 -13,534,000 -12,954,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                                 
          stock-based compensation expense
        		19,000,000 15,000,000 14,000,000 15,000,000 16,000,000 17,000,000 19,000,000 20,000,000 20,000,000 18,000,000 18,000,000 18,000,000 19,000,000 16,522,000 16,260,000 15,677,000 16,541,000 13,815,000 14,585,000 13,367,000 12,761,000 7,891,000 6,002,000 4,470,000 3,462,000 2,437,000 2,740,000 2,130,000 1,674,000 1,054,000 1,048,000 1,116,000 656,000 
          depreciation and amortization
        		2,000,000 3,000,000 2,000,000 2,000,000 3,000,000 3,000,000 2,000,000 2,000,000 3,000,000 3,000,000 1,000,000 2,000,000 2,000,000 1,478,000 1,560,000 1,505,000 1,457,000 1,260,000 963,000 820,000 800,000 778,000 742,000 787,000 842,000 856,000 886,000 883,000 953,000 947,000 974,000 915,000 828,000 
          noncash lease expense
        		2,000,000 2,000,000 2,000,000 1,000,000 2,000,000 2,000,000 1,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 1,951,000 2,049,000 2,024,000 1,976,000                 
          amortization of discounts on marketable securities
        		-3,000,000 -3,000,000 -3,000,000 -3,000,000 -4,000,000 -6,000,000 -6,000,000 -7,000,000 -6,000,000                         
          other items
        		1,000,000 -1,000,000    1,000,000 1,000,000   0 1,000,000 0 1,000,000                     
          changes in operating assets and liabilities:
        		                                 
          receivable from collaboration partners
        		8,000,000 0 4,000,000 0 5,000,000 -4,000,000 12,000,000 7,000,000 13,000,000 0 11,000,000 -2,000,000 6,000,000 -11,809,000 7,045,000 -6,412,000 715,176,000 -17,224,000 704,000 3,660,000 -4,186,000 1,530,000 -2,357,000 122,000 -212,000         
          other assets
        		-3,000,000 0 6,000,000   6,000,000 1,000,000 10,000,000 5,000,000 -2,000,000 -11,000,000 7,000,000 -8,000,000                     
          accounts payable
        		-3,000,000 0 13,000,000 8,000,000 3,000,000 5,000,000 -1,000,000 0 -1,000,000 2,000,000 6,000,000 -19,000,000 10,000,000 8,054,000 -12,156,000 3,964,000 8,138,000 651,000 -1,855,000 -11,291,000 7,722,000 6,107,000 -3,503,000 9,010,000 -2,342,000 1,820,000 472,000 -49,000 -517,000 960,000 -2,376,000 1,653,000 -306,000 
          deferred revenue
        		-17,000,000 -26,000,000 -26,000,000 -160,000,000 -28,000,000 -42,000,000 67,000,000 -39,000,000 -42,000,000 -17,000,000 -32,000,000 6,000,000 -25,000,000 -33,655,000 -33,581,000 -26,759,000 -18,005,000 -339,501,000 -9,461,000 -9,461,000 -9,461,000 -9,511,000 191,390,000 -1,750,000 -1,750,000 -1,750,000 3,250,000 -1,750,000 -1,750,000 -1,562,000 3,709,000 -1,250,000 -1,250,000 
          other liabilities
        		-16,000,000 -4,000,000 24,000,000 5,000,000 -17,000,000 12,000,000 22,000,000 3,000,000 -12,000,000 -7,000,000 17,000,000 8,000,000 -21,000,000                     
          net cash from operating activities
        		-138,000,000 -120,000,000 -97,000,000 -133,000,000 -132,000,000 -100,000,000 26,000,000 -94,000,000 -2,000,000 -88,000,000 -63,000,000 -57,000,000 -98,000,000 -69,739,000 -80,959,000 -65,303,000 654,001,000 -62,103,000 -53,757,000 -73,995,000 -66,316,000 -49,880,000 216,265,000 -23,938,000 -31,277,000 -9,471,000 -27,399,000 -19,753,000 -16,839,000 -7,107,000 -11,765,000 -10,877,000 -13,247,000 
          capital expenditures
        		 -1,000,000 0 0 -1,000,000 -1,000,000 -1,000,000 0 -4,000,000 -6,000,000 -10,000,000 -5,000,000 -3,000,000 -380,000 -1,318,000 -1,514,000 -2,788,000 -8,506,000 -7,858,000 -6,073,000 -3,641,000 -1,519,000 -1,071,000 -256,000 -209,000 -196,000 -550,000 -551,000 -628,000 -258,000 -1,127,000 0 -359,000 
          free cash flows
        		 -121,000,000 -97,000,000 -133,000,000 -133,000,000 -101,000,000 25,000,000 -94,000,000 -6,000,000 -94,000,000 -73,000,000 -62,000,000 -101,000,000 -70,119,000 -82,277,000 -66,817,000 651,213,000 -70,609,000 -61,615,000 -80,068,000 -69,957,000 -51,399,000 215,194,000 -24,194,000 -31,486,000 -9,667,000 -27,949,000 -20,304,000 -17,467,000 -7,365,000 -12,892,000 -10,877,000 -13,606,000 
          cash flows from investing activities
        		                                 
          purchases of marketable securities
        		-150,000,000 -397,000,000 -165,000,000 -161,000,000 -353,000,000 -172,000,000 -278,000,000 -206,000,000 -387,000,000 -115,000,000 -280,000,000 -239,000,000 -154,000,000                     
          proceeds from maturities of marketable securities
        		257,000,000 215,000,000 243,000,000 255,000,000 360,000,000 203,000,000 242,000,000 262,000,000 222,000,000 145,000,000 295,000,000 258,000,000 284,000,000                     
          proceeds from sales of marketable securities
        		7,000,000 1,000,000 1,000,000 43,000,000 26,000,000 21,000,000 8,000,000   4,000,000 6,000,000 12,000,000 2,000,000                     
          purchases of property and equipment
        		 -1,000,000 0 0 -1,000,000 -1,000,000 -1,000,000 0 -4,000,000 -6,000,000 -10,000,000 -5,000,000 -3,000,000 -380,000 -1,318,000 -1,514,000 -2,788,000 -8,506,000 -7,858,000 -6,073,000 -3,641,000 -1,519,000 -1,071,000 -256,000 -209,000 -196,000 -550,000 -551,000 -628,000 -258,000 -1,127,000   
          net cash from investing activities
        		114,000,000 -182,000,000 79,000,000 137,000,000 32,000,000 51,000,000 -29,000,000 63,000,000 -169,000,000 28,000,000 11,000,000 26,000,000 129,000,000 46,811,000 23,446,000 -215,197,000 -268,060,000 18,914,000 -88,611,000 3,003,000 62,826,000 -231,000 -387,119,000 -87,073,000 40,056,000 -12,104,000 30,364,000 26,673,000 14,279,000 2,511,000 -83,337,000 -16,123,000 -16,491,000 
          cash flows from financing activities
        		                                 
          proceeds from issuance of common stock
        		  8,000,000 0 142,000,000  0 0 228,000,000 0         0      643,000         
          proceeds from issuance of common stock pursuant to equity award plans
        		3,000,000 7,000,000 0   3,000,000 2,000,000 3,000,000 1,000,000 3,000,000 1,000,000 3,000,000 1,000,000 6,195,000 2,531,000 4,346,000 9,928,000 6,671,000 1,318,000 2,237,000 1,885,000 1,682,000 270,000           
          net cash from financing activities
        		3,000,000 286,000,000 8,000,000 52,000,000 142,000,000 -2,000,000 48,000,000 2,000,000 229,000,000 3,000,000 6,000,000 23,000,000 1,000,000 11,195,000 2,531,000 4,346,000 14,928,000 11,671,000 1,318,000 2,231,000 222,120,000 1,677,000 107,518,000 328,870,000 610,000 520,000 -41,000 649,000 -5,000 771,000 -7,000 -1,118,000 129,428,000 
          net increase in cash, cash equivalents and restricted cash
        		-21,000,000 -16,000,000 -10,000,000 56,000,000 42,000,000 -51,000,000 45,000,000 -29,000,000 58,000,000 -57,000,000 -46,000,000 -8,000,000 32,000,000 -11,733,000                    
          cash, cash equivalents and restricted cash at beginning of period
        		225,000,000 0 0 0 153,000,000 0 0 0 130,000,000 0 0 0 209,000,000 81,000 0 0 150,919,000 0 0 0 173,618,000 0 0 0 58,140,000 0 0 0 71,267,000     
          cash, cash equivalents and restricted cash at end of period
        		204,000,000 -16,000,000 -10,000,000 56,000,000 195,000,000 -51,000,000 45,000,000 -29,000,000 188,000,000 -57,000,000 -46,000,000 -8,000,000 241,000,000 -11,652,000 -54,982,000 -276,154,000 551,788,000 -31,518,000 -141,050,000 -68,761,000 392,248,000 -48,434,000 -63,336,000 217,859,000 67,529,000 -21,055,000 2,924,000 7,569,000 68,702,000     
          cash flow from operating activities
        		                                 
          impairment on right-of use assets
        		                                 
          cash flow from investing activities
        		                                 
          cash flow from financing activities
        		                                 
          proceeds from issuance of common stock (14, 228 and 20 from a related party)
        		                                 
          proceeds from debt issuances
        		 0 0   0                            
          payments of employee taxes related to net settlement of equity awards
        		     -5,000,000 -1,000,000                           
          supplemental disclosure of cash flow information
        		                                 
          income taxes paid
        		             257,000 0                   
          interest paid
        		                                 
          non-cash investing and financing activities:
        		                                 
          unpaid portion of property and equipment purchases included in accounts payable and other current liabilities
        		        1,000,000 -4,000,000                        
          impairment of long-lived assets
        		      0 0 20,000,000                         
          proceeds from issuance of common stock (228, 20 and — from a related party)
        		                                 
          proceeds from sale of future royalties
        		             5,000,000 0 0 5,000,000                 
          net income
        		                                 
          adjustments to reconcile net income to net cash from operating activities:
        		                                 
          amortization of premiums on marketable securities
        		         -6,000,000 -5,000,000 -4,000,000 -4,000,000                     
          purchases of in-process research and development
        		             -500,000 0                   
          collaboration reimbursements of in-process research and development from a related party
        		             250,000                    
          unpaid portion of other assets included in accrued research and development
        		                 -1,575,000                
          vesting of early exercised stock options and restricted stock
        		              0 0 52,000 157,000    205,000 207,000 216,000 220,000 245,000 251,000 260,000 273,000 294,000 335,000   
          collaboration reimbursements of in-process research and development
        		                                 
          proceeds from issuance of common stock to a related party
        		                                 
          unpaid portion of property and equipment purchases included in accounts payable and accrued liabilities
        		           4,000,000 4,000,000 1,665,000 718,000 -74,000 691,000 -3,609,000 -1,883,000 3,704,000 2,784,000 1,338,000 135,000 34,000 76,000 -21,000 -15,000 -332,000 380,000 33,000 -904,000   
          unpaid acquisition of in-process research and development
        		                2,500,000                 
          proceeds from issuance of common stock and rights to purchase additional shares
        		                                 
          amortization of premiums on investments
        		              -368,000 710,000 1,670,000 1,968,000 1,392,000 906,000 506,000 287,000 -10,000 -75,000 -248,000 -425,000 -633,000 -833,000 -747,000     
          acquired in-process research and development
        		              -1,250,000 0 2,500,000                 
          effective interest on liability for sale of future royalties
        		              535,000 511,000 391,000                 
          prepaid expenses and other current assets
        		              -6,180,000 9,618,000 -5,590,000 -654,000 3,796,000 -4,518,000 -4,568,000 7,047,000 -3,284,000 -897,000 -3,704,000 -80,000 -950,000 -193,000 -759,000 8,000 -779,000 284,000 -693,000 
          other long-term assets
        		              -194,000 285,000 -1,727,000 2,572,000 279,000 408,000 63,000 -4,001,000 -1,238,000 -44,000 -91,000 -609,000 56,000 -5,000 -30,000     
          accrued research and development
        		              4,808,000 2,865,000 5,567,000 -10,808,000                
          other accrued liabilities
        		              6,090,000 -1,758,000 -8,462,000 5,056,000 4,919,000 2,170,000 -2,007,000             
          operating lease liabilities
        		              -1,727,000 -1,276,000 92,000 117,000 -402,000 -398,000 -605,000             
          other long-term liabilities
        		              1,069,000 375,000 2,270,000 -496,000 0 0 -2,000 2,228,000 7,663,000           
          purchases of short-term and long-term investments
        		              -322,261,000 -385,558,000 -377,573,000 -134,015,000 -214,160,000 -178,292,000 -192,398,000 -170,755,000 -429,214,000 -130,804,000 -8,885,000 -67,510,000 -56,408,000 -51,430,000 -72,407,000 -39,485,000 -131,396,000   
          proceeds from maturities of short-term and long-term investments
        		              228,036,000 169,007,000 93,817,000 117,934,000 133,407,000 187,368,000 251,365,000 172,043,000 43,166,000 42,984,000 49,150,000 55,602,000 87,322,000 78,654,000 87,314,000 42,254,000    
          sales of short-term and long-term investments
        		              116,239,000 8,368,000 18,484,000 43,501,000 0 0 7,500,000             
          repurchase of unvested shares of stock
        		                 0 0   -5,000 -16,000 0 -33,000  -43,000 -46,000 -5,000     
          net increase in cash and cash equivalents
        		               -276,154,000 400,869,000  -141,050,000 -68,761,000 218,630,000  -63,336,000 217,859,000 9,389,000         
          share of loss from equity method investee
        		                      0 131,000 482,000 0 358,000 413,000 431,000 323,000 186,000 151,000 226,000 
          amounts owed by pact pharma
        		                                 
          other current liabilities
        		                         15,000 13,000 15,000 14,000 10,000 13,000 11,000 9,000 
          deferred rent
        		                      1,007,000 -137,000 -129,000 -141,000 -135,000 -135,000 -127,000 -124,000 -120,000 -139,000 -85,000 
          unpaid portion of financing costs included in accounts payable
        		                                 
          amortization of right-of-use assets
        		                  584,000 579,000 538,000             
          supplemental disclosures:
        		                                 
          cash paid for amounts included in measurement of lease liabilities
        		                  1,074,000 1,073,000 927,000             
          cash received from tenant improvement allowances
        		                                 
          right-of-use assets obtained in exchange for new operating lease liabilities
        		                  0               
          recognition of tenant improvement allowance receivable included in other current assets
        		                                 
          unpaid portion of financing costs included in accrued liabilities
        		                                 
          accrued research and development expenses
        		                   5,733,000 4,716,000 -9,930,000 14,338,000           
          tenant improvement allowance receivable included in other current assets
        		                                 
          vesting of early exercised stock options
        		                   175,000 183,000             
          unpaid portion of deferred financing costs included in accounts payable
        		                                 
          proceeds from issuance of common stock to related party
        		                    220,235,000             
          share of loss (gain on deemed sale) from equity method investee
        		                                 
          other non-operating income
        		                             0 0 -118,000 -59,000 
          sales of short-term investments
        		                     0 0           
          proceeds from initial public offering, net of issuance costs
        		                             0 -3,000 -1,145,000 126,259,000 
          payment of preferred stock issuance costs
        		                             0 0 0 -135,000 
          gain on deemed sale from equity method investee
        		                      0 -131,000 -482,000     0 0   
          amounts owed by a related party
        		                         0 62,000 -62,000 83,000 31,000 79,000 -139,000 -29,000 
          accrued liabilities
        		                      1,824,000 13,000 648,000 -140,000 -5,890,000 7,923,000 1,606,000 -644,000 2,329,000 1,402,000 410,000 
          proceeds from issuance of common stock and rights to purchase additional shares, net of issuance costs
        		                                 
          proceeds from issuance of common stock, net of issuance costs
        		                                 
          receivable from collaboration partner
        		                                 
          repurchase of common stock issued under early exercised options
        		                                 
          net decrease in cash, cash equivalents and restricted cash
        		                                 
          proceeds from issuance of common stock upon exercise of stock options, net of repurchases
        		                          2,000   771,000 -4,000 27,000 3,304,000 
          net decrease in cash and cash equivalents
        		                           7,569,000 -2,565,000 -3,825,000 -95,109,000 -28,118,000 99,690,000 
          changes in operating assets and liabilities
        		                                 
          unpaid financing cost included in accounts payable and accrued liabilities
        		                                1,170,000 
          (accretion of discounts) amortization of premiums on investments
        		                                 
          investment in related party
        		                                 
          proceeds from issuance of preferred stock, net of issuance costs
        		                                 
          deferred initial public offering costs
        		                                 
          cash and cash equivalents at beginning of period
        		                             0 0 0 98,426,000 
          cash and cash equivalents at end of period
        		                             -3,825,000 -95,109,000 -28,118,000 198,116,000 
          accretion of discounts (amortization of premiums) on investments
        		                                 
          proceeds from maturities of short-term investments
        		                               34,768,000 25,647,000 
          adjustments to reconcile net earnings to net cash from operating activities:
        		                                 
          purchase of short-term and long-term investments
        		                                -41,084,000 
          purchase of property and equipment
        		                                -1,054,000 
          purchase of property and equipment purchases included in accounts payable and accrued liabilities
        		                                695,000 
          vesting of early exercised options and restricted stock
        		                                278,000