7Baggers

Vir Biotechnology, Inc
(NASDAQ:VIR) 

VIR stock logo

Vir Biotechnology, Inc., a clinical-stage immunology company, develops therapeutic products to treat and prevent serious infectious diseases. It develops VIR-2218 and VIR-3434 for the treatment of hepatitis B virus; VIR-2482 for the prevention of influenza A virus; VIR-1111 for the prevention of hum...

Founded: 2016
IPO Price: $20 (Oct 11, 2019)
Full Time Employees: 297
CEO: George A. Scangos  
Sector: Healthcare
Industry: Biotechnology
Biotechnology
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 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 
                              
      revenues:
    		                          
      collaboration revenue
    		-157,500 -65,000 -495,000 -70,000 10,413,000 -1,102,000 55,000 -987,000 8,858,000 -4,387,000 -13,779,000 46,574,000 21,609,000 309,145,000 -54,941,000 1,229,656,000 809,463,000 102,398,000 5,333,000        
      contract revenue
    		847,500  1,526,000 1,864,000 865,000 1,391,000 886,000 52,191,000 744,000 289,000 1,057,000 138,000 180,000 39,998,000 12,254,000 282,000 293,000 315,000 168,653,000 605,000 301,000 188,000 43,522,000 487,000 371,000 237,000 
      grant revenue
    		310,000 305,000 183,000 1,238,000 1,096,000 2,091,000 2,134,000 5,172,000 7,185,000 6,737,000 16,519,000 16,245,000 27,621,000 3,125,000 2,058,000 2,521,000 2,991,000 903,000 3,082,000 1,371,000 1,433,000 1,740,000 719,000 5,231,000 609,000 1,166,000 
      total revenues
    		64,070,000 240,000 1,214,000 3,032,000 12,374,000 2,380,000 3,075,000 56,376,000 16,787,000 2,639,000 3,797,000 62,957,000               
      yoy
    		417.78% -89.92% -60.52% -94.62% -26.29% -9.81% -19.02% -10.45%                   
      qoq
    		26595.83% -80.23% -59.96% -75.50% 419.92% -22.60% -94.55% 235.83% 536.11% -30.50% -93.97%                
      operating expenses:
    		                          
      cost of revenue
    		 -11,000 11,000  684,000 50,000 52,000 59,000 798,000 38,000 22,000 1,907,000 5,996,000 22,253,000 27,921,000 90,149,000 56,877,000 7,836,000 1,144,000        
      research and development
    		88,349,000 151,463,000 97,509,000 118,645,000 106,083,000 195,178,000 105,113,000 100,125,000 111,915,000 148,253,000 171,860,000 157,643,000 155,173,000 114,166,000 115,082,000 90,227,000 128,341,000 98,669,000 86,126,000 134,870,000 87,095,000 70,684,000 79,653,000 64,979,000 52,931,000 39,863,000 
      selling, general and administrative
    		23,616,000 22,231,000 22,283,000 23,944,000 26,701,000 25,744,000 30,265,000 36,273,000 43,090,000 41,080,000 47,101,000 46,778,000 38,743,000 43,174,000 41,590,000 38,255,000 55,777,000 50,496,000 28,781,000        
      restructuring, long-lived assets impairment and related charges
    		  -172,000 -10,000 -3,944,000 12,712,000 26,275,000                    
      total operating expenses
    		111,991,000 173,683,000 119,631,000 142,579,000 129,524,000 233,684,000 161,705,000 136,457,000 155,803,000 189,371,000 218,983,000 206,328,000 199,912,000 179,593,000 184,593,000 218,631,000 240,995,000 157,001,000 116,051,000 160,609,000 110,138,000 89,543,000 96,039,000 77,628,000 64,739,000 49,083,000 
      income from operations
    		-47,921,000 -173,443,000 -118,417,000 -139,547,000 -117,150,000 -231,304,000 -158,630,000 -80,081,000 -139,016,000 -186,732,000 -215,186,000 -143,371,000 -150,502,000 194,964,000 -225,222,000 1,013,828,000 571,752,000 -53,385,000 61,017,000 -158,633,000 -108,404,000 -87,615,000 -29,051,000 -71,910,000 -63,759,000 -47,680,000 
      yoy
    		-59.09% -25.02% -25.35% 74.26% -15.73% 23.87% -26.28% -44.14% -7.63% -195.78% -4.46% -114.14% -126.32% -465.20% -469.11% -739.10% -627.43% -39.07% -310.03% 120.60% 70.02% 83.76%     
      qoq
    		-72.37% 46.47% -15.14% 19.12% -49.35% 45.81% 98.09% -42.39% -25.55% -13.22% 50.09% -4.74% -177.19% -186.57% -122.22% 77.32% -1171.00% -187.49% -138.46% 46.34% 23.73% 201.59% -59.60% 12.78% 33.72%  
      operating margin %
    		-74.79% -72267.92% -9754.28% -4602.47% -946.74% -9718.66% -5158.70% -142.05% -828.12% -7075.86% -5667.26% -227.73% -Infinity% Infinity% -Infinity% Infinity% Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      other income:
    		                          
      change in fair value of equity investments
    		-2,606,000 1,335,000 -3,382,000 6,382,000 -1,172,000 1,130,000 429,000 -5,915,000 -992,000 -2,707,000 -5,086,000 -13,103,000 8,879,000 -13,590,000 -11,390,000 -95,039,000 -26,023,000 164,072,000         
      interest income
    		7,802,000 9,363,000 10,785,000 12,288,000 14,153,000 17,527,000 18,846,000 21,283,000 20,736,000 21,931,000 23,016,000 21,307,000 16,172,000 9,332,000 2,200,000 388,000 167,000 11,000 97,000 164,000 288,000 412,000 825,000 1,755,000 1,947,000 2,012,000 
      other expense
    		-335,000 -228,000  -72,000   -535,000 -287,000            -10,246,000       
      total other income
    		4,861,000 10,470,000 7,629,000 18,598,000 12,475,000 17,764,000 18,740,000 15,081,000 18,259,000 20,106,000 17,563,000 183,000 -1,136,000 22,768,000 -8,499,000  -25,863,000 164,147,000 849,000 -10,082,000 2,725,000 3,028,000 -2,070,000 -5,314,000 137,000 -647,000 
      loss before benefit from income taxes
    		-43,060,000 -162,973,000 -110,788,000  -104,607,500 -213,540,000 -139,890,000 -65,000,000             -105,679,000 -84,587,000   -63,622,000 -48,327,000 
      benefit from income taxes
    		137,000 -168,000 -170,000  86,000 -177,000 1,512,000 -276,000 4,784,000 3,213,000 2,848,000 2,232,000   157,228,000      30,000 -22,000   -149,000 13,000 
      net income
    		-42,923,000 -163,141,000 -110,958,000 -120,965,000 -104,589,000 -213,717,000 -138,378,000 -65,276,000 -115,973,000 -163,413,000 -194,775,000 -140,956,000 -101,603,000 175,312,000 -76,493,000 518,621,000 525,254,000 110,428,000 61,813,000 -168,911,000 -105,649,000 -84,609,000 -31,167,000 -77,240,000 -63,771,000 -48,314,000 
      yoy
    		-58.96% -23.66% -19.82% 85.31% -9.82% 30.78% -28.95% -53.69% 14.14% -193.21% 154.63% -127.18% -119.34% 58.76% -223.75% -407.04% -597.17% -230.52% -298.33% 118.68% 65.67% 75.12%     
      qoq
    		-73.69% 47.03% -8.27% 15.66% -51.06% 54.44% 111.99% -43.71% -29.03% -16.10% 38.18% 38.73% -157.96% -329.19% -114.75% -1.26% 375.65% 78.65% -136.60% 59.88% 24.87% 171.47% -59.65% 21.12% 31.99%  
      net income margin %
    		-66.99% -67975.42% -9139.87% -3989.61% -845.23% -8979.71% -4500.10% -115.79% -690.85% -6192.23% -5129.71% -223.89% -Infinity% Infinity% -Infinity% Infinity% Infinity% Infinity% Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% 
      net income per share
    		-0.3 -1.17 -0.8 -0.88 -0.76 -1.56 -1.02 -0.48 -0.86 -1.22 -1.45 -1.06 -0.77 1.32 -0.58 3.93 4.04 0.85 0.48 -1.32 -0.85 -0.67 -0.27 -0.71 5.77 -4.6 
      weighted-average shares outstanding, basic and diluted
    		138,520,419 138,930,173 138,447,469 137,468,900  136,653,753 136,233,725 135,280,648            127,742,614 119,159,424 125,810,907 114,980,652 108,387,913 30,349,920 10,500,848 
      other income
    		  226,000  -506,000 -893,000   -1,485,000 882,000 -367,000 -8,021,000 -26,187,000 27,026,000 691,000 2,730,000 -2,357,500 64,000 752,000  -1,726,000 2,616,000 -2,895,000 -7,069,000 -1,810,000 -2,659,000 
      income before provision for income taxes
    		   -120,949,000         -151,638,000 217,732,000  921,907,000 545,889,000 110,762,000 61,866,000 -168,715,000   -31,121,000 -77,224,000   
      provision for income taxes
    		   -16,000         50,035,000 -42,420,000  -403,286,000 -20,635,000 -334,000 -53,000 -196,000   -46,000 -16,000   
      net loss attributable to noncontrolling interest
    		           -56,000               
      net loss attributable to vir
    		    -104,342,750 -213,717,000 -138,378,000 -65,276,000                   
      license revenue from a related party
    		             22,289,000         22,747,000    
      income before benefit from income taxes
    		        -120,757,000 -166,626,000 -197,623,000 -143,188,000   -233,721,000            
      net income attributable to vir
    		        -115,973,000 -163,413,000 -194,775,000 -140,900,000               
      weighted-average shares outstanding, basic
    		    136,246,865    134,130,924 134,289,620 134,059,079 133,552,839 132,606,767 132,729,530 132,450,018 132,079,391 129,884,967 130,665,831 130,121,943        
      weighted-average shares outstanding, diluted
    		    136,246,865    134,130,924 134,289,620 134,059,079 133,552,839 134,810,908 134,963,317 132,450,018 134,535,766 133,437,126 133,854,419 133,789,977        
      revenue:
    		                          
      total revenue
    		            391,596,750 374,557,000 -40,629,000 1,232,459,000 70,667,000 103,616,000 177,068,000 1,976,000 1,734,000 1,928,000 66,988,000 5,718,000 980,000 1,403,000 
      total other expense
    		               -91,921,000           
      general and administrative
    		                   25,739,000 23,043,000 18,859,000 16,386,000 12,649,000 11,808,000 9,220,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 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 
                                
        assets
      		                          
        current assets:
      		                          
        cash and cash equivalents
      		232,185,000 170,084,000 211,104,000 273,571,000 222,947,000 168,350,000 296,864,000 160,711,000 241,576,000 452,100,000 666,949,000 824,913,000 848,631,000 963,735,000 1,505,183,000 812,355,000 347,815,000 714,521,000 741,951,000 521,396,000 436,575,000 462,521,000 371,781,000 168,418,000 109,335,000 93,698,000 
        short-term investments
      		228,753,000 327,750,000 387,645,000 517,367,000 678,051,000 740,607,000 849,833,000 985,125,000 1,270,980,000 1,233,628,000 1,166,953,000 1,406,579,000 1,521,517,000 1,359,945,000 654,113,000 399,829,000 217,182,000 55,560,000 84,107,000 211,636,000 300,286,000 364,074,000 180,599,000 187,193,000 274,101,000 226,512,000 
        restricted cash and cash equivalents, current
      		1,922,000 2,215,000 88,218,000 88,151,000 89,385,000 89,598,000 13,946,000 13,335,000 13,268,000 13,193,000 13,163,000 10,957,000 12,681,000 12,955,000 13,147,000 14,402,000 8,594,000 6,112,000 7,004,000 8,601,000 7,993,000 9,363,000 11,024,000 9,101,000 6,181,000 8,822,000 
        equity investments
      		6,077,000 8,679,000 7,270,000 10,724,000 4,350,000 5,517,000 4,368,000 3,927,000 9,853,000 10,825,000 13,531,000 18,583,000 31,892,000 22,801,000 36,407,000 47,890,000 143,148,000 169,369,000         
        prepaid expenses and other current assets
      		45,143,000 36,956,000 41,469,000 42,394,000 47,725,000 43,085,000 40,729,000 49,999,000 52,549,000 59,430,000 85,736,000 97,602,000 104,356,000 54,180,000 72,417,000 69,911,000 73,003,000 27,772,000 29,233,000 26,481,000 27,511,000 13,614,000 15,357,000 12,829,000 13,378,000 8,688,000 
        total current assets
      		514,080,000 545,684,000 735,706,000 932,207,000 1,042,458,000 1,047,157,000 1,205,740,000 1,213,097,000 1,588,226,000 1,769,176,000 1,946,332,000 2,358,634,000 2,519,077,000 2,413,616,000 2,288,267,000 2,567,548,000 1,562,821,000 1,066,337,000 862,295,000 993,114,000 772,365,000 849,572,000 578,761,000 377,541,000 402,995,000 337,720,000 
        intangible assets
      		7,850,000 7,924,000 7,998,000 8,072,000 8,120,000 19,258,000 18,899,000 22,465,000 22,565,000 25,457,000 25,590,000 32,622,000 32,755,000 32,888,000 33,021,000 33,154,000 33,287,000 33,421,000 33,554,000 33,687,000 33,820,000 33,944,000 35,082,000 35,388,000 35,694,000 35,999,000 
        goodwill
      		16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,938,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 16,937,000 
        property and equipment
      		55,620,000 58,203,000 60,795,000 61,681,000 63,183,000 64,791,000 66,063,000 92,477,000 96,018,000 99,309,000 104,126,000 103,758,000 105,609,000 100,226,000 85,135,000 65,583,000 42,834,000 26,610,000 20,251,000 17,291,000 17,946,000 16,948,000 16,311,000 16,238,000 16,308,000 15,448,000 
        operating right-of-use assets
      		62,099,000    59,680,000    71,182,000  74,934,000 81,505,000 82,557,000 84,716,000 86,879,000 88,331,000 87,220,000 57,566,000 58,972,000 60,461,000 61,947,000 14,762,000 15,177,000 16,007,000   
        restricted cash and cash equivalents, noncurrent
      		6,963,000 6,957,000 6,956,000 6,273,000 6,363,000 6,382,000 6,366,000 6,428,000 6,448,000 7,057,000 6,744,000 6,739,000 6,656,000 7,276,000 8,354,000 9,040,000 7,006,000 6,999,000 7,002,000 6,998,000 6,919,000 1,201,000 1,192,000 1,192,000 7,300,000 2,850,000 
        long-term investments
      		314,575,000 304,212,000 286,099,000 218,140,000 190,015,000 271,495,000 279,992,000 359,724,000 105,275,000 39,617,000 52,358,000 49,187,000 23,927,000 34,102,000 97,585,000 103,535,000 201,388,000  50,680,000     6,139,000 24,290,000  
        other assets
      		24,699,000 15,981,000 13,188,000 5,858,000 12,057,000 11,556,000 13,292,000 12,495,000 12,409,000 14,720,000 16,853,000 16,554,000 14,570,000 6,209,000 2,816,000 3,001,000 2,775,000 2,343,000 7,890,000 7,096,000 8,827,000 9,895,000 8,778,000 7,672,000 8,547,000 13,688,000 
        total assets
      		1,002,823,000 1,019,453,000 1,192,532,000 1,307,727,000 1,398,813,000 1,498,356,000 1,669,555,000 1,793,969,000 1,919,060,000 2,044,895,000 2,243,874,000 2,665,936,000 2,802,088,000 2,695,970,000 2,618,994,000 2,887,129,000 1,954,268,000 1,210,213,000 1,057,581,000 1,135,584,000 918,761,000 943,259,000 672,238,000 477,114,000 512,071,000 422,642,000 
        liabilities and stockholders’ equity
      		                          
        current liabilities:
      		                          
        accounts payable
      		9,803,000 6,847,000 12,234,000 3,725,000 5,081,000 7,305,000 4,389,000 7,114,000 6,334,000 3,627,000 12,362,000 12,149,000 6,422,000 2,722,000 10,618,000 10,955,000 6,521,000 4,225,000 11,032,000 3,701,000 5,077,000 6,796,000 4,382,000 18,768,000 5,881,000 5,815,000 
        accrued and other liabilities
      		83,012,000 68,375,000 82,661,000 104,126,000 85,873,000 94,658,000 75,321,000 72,260,000 104,220,000 146,111,000 197,580,000 455,922,000 489,090,000 282,616,000 354,086,000 577,669,000 236,512,000 64,845,000 64,074,000 70,069,000 76,936,000 44,339,000 38,560,000 21,918,000   
        contingent consideration obligation, current
      		   17,500,000 16,060,000                      
        total current liabilities
      		92,815,000 75,222,000 105,004,000 137,286,000 119,662,000 117,161,000 96,412,000 94,068,000 175,407,000 165,050,000 225,623,000 485,288,000 511,029,000 308,203,000 477,868,000 702,361,000 341,242,000 233,724,000 146,024,000 361,099,000 99,064,000 76,998,000 54,940,000 56,396,000 59,206,000 44,316,000 
        operating lease liabilities, noncurrent
      		89,054,000 91,215,000 93,405,000 88,170,000 90,139,000 93,405,000 95,018,000 109,171,000 111,673,000 114,119,000 117,815,000 121,461,000 123,837,000 126,942,000 130,205,000 132,813,000 133,561,000 68,604,000 68,938,000 66,615,000 66,556,000 12,092,000 12,762,000 13,531,000   
        contingent consideration obligation, noncurrent
      		34,100,000 34,180,000 33,620,000 23,640,000 24,050,000                      
        other long-term liabilities
      		21,578,000 13,305,000 13,031,000 14,812,000 14,577,000 13,893,000 13,855,000 14,238,000 14,258,000 13,134,000 12,094,000 8,235,000 7,862,000 7,166,000 7,596,000 7,746,000 2,540,000 3,823,000 3,853,000 3,815,000 3,847,000 2,982,000 2,967,000 2,942,000 3,568,000 3,030,000 
        total liabilities
      		237,547,000 223,355,000 245,060,000 263,908,000 248,428,000 257,629,000 235,885,000 246,613,000 328,824,000 369,810,000 433,666,000 695,135,000 724,125,000 546,115,000 666,982,000 886,115,000 522,419,000 333,939,000 320,256,000 484,633,000 201,909,000 130,904,000 108,459,000 96,781,000 88,129,000 66,827,000 
        commitments and contingencies
      		                          
        stockholders’ equity:
      		                          
        preferred stock, 0.0001 par value...
      		                          
        common stock, 0.0001 par value...
      		14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 12,000 11,000 11,000 1,000 
        additional paid-in capital
      		1,965,090,000 1,952,843,000 1,941,386,000 1,926,529,000 1,911,872,000 1,894,781,000 1,878,013,000 1,852,839,000 1,828,862,000 1,798,823,000 1,771,536,000 1,737,626,000 1,709,835,000 1,682,882,000 1,656,024,000 1,625,785,000 1,571,535,000 1,541,422,000 1,512,928,000 1,488,337,000 1,385,301,000 1,374,362,000 1,040,988,000 825,833,000 793,051,000 23,869,000 
        accumulated other comprehensive loss
      		-2,057,000 -1,911,000 -2,221,000 -1,975,000 -1,717,000  -2,879,000 -2,397,000 -815,000 -1,900,000 -2,903,000 -3,219,000 -9,122,000 -11,880,000 -7,553,000 -4,805,000 -1,099,000 -1,307,000 -1,334,000 -1,304,000 -1,278,000 -485,000 -295,000  -601,000  
        accumulated deficit
      		-1,197,771,000 -1,154,848,000 -991,707,000 -880,749,000 -759,784,000 -655,195,000 -441,478,000 -303,100,000         -138,600,000 -663,854,000 -774,282,000 -836,095,000 -667,184,000 -561,535,000 -476,926,000 -445,759,000 -368,519,000 -304,748,000 
        total stockholders’ equity
      		765,276,000 796,098,000 947,472,000 1,043,819,000 1,150,385,000 1,240,727,000 1,433,670,000 1,547,356,000 1,590,236,000 1,675,085,000 1,810,208,000 1,970,801,000 2,077,963,000 2,149,855,000 1,952,012,000 2,001,014,000 1,431,849,000 876,274,000 737,325,000 650,951,000 716,852,000 812,355,000 563,779,000 380,333,000 423,942,000  
        total liabilities and stockholders’ equity
      		1,002,823,000 1,019,453,000 1,192,532,000 1,307,727,000 1,398,813,000 1,498,356,000 1,669,555,000 1,793,969,000 1,919,060,000 2,044,895,000 2,243,874,000 2,665,936,000 2,802,088,000 2,695,970,000 2,618,994,000 2,887,129,000 1,954,268,000 1,210,213,000 1,057,581,000 1,135,584,000 918,761,000 943,259,000 672,238,000 477,114,000   
        operating lease right-of-use assets
      		 63,555,000 64,853,000 58,559,000  60,779,000 62,266,000 70,346,000  72,622,000                 
        deferred revenue, current
      		  10,109,000 11,935,000 12,648,000 15,198,000 16,702,000 14,694,000 64,853,000 15,312,000               6,181,000  
        deferred revenue, noncurrent
      		 9,433,000      1,526,000 1,526,000 53,207,000 53,207,000 53,207,000 53,207,000 54,653,000 4,419,000 5,865,000 3,815,000 3,815,000 55,496,000 3,815,000 3,815,000 3,815,000 3,815,000 6,562,000 12,670,000 8,408,000 
        contingent consideration, noncurrent
      		     33,170,000 30,600,000 27,610,000 25,960,000 24,300,000 24,927,000 23,691,000 24,937,000 30,712,000 28,455,000 18,891,000 22,822,000 20,720,000 42,692,000 46,036,000 25,374,000 31,712,000 30,670,000 14,045,000 9,380,000 3,343,000 
        accumulated other comprehensive gain
      		     1,127,000                     
        (accumulated deficit) retained earnings
      		        -237,824,000 -121,851,000                 
        deferred revenue, current portion
      		          15,681,000 17,217,000 15,517,000 22,865,000 113,164,000 113,737,000 98,209,000 96,154,000 44,718,000 262,929,000 6,451,000 5,563,000 7,298,000 5,010,000  8,822,000 
        retained earnings
      		          41,562,000 236,337,000 377,237,000 478,840,000 303,528,000 380,021,000           
        deferred tax liability
      		           3,253,000 3,253,000 18,439,000 18,439,000 18,439,000 18,439,000 3,253,000 3,253,000 3,253,000 3,253,000 3,305,000 3,305,000 3,305,000 3,305,000 3,305,000 
        total vir stockholder's equity
      		           1,970,757,000               
        noncontrolling interest
      		           44,000               
        receivable from collaboration
      		              7,000,000 1,223,161,000 773,079,000 93,003,000  112,500,000       
        contingent consideration, current portion
      		                 68,500,000 26,200,000 24,400,000 10,600,000 20,300,000 4,700,000 10,700,000  6,726,000 
        contract asset
      		                   112,500,000       
        derivative liability
      		                        12,449,000  
        accumulated other comprehensive income
      		                       248,000  81,000 
        liabilities, convertible preferred stock and stockholders’ equity
      		                          
        accrued liabilities
      		                        26,495,000 22,953,000 
        advanced proceeds from preferred stock financing
      		                          
        contingent consideration, current
      		                        8,200,000  
        convertible preferred stock warrant liability
      		                         4,425,000 
        convertible preferred stock, 0.0001 par value...
      		                         636,612,000 
        stockholders’ equity
      		                          
        total liabilities, convertible preferred stock and stockholders’ equity
      		                        512,071,000  
        liabilities, convertible preferred stock and stockholders’ deficit
      		                          
        stockholders’ deficit:
      		                          
        total stockholders’ deficit
      		                         -280,797,000 
        total liabilities, convertible preferred stock and stockholders’ deficit
      		                         422,642,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 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 
                                 
          cash flows from operating activities:
        		                         
          net loss
        		-42,923,000 -163,141,000 -110,958,000 -120,965,000  -213,717,000 -138,378,000 -65,276,000           61,813,000 -168,911,000 -105,649,000 -84,609,000 -31,167,000 -77,240,000 -63,771,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                         
          depreciation and amortization
        		2,898,000 2,998,000 2,917,000 2,867,000 2,886,000 2,896,000 4,260,000 4,517,000 4,347,000 4,453,000 4,615,000 5,505,000 1,820,000 1,549,000 1,463,000 1,419,000 1,387,000 1,353,000 1,269,000 1,269,000 1,215,000 1,124,000 1,061,000 1,000,000 859,000 
          amortization of premiums (accretion of discounts) on investments
        		    2,168,000 354,000 2,637,000 238,000       659,000 1,073,000     496,000 234,000 256,000 562,000 392,000 
          noncash lease expense
        		1,325,000 1,297,000 1,237,000 1,121,000 1,099,000 1,230,000 1,472,000 1,447,000 1,440,000 1,817,000 2,228,000 2,173,000 2,236,000 2,190,000 2,172,000 2,111,000 1,701,000 1,498,000 1,489,000 1,484,000 873,000 852,000 830,000 816,000  
          change in fair value of equity investments
        		2,606,000 -1,335,000 3,382,000 -6,382,000 1,172,000 -1,130,000 -429,000 5,915,000 993,000 2,706,000 5,086,000 13,103,000 -8,879,000 13,591,000 11,389,000 95,039,000 26,023,000         
          change in estimated fair value of contingent consideration
        		-80,000 560,000 9,980,000 1,030,000 6,940,000 2,570,000 2,989,000 1,650,000 1,661,000 -627,000 1,236,000 -1,246,000 -5,775,000 2,257,000 9,564,000 -3,931,000 28,602,000 20,328,000 -1,544,000 44,462,000 -6,038,000 16,642,000 20,625,000 7,165,000  
          payment of contingent consideration in excess of acquisition date fair value
        		0 0           0    0    -9,299,000 0    
          stock-based compensation
        		11,206,000 11,356,000 12,451,000 14,059,000 15,841,000 16,697,000 22,162,000 23,757,000 28,272,000 26,944,000 30,619,000 25,481,000 24,865,000 24,814,000 27,099,000 25,304,000 24,371,000 22,944,000 20,998,000 15,471,000 10,301,000 8,582,000 5,750,000 2,967,000 2,679,000 
          in-process research and development impairment
        		    11,038,000 0   2,759,000 0                
          non-cash restructuring, long-lived assets impairment and related charges
        		                         
          other non-cash items
        		132,000 -19,000 53,000 6,000 -162,000   -176,000                  
          changes in operating assets and liabilities:
        		                         
          prepaid expenses and other current assets
        		-8,077,000 4,215,000 879,000 5,058,000 4,109,000 -2,180,000 6,423,000 1,834,000 10,776,000 26,896,000 17,805,000 9,493,000 -50,381,000 16,495,000 -5,225,000 -247,000 -5,543,000 1,357,000 -422,000 943,000 -4,059,000 1,743,000 -2,708,000 549,000 -4,510,000 
          other assets
        		-8,718,000 -2,792,000 -7,332,000 6,200,000 -501,000 1,736,000 -796,000 -86,000 2,311,000 2,133,000 -299,000 -1,984,000 -8,361,000 -3,393,000 186,000 -227,000 -432,000 -194,000 -794,000 -63,000 1,068,000 -1,807,000 -236,000 -125,000 -482,000 
          accounts payable
        		2,955,000 -5,402,000 8,859,000 -1,415,000 -1,936,000 3,106,000 -2,893,000 735,000 2,627,000 -7,525,000 -934,000 6,564,000 2,800,000 -4,447,000 -1,385,000 3,829,000 788,000 -5,892,000 6,250,000 -1,317,000 -1,831,000 2,383,000 -14,286,000 12,944,000 536,000 
          accrued liabilities and other long-term liabilities
        		10,104,000 -14,155,000 -24,183,000 18,725,000 5,218,000 19,268,000 -4,770,000 -30,003,000 -39,580,000 -47,153,000 -265,729,000 -4,036,000 -80,657,000 -80,237,000 -288,175,000 433,556,000 71,988,000 8,797,000 -3,460,000 -18,827,000 33,431,000 6,392,000 16,995,000 -10,204,000 4,533,000 
          operating lease liabilities
        		-2,323,000 -1,792,000 -1,457,000 -1,796,000 -12,595,000 -2,878,000 -3,487,000 -4,067,000 -3,136,000 -3,675,000 -3,130,000 -3,105,000 -2,955,000 -1,535,000 -519,000 -493,000 -152,000 -290,000 -97,000 4,000 -1,341,000 -786,000 -796,000 -761,000  
          net cash from operating activities
        		-25,876,000 -167,570,000 -120,219,000 -78,116,000 -87,635,000 -171,480,000 -77,847,000 -109,390,000 -107,927,000 -155,829,000 -389,247,000 -125,782,000 35,126,000 117,902,000 960,136,000 550,089,000 7,695,000 -105,813,000 140,058,000 -89,529,000 -82,052,000 -49,841,000 -10,639,000 -48,409,000 -38,885,000 
          capital expenditures
        		0 0 -2,538,000 -1,629,000 0 -2,356,000 -666,000 -1,872,000 -1,535,000 -3,714,000 -9,457,000 -6,867,000 -12,596,000 -18,993,000 -20,598,000 -15,841,000 -13,067,000 -6,006,000 -2,077,000 -667,000 0 -1,474,000 -1,343,000 -1,302,000 0 
          free cash flows
        		-25,876,000 -167,570,000 -122,757,000 -79,745,000 -87,635,000 -173,836,000 -78,513,000 -111,262,000 -109,462,000 -159,543,000 -398,704,000 -132,649,000 22,530,000 98,909,000 939,538,000 534,248,000 -5,372,000 -111,819,000 137,981,000 -90,196,000 -82,052,000 -51,315,000 -11,982,000 -49,711,000 -38,885,000 
          cash flows from investing activities:
        		                         
          proceeds from sale of equipment
        		-110,000 37,000 45,000 281,000  5,000 379,000 533,000                  
          purchases of long-lived assets
        		-348,000                         
          purchases of investments
        		-255,822,000 -264,447,000 -192,371,000 -173,694,000 -160,859,000 -240,141,000 -271,400,000 -562,939,000 -818,990,000 -502,910,000 -309,776,000 -384,513,000 -407,213,000 -728,459,000 -251,730,000 -89,563,000 -364,511,000 0 -50,729,000 -5,000,000 -40,442,000 -233,500,000 -89,427,000 -40,472,000  
          maturities and sales of investments
        		342,931,000 305,173,000 251,320,000 301,860,000 301,136,000 361,507,000 483,294,000 592,698,000                  
          net cash from investing activities
        		86,651,000 40,446,000 56,456,000 126,818,000 140,737,000 118,603,000 211,607,000 28,420,000 -104,811,000 -58,954,000 230,315,000 98,079,000 -153,135,000 -662,605,000 -272,329,000 -105,392,000 -377,582,000 73,859,000 75,375,000 87,534,000 60,713,000 -185,379,000 10,585,000 104,219,000 -73,769,000 
          cash flows from financing activities:
        		                         
          proceeds from exercise of stock options
        		1,000 101,000 649,000 598,000 89,000 71,000 409,000 221,000 89,000 343,000 742,000 2,310,000 932,000 2,044,000 1,074,000 484,000 3,442,000 3,690,000 3,593,000 2,352,000 519,000 1,152,000 2,245,000 143,000 63,000 
          proceeds from issuance of common stock under espp
        		                         
          other financing activities
        		-2,000 1,000                        
          net cash from financing activities
        		1,039,000 102,000 2,046,000 598,000 1,263,000 31,000 2,942,000 152,000 1,680,000 277,000 3,179,000 2,344,000 2,011,000 1,985,000 3,080,000 27,685,000 5,670,000 3,629,000 3,529,000 87,503,000 -259,000 324,308,000 205,340,000 85,000 130,100,000 
          net increase in cash, cash equivalents and restricted cash and cash equivalents
        		61,814,000 -127,022,000 -61,717,000 49,300,000 54,365,000 -52,846,000   -211,058,000 -214,506,000 -155,753,000 -25,359,000 -115,998,000 -542,718,000 690,887,000 472,382,000 -364,217,000 -28,325,000 218,962,000 85,508,000 -21,598,000 89,088,000 205,286,000 55,895,000 17,446,000 
          cash, cash equivalents and restricted cash and cash equivalents at beginning of period
        		0 0 0 318,695,000 0 0 0 261,292,000 0 0 0 867,968,000 0 0 0 363,415,000 0 0 0 451,487,000 0 0 0 122,816,000 0 
          cash, cash equivalents and restricted cash and cash equivalents at end of period
        		61,814,000 -127,022,000 -61,717,000 367,995,000 54,365,000 -52,846,000 136,702,000 180,474,000 -211,058,000 -214,506,000 -155,753,000 842,609,000 -115,998,000 -542,718,000 690,887,000 835,797,000 -364,217,000 -28,325,000 218,962,000 536,995,000 -21,598,000 89,088,000 205,286,000 178,711,000 17,446,000 
          noncash investing and financing activities:
        		                         
          operating lease liabilities obtained in exchange of right-of-use asset
        		            77,000 27,000 720,000 3,222,000 77,097,000    48,058,000     
          reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets:
        		                         
          cash and cash equivalents
        		62,101,000 -41,020,000 -62,467,000 273,571,000 54,597,000 -128,514,000 136,153,000 160,711,000 -210,524,000 -214,849,000 -157,964,000 824,913,000 -115,104,000 -541,448,000 692,828,000 812,355,000 -366,706,000 -27,430,000 220,555,000 521,396,000 -25,946,000 90,740,000 203,363,000 168,418,000 15,637,000 
          restricted cash and cash equivalents, current
        		-293,000 -86,003,000 67,000 88,151,000 -213,000 75,652,000 611,000 13,335,000 75,000 30,000 2,206,000 10,957,000 -274,000 -192,000 -1,255,000 14,402,000 2,482,000 -892,000 -1,597,000 8,601,000 -1,370,000 -1,661,000 1,923,000 9,101,000 -2,641,000 
          restricted cash and cash equivalents, noncurrent
        		6,000 1,000 683,000 6,273,000 -19,000 16,000 -62,000 6,428,000 -609,000 313,000 5,000 6,739,000 -620,000 -1,078,000 -686,000 9,040,000 7,000 -3,000 4,000 6,998,000 5,718,000 9,000 0 1,192,000 4,450,000 
          total cash, cash equivalents and restricted cash and cash equivalents
        		61,814,000 -127,022,000 -61,717,000 367,995,000 54,365,000 -52,846,000 136,702,000 180,474,000  -214,506,000                
          amortization of premiums on investments
        		 1,315,000 2,521,000 4,089,000               -647,000 409,000      
          long-lived assets impairment and disposal loss
        		 0    2,090,000                    
          deferred revenue
        		 -675,000 -1,827,000 -713,000 -2,549,000 -1,505,000 482,000 -50,159,000 -2,140,000 -369,000 -1,536,000 1,700,000 -8,794,000 -40,065,000 -2,019,000 17,578,000 2,482,000 -893,000 55,057,000 35,395,000 -1,297,000 -1,735,000 -822,000 -3,189,000 1,621,000 
          issuance of common stock under espp
        		 0    0    0    0            
          obtaining a right-of-use asset in exchange for a lease liability
        		 -262,000                        
          supplemental disclosure of cash flow information:
        		                         
          net cash paid for income tax
        		 4,532,000                        
          reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets:
        		                         
          purchases of property and equipment
        		  -2,538,000 -1,629,000  -2,356,000 -666,000 -1,872,000 -1,535,000 -3,714,000 -9,457,000 -6,867,000 -12,596,000 -18,993,000 -20,598,000 -15,841,000 -13,067,000 -6,006,000 -2,077,000 -667,000  -1,474,000 -1,343,000 -1,302,000  
          change in estimated constraint on profit-sharing amount
        		     0 0 685,000  -1,816,000 5,256,000 -31,541,000  -43,907,000            
          payment of principal on financing lease obligation
        		     -40,000 -69,000 -69,000  -66,000 -68,000 -66,000  -59,000 -60,000 -64,000  -61,000 -64,000 -62,000      
          net income
        		        -115,973,000 -163,413,000 -194,775,000 -140,956,000 -101,603,000 175,312,000 -76,493,000 518,621,000 525,254,000         
          adjustments to reconcile net income to net cash from operating activities:
        		                         
          changes in estimated constraint on profit-sharing amount
        		                         
          change in deferred income taxes
        		    -2,643,000 57,000                    
          receivable from collaboration
        		    -8,747,000 -54,000 2,689,000 -401,000 -3,606,000 0 948,000 2,093,000 278,166,000 58,183,000 883,771,000 -450,082,000 -680,076,000         
          proceeds from sale of property and equipment
        		                         
          purchases of property, equipment and intangible assets
        		                         
          proceeds from issuance of common stock in connection with a grant agreement
        		            0 0 0 28,462,000          
          payment of contingent consideration
        		            0 0 0 -1,197,000     -701,000 0    
          net refund received (cash paid) for income tax
        		                         
          other
        		        731,000 -750,000 -34,000 206,000 -684,000 9,000 83,000 209,000 211,000 454,000 13,000 19,000 6,000 6,000 6,000 5,000  
          contributions from noncontrolling interest owners
        		        0 0 0 100,000              
          increase in ownership interest in a subsidiary
        		        0 0                
          net decrease in cash, cash equivalents and restricted cash and cash equivalents
        		       -80,818,000                  
          amortization of intangible assets
        		        132,000 133,000 133,000 133,000 133,000 133,000 133,000 133,000 134,000 133,000 133,000 133,000 124,000 306,000 306,000 306,000 305,000 
          accretion of discounts on investments
        		        1,351,000                 
          gain from a sublease termination
        		                         
          proceeds from issuance of common stock under the employee stock purchase plan
        		                         
          payment of principal on financing lease obligations
        		                      -57,000 -58,000 -57,000 
          proceeds from issuance of common stock in connection with a collaboration agreement
        		                0 0 0 85,213,000 0 0    
          total cash, cash equivalents and restricted cash
        		           842,609,000 -115,998,000 -542,718,000 690,887,000 835,797,000 -364,217,000 -28,325,000 218,962,000 536,995,000 -21,598,000 89,088,000 205,286,000 178,711,000  
          long-lived assets impairment
        		         2,108,000                
          proceeds from sale of an equipment
        		             11,000 -1,000 12,000          
          maturities of investments
        		         447,670,000 549,548,000 489,459,000 266,674,000    0 79,861,000 128,181,000 93,201,000 103,585,000 49,595,000 101,355,000 145,813,000  
          adjustments to reconcile net income to net cash (used in) provided for operating activities:
        		                         
          (accretion of discounts) amortization of premiums on investments
        		          -3,001,000 -9,365,000              
          impairment of intangible assets
        		                    0     
          change in estimated fair value of derivative liability
        		                    0 0 0 16,796,000  
          proceeds from disposal of an asset held for sale
        		                    0     
          proceeds from issuance of common stock, net of issuance costs
        		                    0     
          property and equipment purchases included in accounts payable and accrued liabilities
        		            -5,393,000 -2,342,000 417,000 8,338,000 4,540,000 1,706,000 2,107,000 378,000 -216,000 286,000 -209,000 521,000 692,000 
          common stock issued for payment of contingent consideration
        		                0         
          reclassification of derivative liability to additional paid-in capital
        		                    0 0 0 29,245,000  
          supplemental disclosure of cashflow information:
        		                         
          cash paid during the period for income tax
        		            60,377,000 102,237,000            
          reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
        		                         
          proceeds from disposal of an equipment
        		                         
          supplemental disclosure of cashflow information
        		                         
          reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
        		                         
          payment for contingent consideration in excess of acquisition date fair value
        		              0 -93,803,000          
          initial fair value of derivative liability
        		                         
          change in estimated fair value of convertible preferred stock warrant liability
        		                        -1,352,000 
          common stock issued in connection with license agreement
        		                        0 
          proceeds from issuance of convertible preferred stock, net of issuance costs
        		                        0 
          proceeds received from financing lease obligation
        		                         
          proceeds from repayment of promissory notes
        		                        0 
          cash paid in lieu of fractional shares related to reverse stock split
        		                         
          conversion of preferred stock into common stock upon completion of initial public offering
        		                         
          advanced proceeds applied to convertible preferred stock issuance
        		                         
          reclassification of preferred stock warrant liability to additional paid-in capital
        		                         
          deferred offering costs in accounts payable and accrued liabilities
        		                         
          preferred stock issued in connection with asset acquisition
        		                         
          loss on write-off and disposal of property and equipment
        		                         
          purchase of property and equipment
        		                         
          asset acquisitions
        		                         
          advanced proceeds from convertible preferred stock financing
        		                         
          issuance of preferred stock in connection with asset acquisition
        		                         
          payment of offering costs related to initial public offering
        		                         
          proceeds from disposal of an asset held sale
        		                      0 180,000  
          business acquisition, net of cash acquired
        		                         
          proceeds from issuance of common stock in initial public offering, net of issuance costs
        		                         
          proceeds received from financing obligation
        		                        0 
          common stock issued in connection with business acquisition
        		                         
          contingent consideration recorded in connection with business acquisitions
        		                         
          issuance costs for convertible preferred stock in accounts payable and accrued liabilities
        		                         
          receipt of promissory note from related parties for purchase of common stock
        		                         
          loss on disposal of property and equipment
        		                         
          change in fair value of contingent consideration
        		                         
          purchases of short-term investments
        		                         
          maturities of short-term investments
        		                         
          issuance costs for convertible preferred stock included in accounts payable and accrued liabilities
        		                         
          deferred issuance costs incurred and not paid