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Income Taxes - Schedule of Income (Loss) before Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
U.S.	$ (5,093)		$ 162,275	$ 31,000
Foreign	0		0	139
(Loss) income before income taxes	$ (5,093)	$ 16,657	$ 162,275	$ 31,139

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Topic 280
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Oct. 31, 2021
Deferred Revenue Arrangement [Line Items]
Milestone revenue recognition	Cash is generally received within 30 days of milestone achievement.
Sagard Healthcare Royalty Partners, LP [Member] \| Jemperli Royalty Monetization Agreement
Deferred Revenue Arrangement [Line Items]
Rights retained		$ 75.0
Royalties agreement, maximum annual royalty payout capacity		$ 1,000.0
Vanda \| Commercial sales first exceed $100.0 million
Deferred Revenue Arrangement [Line Items]
Royalty sales	$ 100.0

Award Timing Disclosure	6 Months Ended
Award Timing Disclosure	Jun. 30, 2026
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	We do not time equity grants to take advantage of a depressed stock price or an anticipated increase in stock price and generally make awards on predetermined dates to ensure that awards cannot be timed to take advantage of material non-public information. Annual employee and non-employee director grants are completed in January each year, new hire stock awards to employees are generally granted on the 15th of the month immediately following their start date, and initial awards to non-employee directors are granted on the date of the non-employee director’s initial appointment or election to our Board of Directors. No executive officer was granted stock options during a period beginning four business days before and ending one business day after the release of material non-public information during six months ended June 30, 2026.
Award Timing Method	new hire stock awards to employees are generally granted on the 15th of the month immediately following their start date, and initial awards to non-employee directors are granted on the date of the non-employee director’s initial appointment or election to our Board of Directors. No executive officer was granted stock options during a period beginning four business days before and ending one business day after the release of material non-public information during six months ended June 30, 2026.
Award Timing Predetermined	true
Award Timing MNPI Considered	true
Award Timing, How MNPI Considered	We do not time equity grants to take advantage of a depressed stock price or an anticipated increase in stock price and generally make awards on predetermined dates to ensure that awards cannot be timed to take advantage of material non-public information. Annual employee and non-employee director grants are completed in January each year, new hire stock awards to employees are generally granted on the 15th of the month immediately following their start date, and initial awards to non-employee directors are granted on the date of the non-employee director’s initial appointment or election to our Board of Directors. No executive officer was granted stock options during a period beginning four business days before and ending one business day after the release of material non-public information during six months ended June 30, 2026.
MNPI Disclosure Timed for Compensation Value	false

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 130,996,000	$ (13,232,000)	$ (145,231,000)
Less: Loss from discontinued operations, net of tax	45,362,000	174,735,000	176,212,000
Net income from continuing operations	176,358,000	161,503,000	30,981,000
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	9,000	20,000	20,000
Stock-based compensation	8,320,000	3,772,000	7,221,000
Accretion/amortization of investments, net	30,000	(4,734,000)	(10,313,000)
Amortization of right-of-use assets – operating	959,000	1,864,000	1,791,000
Non-cash interest expense for the sale of future royalties	41,192,000	79,893,000	50,087,000
Deferred tax benefit	(183,699,000)	0	0
Changes in operating assets and liabilities:
Receivables from collaborative partners	8,216,000	6,915,000	(33,914,000)
Prepaid expenses and other assets	(3,672,000)	1,814,000	112,000
Accounts payable and other liabilities	(44,853,000)	(87,334,000)	(33,838,000)
Income tax receivable	(3,245,000)	0	0
Operating lease liabilities	(1,017,000)	(1,925,000)	(1,777,000)
Net cash provided by operating activities of continuing operations	(1,402,000)	161,788,000	10,370,000
Net cash used in operating activities of discontinued operations	(51,157,000)	(142,091,000)	(145,707,000)
Net cash (used in) provided by operating activities	(52,559,000)	19,697,000	(135,337,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	(4,955,000)	(196,411,000)	(380,376,000)
Sales and maturities of investments	47,500,000	424,530,000	412,097,000
Net cash provided by investing activities of continuing operations	42,545,000	228,119,000	31,721,000
Net cash used in investing activities of discontinued operations	0	(87,000)	(358,000)
Net cash provided by investing activities	42,545,000	228,032,000	31,363,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from public offerings, net of underwriters' fees	0	0	94,369,000
Proceeds from issuance of common stock	25,371,000	14,261,000	6,473,000
Proceeds from the sale of future royalties	0	0	50,000,000
Principal repayment of liability for sale of future royalties	(19,727,000)	(76,797,000)	(15,233,000)
Payments for repurchase of common stock	0	(68,626,000)	(456,000)
Payment for net share settlement of equity awards	0	(1,451,000)	(7,504,000)
Payments for offering costs, net	0	0	(492,000)
Payments for issuance costs related to the sale of future royalties	0	0	(103,000)
Net cash provided by (used in) financing activities of continuing operations	5,644,000	(132,613,000)	127,054,000
Net cash used in financing activities of discontinued operations	(100,000,000)	0	0
Net cash (used in) provided by financing activities	(94,356,000)	(132,613,000)	127,054,000
Net (decrease) increase in cash and cash equivalents	(104,370,000)	115,116,000	23,080,000
Cash and cash equivalents, beginning of period	138,196,000	23,080,000	0
Cash and cash equivalents within discontinued operations, beginning of period	100,000,000	100,000,000	100,000,000
Less: Cash and cash equivalents within discontinued operations, end of period	0	100,000,000	100,000,000
Cash and cash equivalents in continued operations, end of period	133,826,000	138,196,000	23,080,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest portion of repayment for sale of future royalties	41,500,000	79,994,000	42,132,000
Income taxes paid	5,582,000	78,000	0
Non-cash investing and financing activities:
Amounts accrued for property and equipment	0	0	7,000
Amounts accrued for repurchase of common stock	0	382,000	0
Receivable related to issuance of common stock, upon exercise of stock options	$ 1,310,000	$ 29,000	$ 0

Commitments and Contingencies - Narrative (Details)			6 Months Ended		12 Months Ended
Commitments and Contingencies - Narrative (Details)	Jun. 15, 2026 ft² $ / shares	May 04, 2020 USD ($) $ / shares	Jun. 30, 2026 USD ($) ft²	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 20, 2026	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets			$ 11,560,000		$ 12,519,000	$ 14,383,000
Total			$ 13,095,000
Weighted-average discount rate (as a percent)			4.00%
Sublease income			$ 526,000	$ 0	$ 0	$ 0
Weighted average remaining lease term (in years)			5 years 2 months 12 days
Sublease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) \| ft²	45,000
Lease term (in months)							24 months
Lease renewal term (in years)	12 months
Monthly base rate (usd per sqft) \| $ / shares	$ 4.87
Increase in annual rent (as a percent)	3.00%
Sublease income			$ 500,000
Impairment of right of use asset			$ 0
Weighted average remaining lease term (in years)			1 year 9 months 18 days
Lease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) \| ft²			45,000
Lease term (in months)								124 months
Lease renewal term (in years)		5 years
Lease termination term (in years)		7 years
Lessee, operating lease, termination fee		$ 3,800,000
Lessee, operating lease, termination period (in months)		15 months
Monthly base rate (usd per sqft) \| $ / shares		$ 4.2
Increase in annual rent (as a percent)		3.00%
Operating lease right-of-use assets								$ 20,600,000
Total								$ 20,700,000
Security deposit			$ 300,000

Discontinued Operations - Schedule of Carrying Value of Assets Distributed as Part of Spin-Off (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Apr. 20, 2026	Dec. 31, 2025	Dec. 31, 2024
Assets:
Total current assets	$ 0		$ 104,762	$ 104,560
First Tracks Biotherapeutics
Assets:
Cash and cash equivalents		$ 100,000	100,000	100,000
Prepaid expenses and other current assets		2,948	4,762	4,560
Total current assets		102,948	104,762	104,560
Property and equipment, net		1,174	1,259	1,718
Total assets		$ 104,122	$ 106,021	$ 106,278

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of.

+ References + Details

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets:
Net operating loss carryforwards	$ 44,153	$ 74,889	$ 64,729
Section 174 Capitalized R&D	34,768	47,187	30,532
Interest	22,882	33,781	0
Research and development credits	31,202	32,698	19,046
Equity compensation	15,669	14,812	13,000
Other, net	11,271	11,863	21,229
Total deferred tax assets	159,945	215,230	148,536
Deferred Tax Liabilities:
Royalty monetization	(26,246)	(19,670)	0
Other, net	(2,777)	(2,922)	(6,347)
Total deferred tax liabilities	(29,023)	(22,592)	(6,347)
Net deferred tax assets	130,922	192,638	142,189
Less: valuation allowance	(24,283)	(192,638)	(142,189)
Deferred tax assets, net of valuation allowance	$ 106,639	$ 0	$ 0

Sale of Future Royalties - Narrative (Details)	1 Months Ended			3 Months Ended		6 Months Ended			12 Months Ended
Sale of Future Royalties - Narrative (Details)	May 31, 2024 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2021 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($) Milestone	Dec. 31, 2024 USD ($) Milestone	Jan. 01, 2021
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue						$ 53,044,000	$ 50,034,000		$ 234,603,000	$ 91,280,000
Liability related to sale of future royalties				$ 276,528,000		256,493,000			276,528,000	353,426,000
Non-cash interest expense						41,192,000	37,667,000		$ 79,893,000	$ 50,087,000
GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Number of milestone \| Milestone									2	2
Collaboration revenue						$ 0			$ 125,000,000	$ 40,000,000
Annual sales milestone threshold										500,000,000
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Net of proceeds			$ 299,500,000
Effective interest rate						34.00%
Non-cash interest expense for the sale of future royalties						$ 41,300,000			81,600,000	49,100,000
Issuance costs related to the sale of future royalties			400,000
JEMPERLI Royalty Monetization Agreement \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties			250,000,000
Royalties and milestones received						275,900,000
JEMPERLI Royalty Monetization Agreement \| Sagard \| By the end of 2026
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received			600,000,000
JEMPERLI Royalty Monetization Agreement \| Sagard \| During 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received			675,000,000
JEMPERLI Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue						51,200,000	96,000,000	$ 47,400,000	96,000,000	47,400,000
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Net of proceeds		$ 34,800,000
Issuance costs related to the sale of future royalties		200,000
Zejula Royalty Monetization Agreement \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue						1,600,000	$ 3,900,000	$ 3,900,000	3,900,000	3,900,000
Settlement agreement rate											0.50%
Non-cash interest expense						$ 200,000			1,900,000	1,000,000
Zejula Royalty Monetization Agreement \| DRI Healthcare Trust
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties		35,000,000
Liability related to sale of future royalties		$ 35,000,000
Jemperli Royalty Monetization Agreement Amendment 1 \| Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties	$ 50,000,000		$ 50,000,000
Issuance costs related to the sale of future royalties	$ 100,000
Jemperli Royalty Monetization Agreement Amendment 1 \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Annual sales milestone threshold									1,000,000,000
Jemperli Royalty Monetization Agreement, Milestone One \| GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue										75,000,000
Jemperli Royalty Monetization Agreement, Milestone One \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue									50,000,000
Annual sales milestone threshold									750,000,000	250,000,000
Jemperli Royalty Monetization Agreement, Milestone Two \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Annual sales milestone threshold									1,000,000,000	500,000,000,000
Fourth commercial sales milestone \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue				$ 75,000,000					75,000,000
Third commercial sales milestone \| Sagard \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue									50,000,000
Third commercial sales milestone \| GSK \| PD-1 (Jemperli/Dostarlimab)
Liabilities Related To Sale Of Future Royalties [Line Items]
Collaboration revenue					$ 50,000,000				125,000,000	40,000,000
Annual sales milestone threshold									$ 750,000,000	$ 250,000,000

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), with the spin-off of the Biopharma segment presented as discontinued operations. See further details in Note 12, Discontinued Operations. The accompanying financial statements for periods prior to the Spin-Off have been recast to reflect discontinued operations.

Basis of Consolidation

The accompanying consolidated financial statements include us and our wholly owned Australian subsidiary, which was deregistered with the Australian Securities & Investments Commission as of June 30, 2025. The deregistration did not have a material impact on our consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. Our functional and reporting currency is the U.S. dollar.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. Significant estimates relied upon in preparing these financial statements include estimates related to revenue recognition, accrued research and development expenses, stock-based compensation, and the liability related to the sale of future royalties. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity at date of purchase of three months or less to be cash equivalents. Cash equivalents consist primarily of money market and mutual funds with original maturities of 90 days or less.

Short-Term and Long-Term Investments

All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). We review our portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). No credit impairment losses have been recorded during the six months ended June 30, 2026, year ended December 31, 2025, or year ended December 31, 2024.

Concentration of Credit Risk

Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, certificates of deposit, agency securities, commercial obligations and U.S. Treasury securities. Bank deposits are diversified between three financial institutions and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and issuers of investments that are recorded on our consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure.

Property and Equipment, net

Property and equipment are stated at cost, less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are amortized using the straight-line method over the term of the lease. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statement of operations.

Long Lived Assets

Long-lived assets, consisting of property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by the asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized and is measured as the amount by which the carrying value exceeds the estimated fair value of the assets. No impairment charges were recorded during the six months ended June 30, 2026, or the years ended December 31, 2025, and December 31, 2024.

Leases

Our leases consist of a lease for office and lab space that is classified as an operating lease. We determine if an arrangement is a lease at inception. Rent expense is recognized on a straight-line basis. When an operating lease includes rent abatements or requires fixed escalations of the minimum lease payments, the aggregate rental expense is recognized on a straight-line basis over the term of the lease. When an operating lease includes lease incentives such as leasehold improvement allowances, the lease incentive is included in the ROU asset. For leases that have greater than a 12-month lease term, the ROU assets and lease liabilities are recognized based on the present value of the future minimum unpaid lease payments over the lease term. For this purpose, we consider only payments that are fixed and determinable at the time of commencement.

As our lease does not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We account for fixed lease components separately from non-lease components.

We elected the practical expedient to not record leases with an initial term of 12 months or less on the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term.

We sublease our office and lab space and the sublease is classified as an operating lease. Sublease income is recognized on a straight-line basis over the term of the sublease agreement and is recorded within other income, net, on the consolidated statements of operations.

Liability Related to the Sale of Future Royalties

We treat the liability related to the sale of future royalties as debt, amortized under the effective interest rate method over the estimated life of the Jemperli Royalty Monetization Agreement and the Zejula Royalty Monetization Agreement. For more information, see Note 5. The amortization of the liability related to the sale of future revenue is based on our current estimates of future royalty payments. Royalty and milestone revenue will be recognized as earned and the payments made will be recorded as a reduction of the liability when paid.

Debt Issuance Costs

Debt issuance costs related to a recognized debt liability are deferred and amortized over the term of the debt using the effective interest method. These costs are recorded as a direct reduction to the carrying value of the debt on the balance sheet and the amortization expense is included in non-cash interest expense in the statement of operations.

Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties

The total threshold of royalties to be paid, less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. We impute interest on the unamortized portion of the liability using the effective interest method and record expense based on the timing of payments received over the term of the Jemperli Royalty Monetization Agreement and the Zejula Royalty Monetization Agreement. Over the course of the agreement, the actual interest rate will be affected by the timing of royalty and milestone payments made and changes in the forecasted revenue.

Revenue Recognition

Revenue is recognized in accordance with revenue recognition accounting guidance, which utilizes five basic steps to determine whether revenue can be recognized and to what extent: (i) identify the contract with a customer; (ii) identify the

performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) determine the recognition period.

Performance Obligations. We evaluate deliverables on a contract-by-contract basis to determine whether each deliverable represents a good or service that is distinct or has the same pattern of transfer as other deliverables. A deliverable is considered distinct if the customer can benefit from the good or service independently of other goods/services either in the contract or that can be obtained elsewhere, without regard to contract exclusivity, and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. If the deliverable is not considered distinct, we combine such deliverables and account for them as a single performance obligation. We allocate the consideration to each deliverable at the inception of the arrangement based on the stand-alone selling price.

Our performance obligations may include the following:

•

License Arrangements. The performance obligations under our collaboration and license agreements generally include exclusive or nonexclusive licenses to one or more products generated using our technologies. Licenses for multiple antibodies within a single contract are generally combined as they have substantially the same pattern of transfer to the customer. Historically, our licenses have held no value to the customer, as the antibodies were in the discovery phase and required our expertise for further development. Accordingly, licenses are not considered distinct.

•

Research and Development Services. The performance obligations under our collaboration and license agreements generally include research and development services we perform on behalf of or with our collaborators. As discussed within license arrangements above, our licenses have historically held no value without the research and development services we provide. As we generally only provide research and development services for internally generated antibodies that require a license to be utilized by a third party, our research and development services are not considered distinct.

•

Steering Committee Meetings. The performance obligations under our collaboration and license agreements may also include our participation on steering committees, which allows us to direct the progression of our discovery programs. As these steering committees would not occur or benefit the customer without the use of our licenses, these are not considered distinct.

We recognize consideration allocated to a performance obligation as the performance obligation is satisfied, and the determination as to whether consideration is recognized over time or at a point in time is made upon contract inception. For our collaboration agreements, this is generally over the period in which research and development services have been performed. There were no new agreements with performance obligations entered into during the six months ended June 30, 2026.

Transaction Price. Our collaboration and license agreements generally include both fixed and variable consideration. Fixed payments, such as those for upfront fees, are included in the transaction price at contract value, while variable consideration such as reimbursement for research and development services, milestone and royalty payments are estimated and then evaluated for constraints upon inception of the contract and evaluated on a quarterly basis thereafter. Research and development services are updated for actual invoices. Given the nature of our agreements, milestones are estimated using the most likely amount and are evaluated on a quarterly basis. Upon commercialization, royalty payments will be recognized in the period incurred.

Royalty Revenue

We receive royalty revenue on sales by our partners of products covered by patents or contract rights that we own and net sales of their approved drugs, where we have concluded the license is the predominant item to which the royalties relate. We do not have future performance obligations under these license arrangements. We generally satisfy our obligation to grant intellectual property rights on the effective date of the contract. However, we apply the royalty recognition constraint required under the guidance for sales-based royalties, which requires a sales-based royalty to be recorded when the underlying sale occurs. Therefore, royalties on sales of products commercialized by our partners are recognized in the quarter the product is sold. Our partners generally report sales information to us on a quarter lag. Thus, we estimate the expected royalty proceeds based on an analysis of our partners’ historical experience including their publicly announced sales. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known, typically the following quarter. As of June 30, 2026, there have not been material differences between actual and estimated royalty revenues.

Research and Development Expenses

Research and development costs primarily include third-party clinical and preclinical research and development services such as manufacturing, laboratory and related supplies, salaries and personnel-related costs, in-licensing fees, outside services, and an allocation of information technology and facility overhead costs.

Costs associated with research and development activities are expensed as incurred. We account for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. We estimate research and development costs incurred during the period, which impacts the amount of accrued expenses and prepaid balances related to such costs as of each balance sheet date. This process involves reviewing open contracts and purchase orders, communicating with our personnel and service providers to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost. The majority of our service providers invoice us monthly in arrears for services performed or when contractual milestones are met. We make estimates of our accrued expenses as of each balance sheet date based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary. The significant estimates in our accrued research and development expenses include the costs incurred for services performed by our vendors in connection with research and development activities for which we have not yet been invoiced.

Upfront and milestone payments incurred under our in-licensing agreements are expensed as research and development in the period in which they are incurred, provided that the technology or method has no alternative future use.

Stock-Based Compensation

We recognize stock-based compensation expense using a fair-value-based method for costs related to all share-based payments, including stock options. Stock-based compensation cost for stock options granted to our employees and directors is measured at the grant date based on the fair-value of the award which is estimated using the Black-Scholes option-pricing model, and is recognized as expense over the requisite service period on a straight-line basis. We recognize forfeitures in the period in which forfeitures occur and record stock-based compensation expense as though all awards are expected to vest.

We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date.

Each Restricted Stock Unit (“RSU”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis.

Each Performance Stock Unit (“PSU”) represents one equivalent share of our common stock to be issued after achievement of the performance metrics specified in the grant. The fair value of our PSUs is estimated as of the grant date, based upon the expected achievement of the performance metrics specified in the grant and the closing market price of our common stock on the date of grant. The grant date fair value is estimated using a Monte Carlo simulation. The compensation expense for the awards is recognized over the requisite service period regardless of whether the market conditions are achieved and will only be adjusted for pre-vesting forfeitures due to the termination of the recipient’s employment with the Company prior to the expiration of the requisite service period.

Historically, we maintained a full valuation allowance against our net deferred tax assets which precluded recognition of tax benefits related to stock-based compensation. During the six months ended June 30, 2026, we released a substantial portion of the valuation allowance based on our assessment that it is more likely than not that our deferred tax assets will be realized. As a result, we now recognize tax benefits for costs associated with deductible share based compensation awards as they arise.

Segment Reporting

ASC Topic 280, Segment Reporting, establishes standards for companies to report financial statement information about operating segments. Operating segments are defined as components of an enterprise engaging in business activities for which separate

financial information is available that is regularly evaluated by the company’s chief operating decision-makers in deciding how to allocate resources and assess performance. Our chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. During fiscal year 2025, in connection with the planned separation of the businesses, the CODM changed the information he regularly reviews in evaluating the allocation of resources and assessing operating performance. As a result of these changes, we updated our segment reporting to reflect two operating segments: Biopharma and Royalty Management. Our Biopharma segment focuses on the development and potential commercialization of innovative immunology therapeutics for autoimmune and inflammatory diseases and our Royalty Management segment manages the financial collaboration for Jemperli from GSK and for Quimilza from Vanda. As of the Spin-Off date, our Biopharma segment spun off and became First Tracks Biotherapeutics and we now operate in one reportable segment.

Income Taxes

We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more likely than not that some portion or all of a deferred tax asset will not be realized based on the weight of available evidence, including expected future earnings.

We recognize an uncertain tax position in our consolidated financial statements when we conclude that a tax position is more likely than not to be sustained upon examination based solely on technical merits. Only after a tax position passes the first step of recognition will measurement be required. Under the measurement step, the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon effective settlement. This is determined on a cumulative probability basis. The full impact of any change in recognition or measurement is reflected in the period in which such change occurs. We have elected to accrue any interest or penalties related to income taxes as part of our income tax expense.

Functional Currency of Foreign Operations

Our Australian subsidiary operated in a U.S. dollar functional currency environment. Assets and liabilities of our foreign subsidiary that were not denominated in the functional currency were remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets and capital accounts, which were remeasured at historical foreign currency exchange rates in effect at the date of transaction. Expenses were generally remeasured at monthly foreign currency exchange rates, which approximate average rates in effect during each period. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement were reported in other income (expense), net, in the consolidated statements of operations.

Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in stockholders’ equity except those resulting from distributions to stockholders. Our unrealized gains and losses on available-for-sale investments represent the only component of other comprehensive income (loss) that is excluded from the reported net income (loss).

Net Income (Loss) Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and awards using the treasury stock method. Common stock equivalents outstanding are comprised of stock options, restricted stock units (“RSUs”) and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when income from continuing operations is reported and their effect is dilutive.

The following table sets forth the weighted-average outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):


	Six Months Ended June 30,		Year Ended December 31,		Year Ended December 31,
(in thousands)	2026		2025		2024
Options to purchase common stock		613		4,954		5,181
Stock awards		15		31		13
Total		628		4,985		5,194

Accounting Pronouncements

We have implemented all new accounting pronouncements that are in effect and may have an impact on our consolidated financial statements. Unless otherwise discussed, we believe the impact of any recently issued and not yet effective pronouncements will not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this guidance and assessing the potential impact on our financial statement disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of adoption on our financial statement disclosures.

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The components of income (loss) from continuing operations before income tax provision (benefit) consist of the following:


	Six Months Ended June 30,			Year Ended December 31,		Year Ended December 31,
(in thousands)	2026			2025		2024
U.S.	$	(5,093	)	$	162,275	$	31,000
Foreign		—			—		139
(Loss) income before income taxes	$	(5,093	)	$	162,275	$	31,139

The provision for income taxes for the six months ended June 30, 2026 and years ended December 31, 2025 and December 31, 2024:


	Six Months Ended June 30,			Year Ended December 31,		Year Ended December 31,
(in thousands)	2026			2025		2024
Current income taxes:
Federal	$	—		$	454	$	14
State		1,788			318		144
Foreign		—			—		—
Total current		1,788			772		158
Deferred income taxes:
Federal		(154,929	)		—		—
State		(28,310	)		—		—
Foreign		—			—		—
Total deferred		(183,239	)		—		—
(Benefit) provision for income taxes	$	(181,451	)	$	772	$	158

Income taxes paid, net of refunds received, for the six months ended June 30, 2026 were $4.3 million paid to the Internal Revenue Service, $170,000 paid to Massachusetts, $845,000 paid to Pennsylvania and $267,000 paid to other U.S. states.

Significant components of our deferred tax assets and liabilities are as follows:


	June 30,			December 31,			December 31,
(in thousands)	2026			2025			2024
Deferred Tax Assets:
Net operating loss carryforwards	$	44,153		$	74,889		$	64,729
Capitalized R&D		34,768			47,187			30,532
Interest		22,882			33,781			—
Research and development credits		31,202			32,698			19,046
Equity compensation		15,669			14,812			13,000
Other, net		11,271			11,863			21,229
Total deferred tax assets		159,945			215,230			148,536
Deferred Tax Liabilities:
Royalty monetization		(26,246	)		(19,670	)		—
Other, net		(2,777	)		(2,922	)		(6,347	)
Total deferred tax liabilities		(29,023	)		(22,592	)		(6,347	)
Net deferred tax assets		130,922			192,638			142,189
Less: valuation allowance		(24,283	)		(192,638	)		(142,189	)
Deferred tax assets, net of valuation allowance	$	106,639		$	—		$	—

On April 20, 2026, we completed the Spin-Off of our clinical-stage biotechnology company, First Tracks Biotherapeutics, through a pro rata distribution to shareholders (the “Distribution”). Following the Distribution, we hold and continue to manage the financial collaboration for Jemperli with GSK and for Quimilza with Vanda, and First Tracks Biotherapeutics operates as an independent, separately taxed public company. For tax purposes, the Distribution was taxable resulting in a tax gain of approximately $434.9 million. As a result, we recorded a $96.2 million tax charge to equity.

We assess the realizability of our deferred tax assets each reporting period based on all available positive and negative evidence, including our cumulative earnings history, the character and timing of reversing temporary differences, tax-planning strategies, and projections of future taxable income. Prior to the Distribution, we maintained a full valuation allowance against our net deferred tax assets. As a result of future profits expected for the retained business, Management concluded that a substantial portion of our deferred tax assets are realizable with the exception of certain deductible differences and IRC Section 382 limited tax attributes expected to reverse following the lapse of royalty and license revenue streams. Accordingly, during the six months ended June 30, 2026, we reduced our valuation allowance of $192.6 million as of December 31, 2025 to $24.3 million as of June 30, 2026.

As of June 30, 2026, we had federal and state net operating loss carryforwards (“NOLs”), of $174.2 million and $68.5 million, respectively. Federal NOLs generated in 2018 and after carryover indefinitely and may generally be used to offset up to 80% of future

taxable income. The state NOLs will begin to expire in 2030, unless previously utilized. As of June 30, 2026, we had federal and state research tax credit carryforwards of approximately $22.7 million and $22.7 million, respectively. The federal research tax credits carryforwards will begin to expire in 2042, California state credits carryforward indefinitely and other state tax credits begin to expire in 2043.

The above NOL carryforward and the federal and state research tax credit carryforwards may be subject to an annual limitation under section 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), and similar state provisions if we experience one or more ownership changes which would limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change as defined by Section 382 and 383, results from transactions increasing ownership of certain stockholders or public groups in the stock of the corporation by more than 50 percentage points over a three-year period.

We experienced ownership changes as defined by Section 382 of the Code during 2007, 2017 and 2021. As a result, as of June 30, 2026, the federal NOL carryforward of $174.2 million is subject to annual limitation over future periods. State NOL and credit carryforwards may be similarly limited.

Our use of federal and state NOLs and research credits could be further limited if we experience one or more ownership changes subsequent to June 30, 2026. If a change in ownership occurs, NOLs and tax credit carryforwards could be eliminated or restricted.

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, the reconciliation of taxes (continuing operations) at the federal statutory rate to our provision for (benefit from) income taxes for the six months ended June 30, 2026 and for year ended December 31, 2025 was as follows (in thousands, except for percentages):


	Six Months Ended					Year Ended
(in thousands)	June 30, 2026					December 31, 2025
Income taxes at statutory rates	$	(1,070	)	21.00	%	$	34,078		21.00	%
State income tax, net of federal benefit(1)		(28,556	)	560.63	%		319		0.20	%
Foreign tax effects
Australia
Valuation allowance		—		—			(939	)	(0.58	)%
Deferred tax write-off		—		—			939		0.58	%
Effect of changes in tax laws or rates enacted in the current period		—		—			—		—
Effect of cross-border tax laws		—		—			—		—
Tax Credits
Federal R&D credit		—		—			—		—
Change in valuation allowance		(148,602	)	2917.48	%		(36,022	)	(22.20	)%
Nontaxable or nondeductible items
Other		16		-0.31	%		53		0.28	%
Equity compensation(2)		(4,298	)	150.26	%		403		—
Executive compensation		(2,114	)	-24.36	%		2,202		1.36	%
Transaction Costs		1,724		-33.84	%		—		—
Other		—		—			18		0.01	%
Change in unrecognized tax benefits		1,449		-28.44	%		(279	)	(0.17	)%
Income tax (benefit) expense	$	(181,451	)	3562.42	%	$	772		0.48	%

(1)

State taxes in California, Pennsylvania, Utah and Massachusetts made up the majority (greater than 50%) of the tax effect in this category.

(2)

Equity compensation for non-covered employees is net of windfall tax benefits for 2026 and 2025, respectively.

The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:


	Year Ended December 31,
(in thousands)	2024
Expected income tax benefit at federal statutory tax rate	$	6,539
State income taxes, net of federal benefit		(574	)
Permanent items		82
Equity compensation		804
Non-deductible compensation		2,188
Research credits		(68	)
Other		36
Change in the valuation allowance		(8,849	)
Income tax expense	$	158

We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition at the effective date to be recognized. As of June 30, 2026, we had $11.3 million unrecognized tax benefits that, if recognized and realized, would affect the effective tax rate. The following table summarizes the activity related to our unrecognized tax benefits:


	Six Months Ended June 30,		Year Ended December 31,			Year Ended December 31,
(in thousands)	2026		2025			2024
Balance at the beginning of the year	$	8,719	$	6,911		$	5,016
Increases (decreases) related to prior year tax positions		1,658		(2	)		(4	)
Increase related to current year tax positions		3,097		1,810			1,899
Balance at the end of the year	$	13,474	$	8,719		$	6,911

Our policy is to recognize interest and penalties related to income tax matters in the provision for income taxes. We recognize interest or penalties related to income tax matters in income tax expense. During the six month ended June 30, 2026, we accrued interest and penalties in continuing operations related to income tax matters of $0.1 million and $0.5 million, respectively. We did not accrue any interest or penalties during the years ended December 31, 2025 and 2024. As of June 30, 2026, we recorded accrued interest and penalties of $0.1 million and $0.5 million, respectively on our consolidated balance sheet. As of December 31, 2025 and 2024, we did not have any accrued interest or penalties recorded on our consolidated balance sheets.

We file income tax returns in the United States, California and various U.S. state jurisdictions. Due to our losses incurred, we are essentially subject to income tax examination by tax authorities from inception to date.

The One Big Beautiful Bill Act of 2025 (“OBBBA”) was signed into law on July 4, 2025. The OBBBA makes changes to the U.S. corporate income tax, including immediate expensing of domestic research and development costs while foreign expenditures will continue to be capitalized and amortized over 15 years and modifications to the timing of the deduction for interest expense.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-Topic 740
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-Name Accounting Standards Codification
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+ Details

Collaborative Research and Development Agreements (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Milestones Achieved

Milestones under the GSK Agreement are as follows:


	PD-1 (Jemperli/Dostarlimab)
Milestone Event	Amount	Quarter Recognized
Initiated in vivo toxicology studies using good laboratory practices (GLPs)	$1.0M	Q2’15
IND clearance from the FDA	$4.0M	Q1’16
Phase 2 clinical trial initiation	$3.0M	Q2’17
Phase 3 clinical trial initiation - first indication	$5.0M	Q3’18
Phase 3 clinical trial initiation - second indication	$5.0M	Q2’19
Filing of the first BLA(1) - first indication	$10.0M	Q1’20
Filing of the first MAA(2) - first indication	$5.0M	Q1’20
Filing of the first BLA - second indication	$10.0M	Q1’21
First BLA approval - first indication	$20.0M	Q2’21
First MAA approval - first indication	$10.0M	Q2’21
First BLA approval - second indication	$20.0M	Q3’21
Filing of the first MAA - second indication(3)	$5.0M	—
First MAA approval - second indication(3)	$10.0M	—
First commercial sales milestone(3)	$15.0M	Q3’24
Second commercial sales milestone(3)	$25.0M	Q4’24
Third commercial sales milestone(3)	$50.0M	Q3’25
Fourth commercial sales milestone(4)	$75.0M	Q4’25

Milestones recognized through June 30, 2026	$258.0M	—
Milestones that may be recognized in the future	$15.0M	—

(1)

Biologics License Application (“BLA”)

(2)

Marketing Authorization Application (“MAA”)

(3)

For Jemperli, the filing and approval of the first MAA for a second indication and first three commercial sales milestones are included as part of the royalty monetization agreement with Sagard (as defined below). For more information, see Note 5. Cash is generally received within 30 days of milestone achievement.

(4)

For Jemperli, we retained the rights to a $75.0 million sales milestone when Jemperli annual net sales exceeded $1 billion. We received the cash milestone payment in December 2025.

We are also eligible to receive a 10% royalty on net sales.

The Separation and Distribution Agreement provides that any and all rights to receive milestone payments under the Vanda License Agreement will be allocated to First Tracks Biotherapeutics as follows:


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through June 30, 2026	—	—
Milestones that may be recognized in the future	$35.0M	—

Balance Sheet Accounts and Supplemental Disclosures - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 5,872	$ 11,094	$ 8,449
Accrued professional fees and other expenses	4,411	4,796	839
Accrued research, development and manufacturing expenses	14,289	16,402	30,213
Accrued for repurchase of common stock	0	382	0
Accrued liability - First Tracks Biotherapeutics	4,226	0	0
Total accrued expenses	$ 28,798	$ 32,674	$ 39,501

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Revenue, Loss and Significant Expenses

The following tables present our segment information for the six months ended June 30, 2026, and years ended December 31, 2025 and December 31, 2024 and are a summary of segment revenue, loss and our significant expenses (in thousands):


	Six Months Ended June 30, 2026
	Royalty Management
Collaboration revenue	$	53,044
Operating expenses:
External R&D
Rosnilimab		(2,897	)
Quimilza		21
Preclinical and other unallocated costs		193
Total External R&D(1)		(2,683	)
Total Internal R&D(2)		15
Total R&D		(2,668	)

External G&A(3)		15,161
Internal G&A(2)		8,229
Total G&A		23,390
Total operating expenses		20,722
Income from operations		32,322

Interest income		3,252
Sublease income		526
Non-cash interest expense		(41,192	)
Other expense, net		(1	)
Total other expense, net		(37,415	)

Loss before income taxes		(5,093	)
Benefit for income taxes		181,451
Segment net income	$	176,358

(1)

External R&D consists of costs associated with our research and development activities, including drug discovery efforts, preclinical and clinical development of our programs, manufacturing, and allocated facility-related costs.

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)

External G&A consists of general and administrative expenses including transaction costs, legal services, insurance, professional fees for auditing, tax, and market research, and allocated facility-related costs not otherwise included in research and development expenses.


	Year Ended December 31, 2025
	Biopharma			Royalty Management			Total
Collaboration revenue	$	—		$	234,603		$	234,603
Operating expenses:
External R&D
Rosnilimab		42,744			—			42,744
ANB033		20,427			—			20,427
ANB032		48			—			48
ANB101		8,138			—			8,138
Quimilza		—			(2,273	)		(2,273	)
Preclinical and other unallocated costs		16,093			—			16,093
Total External R&D(1)		87,450			(2,273	)		85,177
Total Internal R&D(2)		52,164			(1,371	)		50,793
Total R&D		139,614			(3,644	)		135,970

External G&A(3)		13,932			4,012			17,944
Internal G&A(2)		25,460			7,333			32,793
Total G&A		39,392			11,345			50,737
Total operating expenses		179,006			7,701			186,707
(Loss) income from operations		(179,006	)		226,902			47,896

Interest income		12,942			557			13,499
Non-cash interest expense		—			(79,893	)		(79,893	)
Other (loss) income, net		(23	)		5,453			5,430
Total other income (expense), net		12,919			(73,883	)		(60,964	)

(Loss) income before income taxes		(166,087	)		153,019			(13,068	)
Provision for income taxes		—			(164	)		(164	)
Segment net (loss) income	$	(166,087	)	$	152,855		$	(13,232	)

(1)

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)


	Year Ended December 31, 2024
	Biopharma			Royalty Management			Total
Collaboration revenue	$	—		$	91,280		$	91,280
Operating expenses:
External R&D
Rosnilimab		53,422			—			53,422
ANB032		26,084			—			26,084
ANB033		12,460			—			12,460
ANB101		3,367			—			3,367
Quimilza		—			8,284			8,284
Preclinical and other unallocated costs		14,350			—			14,350
Total External R&D(1)		109,683			8,284			117,967
Total Internal R&D(2)		42,662			3,211			45,873
Total R&D		152,345			11,495			163,840

External G&A(3)		6,806			3,227			10,033
Internal G&A(2)		21,950			10,406			32,356
Total G&A		28,756			13,633			42,389
Total operating expenses		181,101			25,128			206,229
(Loss) income from operations		(181,101	)		66,152			(114,949	)

Interest income		17,382			2,412			19,794
Non-cash interest expense		—			(50,087	)		(50,087	)
Other expense, net		14			—			14
Total other income (expense), net		17,396			(47,675	)		(30,279	)

Loss (income) before income taxes		(163,705	)		18,477			(145,228	)
Provision for income taxes		—			(3	)		(3	)
Segment net loss (income)	$	(163,705	)	$	18,474		$	(145,231	)

(1)

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Summary of Significant Accounting Policies - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) Segment Bank	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of banks utilized for diversification of funds (in banks) \| Bank	3
Number of operating segments \| Segment	2
Number of reportable segments \| Segment	1
Credit impairment losses \| $	$ 0	$ 0	$ 0
Long-lived asset impairment charges \| $	$ 0	$ 0	$ 0
RSUs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award equivalent shares	1
PSU
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award equivalent shares	1
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life (in years)	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life (in years)	7 years

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax Provision (Benefit)

The components of income (loss) from continuing operations before income tax provision (benefit) consist of the following:


	Six Months Ended June 30,			Year Ended December 31,		Year Ended December 31,
(in thousands)	2026			2025		2024
U.S.	$	(5,093	)	$	162,275	$	31,000
Foreign		—			—		139
(Loss) income before income taxes	$	(5,093	)	$	162,275	$	31,139

Schedule of Provision for Income Taxes

The provision for income taxes for the six months ended June 30, 2026 and years ended December 31, 2025 and December 31, 2024:


	Six Months Ended June 30,			Year Ended December 31,		Year Ended December 31,
(in thousands)	2026			2025		2024
Current income taxes:
Federal	$	—		$	454	$	14
State		1,788			318		144
Foreign		—			—		—
Total current		1,788			772		158
Deferred income taxes:
Federal		(154,929	)		—		—
State		(28,310	)		—		—
Foreign		—			—		—
Total deferred		(183,239	)		—		—
(Benefit) provision for income taxes	$	(181,451	)	$	772	$	158

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


	June 30,			December 31,			December 31,
(in thousands)	2026			2025			2024
Deferred Tax Assets:
Net operating loss carryforwards	$	44,153		$	74,889		$	64,729
Capitalized R&D		34,768			47,187			30,532
Interest		22,882			33,781			—
Research and development credits		31,202			32,698			19,046
Equity compensation		15,669			14,812			13,000
Other, net		11,271			11,863			21,229
Total deferred tax assets		159,945			215,230			148,536
Deferred Tax Liabilities:
Royalty monetization		(26,246	)		(19,670	)		—
Other, net		(2,777	)		(2,922	)		(6,347	)
Total deferred tax liabilities		(29,023	)		(22,592	)		(6,347	)
Net deferred tax assets		130,922			192,638			142,189
Less: valuation allowance		(24,283	)		(192,638	)		(142,189	)
Deferred tax assets, net of valuation allowance	$	106,639		$	—		$	—

Schedule of Reconciliation of Taxes (Continuing Operations) at Federal Statutory Rate to Provision for (Benefit from) Income Taxes


	Six Months Ended					Year Ended
(in thousands)	June 30, 2026					December 31, 2025
Income taxes at statutory rates	$	(1,070	)	21.00	%	$	34,078		21.00	%
State income tax, net of federal benefit(1)		(28,556	)	560.63	%		319		0.20	%
Foreign tax effects
Australia
Valuation allowance		—		—			(939	)	(0.58	)%
Deferred tax write-off		—		—			939		0.58	%
Effect of changes in tax laws or rates enacted in the current period		—		—			—		—
Effect of cross-border tax laws		—		—			—		—
Tax Credits
Federal R&D credit		—		—			—		—
Change in valuation allowance		(148,602	)	2917.48	%		(36,022	)	(22.20	)%
Nontaxable or nondeductible items
Other		16		-0.31	%		53		0.28	%
Equity compensation(2)		(4,298	)	150.26	%		403		—
Executive compensation		(2,114	)	-24.36	%		2,202		1.36	%
Transaction Costs		1,724		-33.84	%		—		—
Other		—		—			18		0.01	%
Change in unrecognized tax benefits		1,449		-28.44	%		(279	)	(0.17	)%
Income tax (benefit) expense	$	(181,451	)	3562.42	%	$	772		0.48	%

(1)

State taxes in California, Pennsylvania, Utah and Massachusetts made up the majority (greater than 50%) of the tax effect in this category.

(2)

Equity compensation for non-covered employees is net of windfall tax benefits for 2026 and 2025, respectively.


	Year Ended December 31,
(in thousands)	2024
Expected income tax benefit at federal statutory tax rate	$	6,539
State income taxes, net of federal benefit		(574	)
Permanent items		82
Equity compensation		804
Non-deductible compensation		2,188
Research credits		(68	)
Other		36
Change in the valuation allowance		(8,849	)
Income tax expense	$	158

Schedule of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits:


	Six Months Ended June 30,		Year Ended December 31,			Year Ended December 31,
(in thousands)	2026		2025			2024
Balance at the beginning of the year	$	8,719	$	6,911		$	5,016
Increases (decreases) related to prior year tax positions		1,658		(2	)		(4	)
Increase related to current year tax positions		3,097		1,810			1,899
Balance at the end of the year	$	13,474	$	8,719		$	6,911

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Value of Assets and Pretax Loss from Discontinued Operations to After-tax Loss in Discontinued Operations

The following table represents the carrying value of assets distributed as part of the Spin-Off on April 20, 2026:


(in thousands)	April 20, 2026
Assets:
Cash and cash equivalents	$	100,000
Prepaid expenses and other current assets		2,948
Total current assets		102,948
Property and equipment, net		1,174
Total assets	$	104,122

The following table presents a reconciliation of the carrying amount of assets of First Tracks Biotherapeutics to total assets of the discontinued operations in the consolidated balance sheets as of December 31, 2025 and December 31, 2024:


(in thousands)	December 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	100,000	$	100,000
Prepaid expenses and other current assets		4,762		4,560
Total current assets		104,762		104,560
Property and equipment, net		1,259		1,718
Total assets	$	106,021	$	106,278

The following table presents a reconciliation of the major classes of line items constituting pretax loss from discontinued operations to after-tax loss in discontinued operations for the six months ended June 30, 2026 and the years ended December 31, 2025 and December 31, 2024:


	Six Months Ended June 30,			Year Ended December 31,			Year Ended December 31,
(in thousands)	2026			2025			2024
Research and development	$	39,462		$	139,614		$	152,345
General and administrative		22,519			39,392			28,756
Total operating expenses		61,981			179,006			181,101
Loss from operations		(61,981	)		(179,006	)		(181,101	)
Other (expense) income, net:
Interest income		1,074			3,686			4,720
Other (expense) income, net		(3	)		(23	)		14
Total other expense, net		1,071			3,663			4,734
Loss from discontinued operations before income taxes		(60,910	)		(175,343	)		(176,367	)
Benefit for income taxes		15,548			608			155
Loss from discontinued operations, net of tax	$	(45,362	)	$	(174,735	)	$	(176,212	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

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-URI https://asc.fasb.org/1943274/2147483474/205-20-55-102

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147483474/205-20-55-103

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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the year	$ 8,719	$ 6,911	$ 5,016
Increases (decreases) related to prior year tax positions	1,658	(2)	(4)
Increase related to current year tax positions	3,097	1,810	1,899
Balance at the end of the year	$ 13,474	$ 8,719	$ 6,911

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements and Available for Sale Investments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2026
Money market funds(1)	$	41,874	$	41,874	$	—	$	—
Mutual funds(1)		36,503		36,503		—		—
U.S. Treasury securities(1)(2)		74,990		74,990		—		—
Commercial and corporate obligations(2)		5,075		—		5,075		—
At December 31, 2025
Money market funds(1)	$	140,380	$	140,380	$	—	$	—
Mutual funds(1)		91,359		91,359		—		—
U.S. Treasury securities(2)		63,268		63,268		—		—
Commercial and corporate obligations(2)		10,174		—		10,174		—
At December 31, 2024
Money market funds(1)	$	104,553	$	104,553	$	—	$	—
Mutual funds(1)		9,376		9,376		—		—
U.S. Treasury securities(1)(2)		284,495		284,495		—		—
Agency securities(2)		7,579		—		7,579		—
Commercial and corporate obligations(2)		10,652		—		10,652		—

(1)

Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

Schedule of Available-for-sale Investments

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in short-term and long-term investments as of June 30, 2026 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Fair Value
Commercial and corporate obligations(1)	$	5,072	$	3	$	-		$	5,075
US Treasury securities(2)		74,974		17		(1	)		74,990
Total available-for-sale investments	$	80,046	$	20	$	(1	)	$	80,065

(1)

Of our outstanding commercial and corporate obligations, $5.1 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

(2)

Of our outstanding U.S. Treasury securities, $75.0 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2025 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Commercial and corporate obligations(1)	$	10,152	$	22	$	-	$	10,174
U.S. Treasury securities(2)		63,107		161		—		63,268
Total available-for-sale investments	$	73,259	$	183	$	—	$	73,442

(1)

Of our outstanding commercial and corporate obligations, $10.2 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

(2)

Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2026, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	June 30, 2026
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
US Treasury securities	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)
Total	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)

The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:


	December 31, 2024
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	7,579	$	(8	)	$	—	$	—	$	7,579	$	(8	)
US Treasury Securities		25,250		(7	)		—		—		25,250		(7	)
Total	$	32,829	$	(15	)	$	—	$	—	$	32,829	$	(15	)

Summary of Significant Accounting Policies - Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share (Details)ies (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	628	4,985	5,194
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	613	4,954	5,181
Stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	15	31	13

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($)	3 Months Ended													6 Months Ended		12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2017	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Collaboration revenue														$ 53,044,000	$ 50,034,000	$ 234,603,000	$ 91,280,000
Milestone revenue recognition														Cash is generally received within 30 days of milestone achievement.
GSK \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue														$ 0		125,000,000	40,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Initiated in vivo toxicology studies using good laboratory practices (GLPs)
Disaggregation of Revenue [Line Items]
Collaboration revenue													$ 1,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| IND clearance from the FDA
Disaggregation of Revenue [Line Items]
Collaboration revenue												$ 4,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 2 clinical trial initiation
Disaggregation of Revenue [Line Items]
Collaboration revenue											$ 3,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 3 clinical trial initiation - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue										$ 5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Phase 3 clinical trial initiation - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue									$ 5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first BLA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue								$ 10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first MAA - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue								$ 5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first BLA - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue							$ 10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First BLA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 20,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First MAA approval - first indication
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First BLA approval - second indication
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 20,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Filing of the first MAA - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														5,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First MAA approval - second indication
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														10,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| First commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 15,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Second commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue			$ 25,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Third commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue		$ 50,000,000														125,000,000	$ 40,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Fourth commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue	$ 75,000,000															75,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Milestones recognized through December 31, 2025
Disaggregation of Revenue [Line Items]
Collaboration revenue														258,000,000
GSK \| PD-1 (Jemperli/Dostarlimab) \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														15,000,000
Sagard \| PD-1 (Jemperli/Dostarlimab) \| Third commercial sales milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue																$ 50,000,000
Vanda \| Milestones recognized through December 31, 2025
Disaggregation of Revenue [Line Items]
Collaboration revenue														0
Vanda \| Milestones that may be recognized in the future
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														35,000,000
Vanda \| FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														5,000,000
Vanda \| Regulatory approval for marketing of the first licensed product in the EU
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														5,000,000
Vanda \| Commercial sales first exceed $100.0 million
Disaggregation of Revenue [Line Items]
Milestones that may be recognized in the future														$ 25,000,000

Balance Sheet Accounts and Supplemental Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)	June 30, 2026			December 31, 2025			December 31, 2024
Leasehold improvements(1)	$	203		$	203		$	203
Less: accumulated depreciation and amortization		(101	)		(92	)		(72	)
Total property and equipment, net	$	102		$	111		$	131

(1)

All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	June 30, 2026		December 31, 2025		December 31, 2024
Accrued compensation and related expenses	$	5,872	$	11,094	$	8,449
Accrued professional fees and other expenses		4,411		4,796		839
Accrued research, development and manufacturing expenses		14,289		16,402		30,213
Accrued for repurchases of common stock		—		382		—
Accrued liability - First Tracks Biotherapeutics		4,226		—		—
Total accrued expenses	$	28,798	$	32,674	$	39,501

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	June 30, 2026		December 31, 2025		December 31, 2024
Other Receivables	$	2,761	$	—	$	—
Income taxes receivable		3,238		—		—
Prepaid expenses		2,651		—		1,178
Total prepaid expenses and other assets	$	8,650	$	—	$	1,178

Employee Benefit Plan (Details) - USD ($)	6 Months Ended	12 Months Ended
Employee Benefit Plan (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Employer match, percent of contributions	100.00%	100.00%	100.00%
Employer match, percent of employees' gross pay	10.00%	10.00%	10.00%
Employer match, maximum contributions	$ 24,500	$ 23,500	$ 23,000
Employer contributions to the plan	$ 1,100,000	$ 2,400,000	$ 2,200,000

Commitments and Contingencies - Schedule of Future Minimum Annual Lease Receivables (Details) - Sublease Agreement $ in Thousands	Jun. 30, 2026 USD ($)
Lessor, Lease, Description [Line Items]
2026	$ 1,833
2027	2,685
2028	708
Total lease income receivable	$ 5,226

Discontinued Operations

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

12. Discontinued Operations

On April 20, 2026, we completed the previously announced Spin-Off of First Tracks Biotherapeutics. The Spin-Off of First Tracks Biotherapeutics was achieved through our pro rata distribution of all of the outstanding shares of common stock of First Tracks Biotherapeutics to holders of record of our common stock. Each holder of record of our common stock received one share of First Tracks Biotherapeutics’ common stock for every one share of our common stock held on April 6, 2026, the record date for the distribution. The historical balance sheet and statements of operations of First Tracks Biotherapeutics have been presented as discontinued operations in the consolidated financial statements and prior periods have been restated.

In addition to the Separation and Distribution Agreement, the Company entered into various other agreements to provide a framework for its relationship with First Tracks Biotherapeutics after the Spin-Off, including a transition services agreement.

Under the terms of the transition services agreement, First Tracks Biotherapeutics agreed to provide the Company on an interim, transitional basis, various services, including, but not limited to, accounts payable administration, information technology services, general administrative services and other support services commencing on the Spin-Off date and terminating up to one year following the date of the Spin-Off. During the six months ended June 30, 2026, there were approximately $0.4 million of transition services expenses associated with the provision of services from First Tracks Biotherapeutics.

The following table represents the carrying value of assets distributed as part of the Spin-Off on April 20, 2026:


(in thousands)	April 20, 2026
Assets:
Cash and cash equivalents	$	100,000
Prepaid expenses and other current assets		2,948
Total current assets		102,948
Property and equipment, net		1,174
Total assets	$	104,122


(in thousands)	December 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	100,000	$	100,000
Prepaid expenses and other current assets		4,762		4,560
Total current assets		104,762		104,560
Property and equipment, net		1,259		1,718
Total assets	$	106,021	$	106,278


	Six Months Ended June 30,			Year Ended December 31,			Year Ended December 31,
(in thousands)	2026			2025			2024
Research and development	$	39,462		$	139,614		$	152,345
General and administrative		22,519			39,392			28,756
Total operating expenses		61,981			179,006			181,101
Loss from operations		(61,981	)		(179,006	)		(181,101	)
Other (expense) income, net:
Interest income		1,074			3,686			4,720
Other (expense) income, net		(3	)		(23	)		14
Total other expense, net		1,071			3,663			4,734
Loss from discontinued operations before income taxes		(60,910	)		(175,343	)		(176,367	)
Benefit for income taxes		15,548			608			155
Loss from discontinued operations, net of tax	$	(45,362	)	$	(174,735	)	$	(176,212	)

Description of the Business (Details) $ in Millions		1 Months Ended
Description of the Business (Details) $ in Millions	Apr. 20, 2026 USD ($) shares	Sep. 30, 2025 Independent
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of business independent \| Independent		2
Separation and Distribution Agreement \| First Tracks Biotherapeutics \| Spin-off
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Spin off pro rata distribution of common stock	29,100,902
Spin-off distribution ratio	1
Spin-off distribution record date	Apr. 06, 2026
Separation and Distribution Agreement \| First Tracks Biotherapeutics \| Spin-off \| Cash and Cash Equivalents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents alloated \| $	$ 100

Commitments and Contingencies - Schedule of Non-Cancellable Office Lease Costs (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,239	$ 2,478	$ 2,478
Cash paid for amounts included in the measurement of lease liabilities	$ 1,291	$ 2,531	$ 2,457

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Jemperli Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Non-cash interest expense capitalized	$ 0
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Non-cash interest expense capitalized	$ 0

Sale of Future Royalties

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

Sale of Future Royalties

5. Sale of Future Royalties

Jemperli Royalty Monetization Agreement

In October 2021, we signed a royalty monetization agreement (“Jemperli Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the Jemperli Royalty Monetization Agreement, we received $250.0 million in exchange for royalties and milestones payable to us under our GSK collaboration on annual global net sales of Jemperli.

In May 2024, we entered into an amendment to the Jemperli Royalty Monetization Agreement, Amendment No. 1 (the “Jemperli Amendment”) under which we sold additional receivables to Sagard in exchange for $50.0 million. The Jemperli Amendment includes all Jemperli sales, including any product containing Jemperli, whether or not such product constitutes a combination product, and the threshold amounts of aggregate Jemperli royalties and milestones to be received by Sagard under the Jemperli Amendment are either $600.0 million if received by the end of March 31, 2031, or $675.0 million if received thereafter. Once either of these thresholds is met, the Jemperli Royalty Monetization Agreement and the Jemperli Amendment will expire, resulting in us regaining all subsequent Jemperli royalties and milestones. As of June 30, 2026, Sagard has received a total of $275.9 million in royalties and milestones.

The proceeds received from Sagard of $250.0 million and $50.0 million were recorded as a nonrecourse liability, net of transaction costs of $0.4 million and $0.1 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. The aggregate future estimated payments, less the $299.5 million, net of proceeds, will be recognized as non-cash interest expense over the life of the agreement. Royalty and milestone revenue will be recognized as earned on net sales of Jemperli, and these payments to Sagard will be recorded as a reduction of the liability when paid. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the Jemperli Royalty Monetization Agreement.

We estimate the effective interest rate used to record non-cash interest expense under the Jemperli Royalty Monetization Agreement based on the estimate of future royalty payments to be received by Sagard. As of June 30, 2026, the estimated effective rate under the agreement was 34.0%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by Sagard and changes in our forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our prior estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation.

No sales milestones were recognized during the six months ended June 30, 2026. Two sales milestones totaling $125.0 million were recognized during the year ended December 31, 2025, when Jemperli annual sales exceeded both the $750 million and $1.0 billion thresholds. The $75.0 million milestone which was achieved when annual sales exceeded $1.0 billion was retained by the Company, with the remaining $50.0 million paid to Sagard. We recognized two sales milestones for a total of $40.0 million during the year ended December 31, 2024, when Jemperli annual sales exceeded both the $250.0 million and $500.0 million thresholds.

We recognized Jemperli non-cash royalty revenue of approximately $51.2 million, $96.0 million and $47.4 million during the six months ended June 30, 2026, and years ended December 31, 2025 and December 31, 2024, respectively, and non-cash interest expense of approximately $41.3 million, $81.6 million and $49.1 million during the six months ended June 30, 2026, and years ended December 31, 2025 and December 31, 2024, respectively. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations.

The following table shows the activity within the liability account for the six months ended June 30, 2026:


(in thousands)	June 30, 2026
Liability related to sale of future Jemperli royalties and milestones - balance at 12/31/2025	$	252,563
Amortization of issuance costs		71
Royalty and milestone payments to Sagard		(59,218	)
Non-cash interest expense recognized(1)		41,289
Liability related to sale of future royalties and milestones - ending balance	$	234,705

(1) Of the non-cash interest expense recognized, none was negative amortization for the six months ended June 30, 2026.

Zejula Royalty Monetization Agreement

In October 2020, in connection with GSK Amendment No. 3, GSK agreed, under the terms of a settlement agreement (the “GSK Settlement Agreement”), to pay us a royalty of 0.5% on all GSK net sales of Zejula starting January 1, 2021.

In September 2022, we signed a purchase and sale agreement (the “Zejula Royalty Monetization Agreement”) with a wholly owned subsidiary of DRI to monetize all of our future royalties on global net sales of Zejula under the GSK Settlement Agreement. Under the terms of the Zejula Royalty Monetization Agreement, we received $35.0 million in exchange for all royalties payable by GSK to us under the GSK Settlement Agreement on global net sales of Zejula starting in July 2022.

The proceeds received from DRI of $35.0 million were recorded as a nonrecourse liability, net of transaction costs of $0.2

million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty revenue will be recognized as earned on net sales of Zejula, and these royalty payments to DRI will be recorded as a reduction of the liability when paid. The aggregate future estimated payments, less the $34.8 million, of net proceeds, will be recorded as non-cash interest expense over the life of the agreement. As such payments are made to DRI, the balance of the liability will be effectively repaid over the life of the Zejula Royalty Monetization Agreement.

We recognized Zejula non-cash royalty revenue of approximately $1.6 million, $3.9 million and $3.9 million during the six months ended June 30, 2026, years ended December 31, 2025 and December 31, 2024, respectively. We recognized negative non-cash interest expense of approximately $0.2 million and $1.9 million during the six months ended June 30, 2026 and year ended December 31, 2025, respectively, and recognized non-cash interest expense of $1.0 million during the year ended December 31, 2024. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations.

The following table shows the activity within the liability account for the six months ended June 30, 2026:


(in thousands)	June 30, 2026
Liability related to sale of future Zejula royalties - balance at 12/31/2025	$	23,965
Amortization of issuance costs		14
Royalty and milestone payments to DRI		(2,009	)
Non-cash interest expense recognized (1)		(182	)
Liability related to sale of future royalties - ending balance	$	21,788

(1) Of the non-cash interest expense recognized, none was negative amortization for the six months ended June 30, 2026.

Balance Sheet Accounts and Supplemental Disclosures - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Other Receivables	$ 2,761	$ 0	$ 0
Income taxes receivable	3,238	0	0
Prepaid expenses	2,651	0	1,178
Total prepaid expenses and other assets	$ 8,650	$ 0	$ 1,178

Equity Incentive Plans - Schedule of Grant Date Fair Value Assumptions (Details) - Market-Based PSUs	6 Months Ended
	Jun. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	59.00%
Risk-free interest rate	4.10%
Contract term (in years)	3 years 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 24,842,000		$ 32,829,000
Less than 12 Months, Gross Unrealized Losses	(1,000)		(15,000)
12 Months or Greater, Fair Value	0		0
12 Months or Greater, Gross Unrealized Losses	0	$ 0	0
Fair Value	24,842,000		32,829,000
Gross Unrealized Losses	(1,000)		(15,000)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value			7,579,000
Less than 12 Months, Gross Unrealized Losses			(8,000)
12 Months or Greater, Fair Value			0
12 Months or Greater, Gross Unrealized Losses			0
Fair Value			7,579,000
Gross Unrealized Losses			(8,000)
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	24,842,000		25,250,000
Less than 12 Months, Gross Unrealized Losses	(1,000)		(7,000)
12 Months or Greater, Fair Value	0		0
12 Months or Greater, Gross Unrealized Losses	0		0
Fair Value	24,842,000		25,250,000
Gross Unrealized Losses	$ (1,000)		$ (7,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Equity Incentive Plans - Schedule of Activity Related to Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Shares Subject to Options
Beginning balance (in shares)	6,897,768	6,086,289
Granted (in shares)	668,400	1,758,243
Exercises (in shares)	(1,202,950)	(645,562)
Forfeitures and cancellations (in shares)	(290,849)	(301,202)
Ending balance (in shares)	6,072,369	6,897,768	6,086,289
Stock options exercisable, ending balance (in shares)	3,579,958
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 17.11	$ 25.20
Granted (in dollars per share)	32.17	14.87
Exercises (in dollars per share)	21.52	19.95
Forfeitures and cancellations (in dollars per share)	21.83	18.47
Ending balance (in dollars per share)	18.62	$ 17.11	$ 25.20
Stock options exercisable, ending balance (in dollars per share)	$ 18.90
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding	7 years 14 days	6 years 11 months 4 days	7 years 7 months 17 days
Weighted average remaining contractual term, options exercisable	6 years 1 month 17 days
Aggregate intrinsic value, options outstanding	$ 297,386	$ 180,434	$ 534
Aggregate intrinsic value, options exercisable	$ 174,546

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 80,046	$ 73,259
Gross Unrealized Gains	20	183
Gross Unrealized Losses	(1)	0
Total Fair Value	80,065	73,442
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,072	10,152
Gross Unrealized Gains	3	22
Gross Unrealized Losses	0	0
Total Fair Value	5,075	10,174
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	74,974	63,107
Gross Unrealized Gains	17	161
Gross Unrealized Losses	(1)	0
Total Fair Value	$ 74,990	$ 63,268

- Definition

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Collaborative Research and Development Agreements

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Collaborative Research and Development Agreements

4. Collaborative Research and Development Agreements

GSK Collaboration

In March 2014, we entered into a Collaboration and Exclusive License Agreement (the “GSK Agreement”) with TESARO, Inc. (“Tesaro”), an oncology-focused biopharmaceutical subsidiary of GSK (Tesaro and GSK are hereinafter referred to, collectively, as “GSK”). Currently, under the GSK Agreement, GSK is developing Jemperli (dostarlimab) as a monotherapy and in combination with additional therapies, for various solid tumor indications.

For dostarlimab, the remaining development program under the GSK Agreement, we are eligible to receive milestone payments if a European regulatory submission and approval in a second indication is achieved. On October 23, 2020, Amendment No. 3 to the GSK Agreement (the “GSK Amendment No. 3”) was agreed to by both parties to permit GSK to conduct development and commercialization in combination with any third party molecules of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor (“Zejula”). Under GSK Amendment No. 3, we were granted increased royalties upon sales of Jemperli, equal to 8% of net sales (as defined in the GSK Agreement) below $1.0 billion, 12% of net sales between $1.0 billion and $1.5 billion, 20% of net sales between $1.5 billion and $2.5 billion and 25% of net sales above $2.5 billion. Unless earlier terminated by either party upon specified circumstances, the GSK Agreement will terminate, with respect to each specific developed product, upon the later of the 12th anniversary of the first commercial sale of the product or the expiration of the last to expire of any patent.

We assessed these arrangements in accordance with Accounting Standards Codification (“ASC”) 606 and concluded that the contract counterparty, GSK, is a customer. We identified the following material promises under the GSK Agreement: (1) the licenses under certain patent rights and transfer of certain development and regulatory information, (2) research and development (“R&D”) services, and (3) joint steering committee meetings. We considered the research and discovery capabilities of GSK for these specific programs and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the joint steering committee participation would not have been provided without the R&D services and GSK Agreement. Based on these assessments, we identified all services to be interrelated and therefore concluded that the promises should be combined into a single performance obligation at the inception of the arrangement.

As of June 30, 2026, the transaction price for the GSK Agreement and its associated amendments includes the upfront payment, research reimbursement revenue and milestones and royalties earned to date, which are allocated in their entirety to the single performance obligation.

We recognized $52.8 million in royalty revenue during the six months ended June 30, 2026 related to GSK’s net sales of Jemperli and Zejula during the period, which we estimate based on either GSK’s prior sales experience or actuals. Of the royalty revenue recognized during the six months ended June 30, 2026, $51.2 million is Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement (as amended), and $1.6 million is Zejula non-cash revenue related to the Zejula Monetization Agreement, each of such agreements as described in Note 5. We recognized $99.9 million in royalty revenue during the year ended December 31, 2025, related to GSK’s net sales of Jemperli and Zejula during the period based on GSK’s prior sales experience or actuals. Of the royalty revenue recognized during the year ended December 31, 2025, $96.0 million is Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement (as amended) and $3.9 million is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement. We recognized $51.3 million in royalty revenue during the year ended December 31, 2024, related to GSK’s net sales of Jemperli and Zejula during the period based on GSK’s prior sales experience or actuals. Of the royalty revenue recognized during the year ended December 31, 2024, $47.4 million is Jemperli non-cash revenue related to the Jemperli

Royalty Monetization Agreement (as amended) and $3.9 million is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement. GSK reports sales information to us on a one quarter lag and differences between actual and estimated royalty revenues will be adjusted in the following quarter.

No clinical or sales milestones were recognized during the six months ended June 30, 2026. Two sales milestones, for a total of $125.0 million, were recognized during the year ended December 31, 2025 when Jemperli annual sales exceeded both the $750.0 million and $1.0 billion thresholds. The $75.0 million cash milestone which was achieved when annual sales exceeded $1.0 billion was paid to us, as we retained the rights to this milestone. The $50.0 million milestone, achieved when sales exceeded $750.0 million, was paid to Sagard. Two sales milestones, for a total of $40.0 million, were recognized during the year ended December 31, 2024 when Jemperli annual sales exceeded both the $250.0 million and $500.0 million sales thresholds. Aside from the $75.0 million milestone, these sales milestones represent Jemperli non-cash revenue related to the Jemperli Royalty Monetization Agreement (as amended). No other future clinical or regulatory milestones have been included in the transaction price, as all future milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors including the fact that the receipt of milestones is outside of our control and contingent upon regulatory filing and approval in a second indication, an outcome that is difficult to predict, and GSK’s efforts. We will re-evaluate the variable transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Milestones under the GSK Agreement are as follows:


	PD-1 (Jemperli/Dostarlimab)
Milestone Event	Amount	Quarter Recognized
Initiated in vivo toxicology studies using good laboratory practices (GLPs)	$1.0M	Q2’15
IND clearance from the FDA	$4.0M	Q1’16
Phase 2 clinical trial initiation	$3.0M	Q2’17
Phase 3 clinical trial initiation - first indication	$5.0M	Q3’18
Phase 3 clinical trial initiation - second indication	$5.0M	Q2’19
Filing of the first BLA(1) - first indication	$10.0M	Q1’20
Filing of the first MAA(2) - first indication	$5.0M	Q1’20
Filing of the first BLA - second indication	$10.0M	Q1’21
First BLA approval - first indication	$20.0M	Q2’21
First MAA approval - first indication	$10.0M	Q2’21
First BLA approval - second indication	$20.0M	Q3’21
Filing of the first MAA - second indication(3)	$5.0M	—
First MAA approval - second indication(3)	$10.0M	—
First commercial sales milestone(3)	$15.0M	Q3’24
Second commercial sales milestone(3)	$25.0M	Q4’24
Third commercial sales milestone(3)	$50.0M	Q3’25
Fourth commercial sales milestone(4)	$75.0M	Q4’25

Milestones recognized through June 30, 2026	$258.0M	—
Milestones that may be recognized in the future	$15.0M	—

(1)

Biologics License Application (“BLA”)

(2)

Marketing Authorization Application (“MAA”)

(3)

(4)

For Jemperli, we retained the rights to a $75.0 million sales milestone when Jemperli annual net sales exceeded $1 billion. We received the cash milestone payment in December 2025.

We are currently party to litigation with GSK with respect to the GSK Agreement. See Item 3. “Legal Proceedings” for additional information.

Vanda Collaboration

On January 31, 2025, we entered into an Exclusive License Agreement (the “Vanda License Agreement”) with Vanda pursuant to which we granted to Vanda an exclusive, global license for the development and commercialization of Quimilza (IL-36R antagonist mAb), which has completed two registration-enabling global Phase 3 trials, GEMINI-1 and GEMINI-2, evaluating the safety and efficacy of Quimilza in patients with generalized pustular psoriasis (“GPP”).

Pursuant to the terms of the Vanda License Agreement, we received an upfront payment of $10.0 million for the license and a $5.0 million payment for existing drug supply. We allocated the total transaction price of $15.0 million on a relative standalone selling price in accordance with ASC 606. During the six months ended June 30, 2026, we recognized no license revenue and $0.2 million of transition services revenue. During the year ended December 31, 2025, we recognized $9.5 million of license revenue and $0.2 million of transition services revenue, under ASC 606, and recognized $5.4 million related to existing drug supply transferred to Vanda, under ASC 610. We expensed the $2.5 million of related transaction costs within general and administrative expenses, during the year ended December 31, 2025, as we elected the practical expedient to expense the transaction costs as incurred as the expected amortization period was less than a year.

We are also eligible to receive a 10% royalty on net sales.


Milestone Event	Amount	Quarter Recognized
FDA regulatory approval for marketing of first licensed product in the USA for the treatment of active flares in GPP	$5.0M	—
Regulatory approval for marketing of the first licensed product in the EU	$5.0M	—
Commercial sales first exceed $100.0 million	$25.0M	—

Milestones recognized through June 30, 2026	—	—
Milestones that may be recognized in the future	$35.0M	—

Centessa

On November 24, 2023, we entered into an exclusive license agreement (as amended, the “Centessa Agreement”) with Centessa Pharmaceuticals (UK) Limited (“Centessa”), pursuant to which we acquired the exclusive global development and commercialization rights to a blood dendritic cell antigen 2 (BDCA2) modulator antibody portfolio, including lead asset CBS004 (renamed ANB101) and the related family of antibodies, for the treatment of autoimmune and inflammatory diseases.

In connection with the Centessa Agreement, we paid Centessa an upfront cash payment of $4.0 million and an additional cash payment of $3.0 million as reimbursement to Centessa for manufacturing costs incurred. There were $0.3 million in transaction costs incurred. The total transaction amount of $7.3 million was expensed as in-process research and development and classified as an operating activity in the statement of cash flows. We accounted for the transaction as an asset acquisition as the set of acquired assets did not constitute a business.

Under the terms of the Centessa Agreement, Centessa may be entitled to receive potential future payments of up to $10.0 million upon the achievement of a certain event-based milestone and would be entitled to receive on a product-by-product and country-by-country basis, a royalty of low single digits on annual net sales of any product in the territory in each calendar year. As of June 30, 2026, achievement of the milestone is not probable and, therefore, we have not recognized a liability for the associated $10.0 million contingent consideration.

Cover page - USD ($)	6 Months Ended
Cover page - USD ($)	Jun. 30, 2026	Sep. 16, 2026	Dec. 31, 2025
Cover [Abstract]
Document Type	10-KT
Document Annual Report	false
Document Period Start Date	Jan. 01, 2026
Document Period End Date	Jun. 30, 2026
Current Fiscal Year End Date	--06-30
Document Transition Report	true
Entity File Number	001-37985
Entity Registrant Name	ANAPTYSBIO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3828755
Entity Address, Address Line One	10770 Wateridge Circle
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	362-6295
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ANAB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 632,722,403
Entity Common Stock, Shares Outstanding		29,895,244
Entity Central Index Key	0001370053
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Amendment Flag	false

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Royalty and milestone payments to Sagard	$ 19,727	$ 23,828	$ 76,797	$ 15,233
Jemperli Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance	252,563
Amortization of issuance costs	71
Royalty and milestone payments to Sagard	(59,218)
Non-cash interest expense recognized	41,289
Ending balance	234,705		252,563
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance	23,965
Amortization of issuance costs	14
Royalty and milestone payments to Sagard	(2,009)
Non-cash interest expense recognized	(182)
Ending balance	$ 21,788		$ 23,965

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

Common Stock

Of the 500,000,000 shares of common stock authorized, 29,727,820 shares were issued and outstanding as of June 30, 2026.

Stock Repurchase Program

In March 2025, our Board of Directors authorized a stock repurchase program (the “2025 Repurchase Program”) to repurchase up to $75.0 million of our outstanding common stock. In November 2025, our Board of Directors authorized an amendment to the 2025 Repurchase Program, under which an additional $100.0 million of our outstanding common stock may be repurchased. During the six months ended June 30, 2026, there were no repurchases made and the 2025 Repurchase Program expired on March 31, 2026.

In March 2026, our Board of Directors authorized a stock repurchase program (the “2026 Repurchase Program”) to repurchase up to $100.0 million of our outstanding common stock. As of June 30, 2026, $100.0 million remained available for future shares of common stock to be repurchased under the 2026 Repurchase Program. The 2026 Repurchase Program will expire on December 31, 2026.

Open Market Sales Agreement

In November 2024, we entered into an open market sales agreement (the “Open Market Sales Agreement”) with TD Securities (USA) LLC (“TD Cowen”), under which we may offer and sell shares of our common stock, up to an aggregate offering of $100.0 million through TD Cowen as our sales agent. Our prior sales agreement with TD Cowen terminated upon effectiveness of the registration statement on the Form S-3 we filed in connection with the Open Market Sales Agreement. The Open Market Sales Agreement was terminated in March 2026 with no shares sold.

- Definition

The entire disclosure for equity.

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+ Details

Fair Value Measurements and Available for Sale Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	$ 80,065	$ 73,442
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	74,990	63,268
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	5,075	10,174
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	41,874	140,380	$ 104,553
Recurring \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	36,503	91,359	9,376
Recurring \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	74,990	63,268	284,495
Recurring \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments			7,579
Recurring \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	5,075	10,174	10,652
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	41,874	140,380	104,553
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	36,503	91,359	9,376
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	74,990	63,268	284,495
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments			0
Recurring \| Quoted Market Prices for Identical Assets (Level 1) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	0	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	0	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	0	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	0	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments			7,579
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	5,075	10,174	10,652
Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	0	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in cash and cash equivalents	0	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	0	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments			0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value included in short-term or long-term investments	$ 0	$ 0	$ 0

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

11. Segment Reporting

During fiscal year 2025, in connection with the proposed separation of our operations into two independent, publicly traded companies, our Chief Executive Officer, who is our chief operating decision maker (“CODM”), revised the information he regularly reviews in evaluating the allocation of resources and assessing operating performance. As a result of these changes, we updated our segment reporting to reflect two operating segments: Biopharma and Royalty Management. Our Biopharma segment focused on the development and potential commercialization of innovative immunology therapeutics for autoimmune and inflammatory diseases and our Royalty Management segment manages the financial collaboration for Jemperli with GSK and for Quimilza with Vanda. On April 20, 2026, the separation was completed through the spin-off of the Biopharma segment into First Tracks Biotherapeutics, with the Royalty Management segment remaining as our only operating segment.

Segment profit or loss is measured as the net loss and is used to monitor results. Our Royalty Management segment revenue consists of non-cash royalties and milestones, and is derived from collaboration agreements. For more information, see Note 4. We do not report identifiable assets by segment as this is not a metric used by our CODM to allocate resources or evaluate performance.


	Six Months Ended June 30, 2026
	Royalty Management
Collaboration revenue	$	53,044
Operating expenses:
External R&D
Rosnilimab		(2,897	)
Quimilza		21
Preclinical and other unallocated costs		193
Total External R&D(1)		(2,683	)
Total Internal R&D(2)		15
Total R&D		(2,668	)

External G&A(3)		15,161
Internal G&A(2)		8,229
Total G&A		23,390
Total operating expenses		20,722
Income from operations		32,322

Interest income		3,252
Sublease income		526
Non-cash interest expense		(41,192	)
Other expense, net		(1	)
Total other expense, net		(37,415	)

Loss before income taxes		(5,093	)
Benefit for income taxes		181,451
Segment net income	$	176,358

(1)

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)


	Year Ended December 31, 2025
	Biopharma			Royalty Management			Total
Collaboration revenue	$	—		$	234,603		$	234,603
Operating expenses:
External R&D
Rosnilimab		42,744			—			42,744
ANB033		20,427			—			20,427
ANB032		48			—			48
ANB101		8,138			—			8,138
Quimilza		—			(2,273	)		(2,273	)
Preclinical and other unallocated costs		16,093			—			16,093
Total External R&D(1)		87,450			(2,273	)		85,177
Total Internal R&D(2)		52,164			(1,371	)		50,793
Total R&D		139,614			(3,644	)		135,970

External G&A(3)		13,932			4,012			17,944
Internal G&A(2)		25,460			7,333			32,793
Total G&A		39,392			11,345			50,737
Total operating expenses		179,006			7,701			186,707
(Loss) income from operations		(179,006	)		226,902			47,896

Interest income		12,942			557			13,499
Non-cash interest expense		—			(79,893	)		(79,893	)
Other (loss) income, net		(23	)		5,453			5,430
Total other income (expense), net		12,919			(73,883	)		(60,964	)

(Loss) income before income taxes		(166,087	)		153,019			(13,068	)
Provision for income taxes		—			(164	)		(164	)
Segment net (loss) income	$	(166,087	)	$	152,855		$	(13,232	)

(1)

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)


	Year Ended December 31, 2024
	Biopharma			Royalty Management			Total
Collaboration revenue	$	—		$	91,280		$	91,280
Operating expenses:
External R&D
Rosnilimab		53,422			—			53,422
ANB032		26,084			—			26,084
ANB033		12,460			—			12,460
ANB101		3,367			—			3,367
Quimilza		—			8,284			8,284
Preclinical and other unallocated costs		14,350			—			14,350
Total External R&D(1)		109,683			8,284			117,967
Total Internal R&D(2)		42,662			3,211			45,873
Total R&D		152,345			11,495			163,840

External G&A(3)		6,806			3,227			10,033
Internal G&A(2)		21,950			10,406			32,356
Total G&A		28,756			13,633			42,389
Total operating expenses		181,101			25,128			206,229
(Loss) income from operations		(181,101	)		66,152			(114,949	)

Interest income		17,382			2,412			19,794
Non-cash interest expense		—			(50,087	)		(50,087	)
Other expense, net		14			—			14
Total other income (expense), net		17,396			(47,675	)		(30,279	)

Loss (income) before income taxes		(163,705	)		18,477			(145,228	)
Provision for income taxes		—			(3	)		(3	)
Segment net loss (income)	$	(163,705	)	$	18,474		$	(145,231	)

(1)

(2)

Internal R&D and G&A consist of salaries and wages, stock-based compensation, recruiting and other employee benefits.

(3)

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment, Net (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Dec. 31, 2024

Property, Plant, and Equipment [Line Items]

Less: accumulated depreciation and amortization

$ (101)

$ (92)

$ (72)

Total property and equipment, net

102

111

131

Leasehold improvements

Property, Plant, and Equipment [Line Items]

Property and equipment, gross

^[1]

$ 203

[1]	All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Collaborative Research and Development Agreements - Narrative (Details)				3 Months Ended		6 Months Ended			12 Months Ended
	Jan. 31, 2025 USD ($)	Nov. 24, 2023 USD ($)	Oct. 23, 2020 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($) Milestone	Dec. 31, 2024 USD ($) Milestone
Disaggregation of Revenue [Line Items]
Collaboration revenue						$ 53,044,000	$ 50,034,000		$ 234,603,000	$ 91,280,000
Other (expense) income, net						(1,000)	5,453,000		5,453,000	0
GSK \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue						0			$ 125,000,000	$ 40,000,000
Number of milestone \| Milestone									2	2
Annual sales milestone threshold										$ 500,000,000
GSK \| JEMPERLI Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue						51,200,000	96,000,000	$ 47,400,000	$ 96,000,000	47,400,000
GSK \| Zejula Royalty Monetization Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue						1,600,000	3,900,000	3,900,000	3,900,000	3,900,000
GSK \| Jemperli Royalty Monetization Agreement, Milestone One
Disaggregation of Revenue [Line Items]
Collaboration revenue										75,000,000
GSK \| Jemperli Royalty Monetization Agreement, Milestone One \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue									50,000,000
Annual sales milestone threshold									750,000,000	250,000,000
GSK \| Jemperli Royalty Monetization Agreement, Milestone Two \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Annual sales milestone threshold									1,000,000,000	$ 500,000,000,000
GSK \| Fourth commercial sales milestone \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue				$ 75,000,000					75,000,000
GSK \| Phase 3 clinical trial initiation - first indication \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Collaboration revenue					$ 5,000,000
GSK \| Royalty Agreement
Disaggregation of Revenue [Line Items]
Collaboration revenue						52,800,000	$ 99,900,000	$ 51,300,000
GSK \| Royalty Agreement, up To $1. 0 billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales			8.00%
Royalty sales			$ 1,000,000,000
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales			12.00%
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Minimum
Disaggregation of Revenue [Line Items]
Royalty sales			$ 1,000,000,000
GSK \| Royalty Agreement, Above $1. 0 billion Below $1.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Maximum
Disaggregation of Revenue [Line Items]
Royalty sales			$ 1,500,000,000
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales			20.00%
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Minimum
Disaggregation of Revenue [Line Items]
Royalty sales			$ 1,500,000,000
GSK \| Royalty Agreement, Above $1. 5 billion Below $2.5 Billion \| PD-1 (Jemperli/Dostarlimab) \| Maximum
Disaggregation of Revenue [Line Items]
Royalty sales			$ 2,500,000,000
GSK \| Royalty Agreement, above $2.5 billion \| PD-1 (Jemperli/Dostarlimab)
Disaggregation of Revenue [Line Items]
Royalty percent on net sales			25.00%
Royalty sales			$ 2,500,000,000
Centessa \| Collaborative Arrangement [Member]
Disaggregation of Revenue [Line Items]
Potential future payments		$ 10,000,000				10
Centessa \| Collaborative Arrangement [Member] \| License Agreement, Centessa Pharmaceuticals (UK) Limited
Disaggregation of Revenue [Line Items]
Cash payment		4,000,000
Reimbursement		3,000,000
Transaction costs incurred		300,000
Total transaction		$ 7,300,000
Vanda \| Commercial Sales Milestone [Member]
Disaggregation of Revenue [Line Items]
Royalty sales						$ 100,000,000
Vanda \| Exclusive License Agreement
Disaggregation of Revenue [Line Items]
Royalty percent on net sales						10.00%
Upfront payment						$ 15,000,000
Transaction costs expensed									2,500,000
Vanda \| Exclusive License Agreement \| License
Disaggregation of Revenue [Line Items]
Collaboration revenue						0			9,500,000
Upfront payment	$ 10,000,000
Vanda \| Exclusive License Agreement \| Transaction Service
Disaggregation of Revenue [Line Items]
Collaboration revenue						200,000			200,000
Vanda \| Exclusive License Agreement \| Drug Supply
Disaggregation of Revenue [Line Items]
Upfront payment						$ 5,000,000			$ 5,400,000

Equity Incentive Plans

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

8. Equity Incentive Plans

2017 Equity Incentive Plan

In January 2017, our Board of Directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 Plan”). Under the 2017 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then our employees, officers, directors or consultants. In addition, the number of shares of stock available for issuance under the 2017 Plan were to be automatically increased each January 1, beginning on January 1, 2018, by 4% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our Board of Directors. At our annual stockholder meeting on June 12, 2024, the 2017 Plan was amended, eliminating the automatic annual share increase and the number of shares available for issuance was increased by 2,700,000 shares. At our annual stockholder meeting on June 17, 2025, the 2017 Plan was amended and restated to further increase the number of shares available for issuance by 1,650,000 shares. At our annual stockholder meeting on August 11, 2026, the 2017 Plan was amended and restated to extend the expiration of the 2017 Plan from January 2027 to August 2036. All future share increases will require stockholder approval. As of June 30, 2026, 2,187,675 shares were available for future issuance.

Employee Stock Purchase Plan

In January 2017, our Board of Directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan (“ESPP”). In addition, the number shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2018, by 1% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our Board of Directors. The Board of Directors determined that due to sufficient shares being available in the ESPP, the number of shares available as of January 1, 2025 and January 1, 2026 would not increase. As of June 30, 2026, 294,081 shares have been issued under the ESPP and 1,804,726 shares were available for future issuance under the ESPP. Total cash received from the ESPP was approximately $0.8 million during the six months ended June 30, 2026.

Stock Options

Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors generally vest over a one-year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock option awards during the twelve months ended December 31, 2025 and six months ended June 30, 2026 is as follows:


	Shares Subject to Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025		6,086,289		$	25.20		7.63	$	534
Granted		1,758,243		$	14.87
Exercises		(645,562	)	$	19.95
Forfeitures and cancellations		(301,202	)	$	18.47
Outstanding at December 31, 2025		6,897,768		$	17.11		6.93	$	180,434
Granted		668,400		$	32.17
Exercises		(1,202,950	)	$	21.52
Forfeitures and cancellations		(290,849	)	$	21.83
Outstanding at June 30, 2026		6,072,369		$	18.62		7.04	$	297,386
Exercisable at June 30, 2026		3,579,958		$	18.90		6.13	$	174,546

Total cash received from the exercise of stock options was approximately $24.6 million during the six months ended June 30, 2026.

Time-Based Restricted Stock Units


	Number of Restricted Stock Units			Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025		1,227,677		$	21.79		1.46	$	16,254
Granted		614,828		$	14.87
Released		(355,627	)	$	21.87
Forfeitures and cancellations		(113,673	)	$	18.45
Outstanding at December 31, 2025		1,373,205		$	13.88		1.17	$	66,573
Granted		697,487		$	27.65
Released		(444,837	)	$	17.43
Forfeitures and cancellations		(120,546	)	$	23.33
Outstanding at June 30, 2026		1,505,309		$	7.13		1.47	$	101,608
RSU expected to vest at June 30, 2026		1,505,309		$	7.13		1.47	$	101,608

Performance Stock Units

A Performance Stock Unit (“PSU”) represents one equivalent share of our common stock to be issued after achievement of the performance metrics specified in the grant. The following table presents a summary of activity with respect to our PSUs:


	Market-Based PSUs					Performance-Based PSUs					Total PSUs
	Number of PSUs			Weighted-Average Grant Date Fair Value		Number of PSUs			Weighted-Average Grant Date Fair Value		Number of PSUs			Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025		504,500		$	24.69		—		$	—		504,500		$	24.69
Granted		—		$	—		—		$	—		—		$	—
Released		—		$	—		—		$	—		—		$	—
Forfeitures		(26,500	)	$	24.69		—		$	—		(26,500	)	$	24.69
Outstanding at December 31, 2025		478,000		$	24.69		—		$	—		478,000		$	24.69
Granted		—		$	—		34,300		$	43.91		34,300		$	43.91
Released		—		$	—		(34,300	)	$	43.91		(34,300	)	$	43.91
Converted to RSUs		(152,842	)	$	24.69		—		$	—		(152,842	)	$	24.69
Forfeitures		(325,158	)	$	24.69		—		$	—		(325,158	)	$	24.69
Outstanding at June 30, 2026		—		$	—		—		$	—		—		$	—

Market-Based Awards

The fair value of our PSUs is estimated as of the grant date of July 22, 2024, based upon the expected achievement of the performance metrics specified in the grant and the closing market price of our common stock on the date of grant. The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:


	Six months ended June 30,
	2026
Volatility of common stock		59.0	%
Risk-free interest rate		4.1	%
Contract term (in years)		3.9

The compensation expense for the awards is recognized over the requisite service period regardless of whether the market conditions are achieved and will only be adjusted for pre-vesting forfeitures due to the termination of the recipient’s employment with the company prior to the expiration of the requisite service period. The outstanding PSUs at the Distribution Date were converted to First Tracks Biotherapeutics PSUs, and the AnaptysBio PSUs were cancelled.

Performance-Based PSUs

The performance-based stock units granted in 2026 vested in March 2026 based upon (i) continued service through the vesting date and (ii) the achievement of specific performance targets, as approved by the Board of Directors. There was no unrecognized compensation expense as of June 30, 2026.

Stock-Based Compensation Expense

We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Six Months Ended June 30,			Year Ended December 31,			Year Ended December 31,
	2026			2025			2024
Risk-free interest rate		3.9	%		4.5	%		4.0	%
Expected volatility		84.0	%		81.8	%		78.4	%
Expected dividend yield	—%			—%			—%
Expected term (in years)		6.35			6.35			6.28
Weighted average grant date fair value per share	$	32.67		$	10.98		$	15.54

We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the historical option term. Expected volatility incorporates the historical volatility of our stock price. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future.

Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:


	Six Months Ended June 30,		Year Ended December 31,			Year Ended December 31,
(in thousands)	2026		2025			2024
Research and development	$	5,283	$	(462	)	$	1,038
General and administrative		3,037		4,234			6,183
Total	$	8,320	$	3,772		$	7,221

At June 30, 2026, there was $8.3 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of 2.32 years and $9.2 million of unrecognized cost related to unvested RSU awards, which is expected to be recognized over a period of 2.33 years.

On March 26, 2026, our then Chief Financial Officer and Chief Legal Officer entered into transition and separation agreements, conditioned upon and effective on the Spin-Off (as defined below). In connection with their transition and separation agreements, we modified certain equity awards and recognized approximately $6.2 million in non-cash stock-based compensation expense during the six months ended June 30, 2026.

Sale of Future Royalties (Tables)

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Royalty Transaction Activity

The following table shows the activity within the liability account for the six months ended June 30, 2026:


(in thousands)	June 30, 2026
Liability related to sale of future Jemperli royalties and milestones - balance at 12/31/2025	$	252,563
Amortization of issuance costs		71
Royalty and milestone payments to Sagard		(59,218	)
Non-cash interest expense recognized(1)		41,289
Liability related to sale of future royalties and milestones - ending balance	$	234,705

(1) Of the non-cash interest expense recognized, none was negative amortization for the six months ended June 30, 2026.

The following table shows the activity within the liability account for the six months ended June 30, 2026:


(in thousands)	June 30, 2026
Liability related to sale of future Zejula royalties - balance at 12/31/2025	$	23,965
Amortization of issuance costs		14
Royalty and milestone payments to DRI		(2,009	)
Non-cash interest expense recognized (1)		(182	)
Liability related to sale of future royalties - ending balance	$	21,788

(1) Of the non-cash interest expense recognized, none was negative amortization for the six months ended June 30, 2026.

Cybersecurity Risk Management, Strategy, and Governance	6 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Jun. 30, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the critical importance of maintaining the trust and confidence of all of our stakeholders. Our business depends on the efficient and uninterrupted operation of our information technology systems and those of our third party CROs, CMOs, or other vendors, contractors or consultants. Risk Management and Strategy The Company’s cybersecurity program is focused on the following key areas: Governance: The Board of Directors’ oversight of cybersecurity risk management is supported by the Audit Committee of the Board of Directors (the “Audit Committee”), which regularly interacts with our Head of IT and our executive management team. Collaborative Approach: We have implemented a cross-functional approach to identifying, preventing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner. Technical Safeguards: We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. Incident Response and Recovery Planning: We have established and maintain incident response and recovery plans to address our response to a cybersecurity incident. We use a manage, detection, and response (MDR) partner to provide threat detection and response capabilities. We also utilize security consultants including a vCISO to assess and continuously improve our cybersecurity program. Third Party Risk Management: We strive to proactively manage third party risks to minimize any adverse effects on our business that may arise due to a cybersecurity incident affecting third party systems and vendors. Although we rely on third party vendors to manage and maintain their own cybersecurity defense programs, we continue to improve on our vendor risk management program to assess our exposure to these external cybersecurity risks, including the use of external security rating services and by evaluating vendor responses to our cybersecurity questionnaire. Education and Awareness: We provide mandatory training and resources for personnel regarding cybersecurity threats as a means to equip our employees with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. We engage in the periodic assessment and testing of our cybersecurity program. These efforts include a wide range of activities, including audits, assessments, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. These activities may be performed by external cybersecurity and application security professionals.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize the critical importance of maintaining the trust and confidence of all of our stakeholders. Our business depends on the efficient and uninterrupted operation of our information technology systems and those of our third party CROs, CMOs, or other vendors, contractors or consultants.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The Board of Directors, in coordination with the Audit Committee, oversees our risk management process. The Board of Directors and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors, in coordination with the Audit Committee, oversees our risk management process.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. In connection with the Spin-Off, we entered into a Transition Services Agreement with First Tracks Biotherapeutics. Under the terms of the agreement, First Tracks Biotherapeutics provides critical information technology infrastructure and comprehensive cybersecurity services, including network security monitoring and threat detection, for an interim period expected to last up to twelve months. While we temporarily rely on the services provided by First Tracks Biotherapeutics, we maintain responsibility for assessing and managing our cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Board of Directors, in coordination with the Audit Committee, oversees our risk management process. The Board of Directors and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. In connection with the Spin-Off, we entered into a Transition Services Agreement with First Tracks Biotherapeutics. Under the terms of the agreement, First Tracks Biotherapeutics provides critical information technology infrastructure and comprehensive cybersecurity services, including network security monitoring and threat detection, for an interim period expected to last up to twelve months. While we temporarily rely on the services provided by First Tracks Biotherapeutics, we maintain responsibility for assessing and managing our cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 1,316
2027	2,685
2028	2,766
2029	2,849
2030	2,934
Thereafter	2,005
Total minimum payments required	14,555
Less: imputed interest	(1,460)
Total	$ 13,095

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Parenthetical) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Short-term investments	$ 30,317,000	$ 73,442,000	$ 262,293,000
Long-term investments	0	0	$ 35,470,000
Commercial and corporate obligations
Debt Securities, Available-for-Sale [Line Items]
Short-term investments	5,100,000	10,200,000
Long-term investments	$ 0	$ 0
Commercial and corporate obligations \| Minimum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Commercial and corporate obligations \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Maturity date (in years)	1 year	1 year
US Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments	$ 75,000,000	$ 63,300,000
Long-term investments	$ 0	$ 0
US Treasury Securities \| Minimum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)	1 year	1 year
US Treasury Securities \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Maturity date (in years)	1 year	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	Segment profit or loss is measured as the net loss and is used to monitor results. Our Royalty Management segment revenue consists of non-cash royalties and milestones, and is derived from collaboration agreements. For more information, see Note 4. We do not report identifiable assets by segment as this is not a metric used by our CODM to allocate resources or evaluate performance.

Fair Value Measurements and Available for Sale Investments - Narrative (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Available for sale investments	$ 1,000		$ 15,000
Unrealized loss position for greater than 12 months	0	$ 0	0
Allowance for credit losses	$ 0	$ 0	$ 0

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025	Nov. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Nov. 30, 2024
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000			500,000,000
Common stock, shares issued (in shares)		29,727,820	28,019,000			30,473,000
Common stock, shares outstanding (in shares)		29,727,820	28,019,000			30,473,000
2025 Repurchase Program
Class of Stock [Line Items]
Authorized repurchase amount		$ 0		$ 100,000,000	$ 75,000,000
Repurchase program expiration date		Mar. 31, 2026
2026 Repurchase Program
Class of Stock [Line Items]
Authorized repurchase amount	$ 100,000,000
Repurchase program expiration date		Dec. 31, 2026
Remaining repurchase amount	$ 100,000,000
Open Market Sales Agreement
Class of Stock [Line Items]
Aggregate offering of (up to)							$ 100,000,000
Shares sold (in shares)	0

Audit Information	6 Months Ended
Audit Information	Jun. 30, 2026
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	San Diego, California
Auditor Firm ID	185
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of AnaptysBio, Inc. and subsidiary (the Company) as of June 30, 2026, December 31, 2025 and December 31, 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity (deficit), and cash flows for the six-months ended June 30, 2026 and for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2026, December 31, 2025, and December 31, 2024, and the results of its operations and its cash flows for the six-month period ended June 30, 2026 and for each of the years in the two-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Equity Incentive Plans - Schedule of Time-based Restricted Stock Units & PSU's (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
RSUs
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	1,373,205	1,227,677
Granted (in shares)	697,487	614,828
Released (in shares)	(444,837)	(355,627)
Forfeitures and cancellations (in shares)	(120,546)	(113,673)
Number of shares, ending balance (in shares)	1,505,309	1,373,205	1,227,677
Number of shares, Restricted stock units expected to vest (in shares)	1,505,309
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 13.88	$ 21.79
Granted (in dollars per share)	27.65	14.87
Released (in dollars per share)	17.43	21.87
Forfeitures and cancellations (in dollars per share)	23.33	18.45
Weighted average grant date fair value, ending balance (in dollars per share)	7.13	$ 13.88	$ 21.79
Weighted average grant date fair value , Restricted stock units expected to vest (in dollars per share)	$ 7.13
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	1 year 5 months 19 days	1 year 2 months 1 day	1 year 5 months 15 days
Weighted average remaining contractual term, other than options vested and expected to vest (in years)	1 year 5 months 19 days
Aggregate intrinsic value, outstanding	$ 101,608	$ 66,573	$ 16,254
Aggregate intrinsic value, restricted stock units expected to vest	$ 101,608
Market-Based PSUs
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	478,000	504,500
Granted (in shares)	0	0
Released (in shares)	0	0
Converted to RSUs (in shares)	(152,842)
Forfeitures and cancellations (in shares)	(325,158)	(26,500)
Number of shares, ending balance (in shares)	0	478,000	504,500
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 24.69	$ 24.69
Granted (in dollars per share)	0	0
Released (in dollars per share)	0	0
Converted to RSUs (in dollars per share)	24.69
Forfeitures and cancellations (in dollars per share)	24.69	24.69
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 24.69	$ 24.69
Performance-Based PSUs
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	0	0
Granted (in shares)	34,300	0
Released (in shares)	(34,300)	0
Converted to RSUs (in shares)	0
Forfeitures and cancellations (in shares)	0	0
Number of shares, ending balance (in shares)	0	0	0
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0	$ 0
Granted (in dollars per share)	43.91	0
Released (in dollars per share)	43.91	0
Converted to RSUs (in dollars per share)	0
Forfeitures and cancellations (in dollars per share)	0	0
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 0	$ 0
PSU
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	478,000	504,500
Granted (in shares)	34,300	0
Released (in shares)	(34,300)	0
Converted to RSUs (in shares)	(152,842)
Forfeitures and cancellations (in shares)	(325,158)	(26,500)
Number of shares, ending balance (in shares)	0	478,000	504,500
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 24.69	$ 24.69
Granted (in dollars per share)	43.91	0
Released (in dollars per share)	43.91	0
Converted to RSUs (in dollars per share)	24.69
Forfeitures and cancellations (in dollars per share)	24.69	24.69
Weighted average grant date fair value, ending balance (in dollars per share)	$ 0	$ 24.69	$ 24.69

Discontinued Operations - Narrative (Details) - First Tracks Biotherapeutics - USD ($) $ in Millions		6 Months Ended
	Apr. 20, 2026	Jun. 30, 2026
Disposal Group, Including Discontinued Operations [Line Items]
Number of common stock shares received	1
Record date of distribution	Apr. 06, 2026
Transition services expenses		$ 0.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, shares issued (in shares)	29,727,820	28,019,000	30,473,000
Common stock, shares outstanding (in shares)	29,727,820	28,019,000	30,473,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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+ Details

Balance Sheet Accounts and Supplemental Disclosures

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

3. Balance Sheet Accounts and Supplemental Disclosures

Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)	June 30, 2026			December 31, 2025			December 31, 2024
Leasehold improvements(1)	$	203		$	203		$	203
Less: accumulated depreciation and amortization		(101	)		(92	)		(72	)
Total property and equipment, net	$	102		$	111		$	131

(1)

All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

Accrued Expenses

Accrued expenses consist of the following:


(in thousands)	June 30, 2026		December 31, 2025		December 31, 2024
Accrued compensation and related expenses	$	5,872	$	11,094	$	8,449
Accrued professional fees and other expenses		4,411		4,796		839
Accrued research, development and manufacturing expenses		14,289		16,402		30,213
Accrued for repurchases of common stock		—		382		—
Accrued liability - First Tracks Biotherapeutics		4,226		—		—
Total accrued expenses	$	28,798	$	32,674	$	39,501

Accrued research, development and manufacturing expenses include amounts incurred prior to the Spin-Off.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	June 30, 2026		December 31, 2025		December 31, 2024
Other Receivables	$	2,761	$	—	$	—
Income taxes receivable		3,238		—		—
Prepaid expenses		2,651		—		1,178
Total prepaid expenses and other assets	$	8,650	$	—	$	1,178

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Current income taxes:
Federal	$ 0		$ 454	$ 14
State	1,788		318	144
Foreign	0		0	0
Total current	1,788		772	158
Deferred income taxes:
Federal	(154,929)		0	0
State	(28,310)		0	0
Foreign	0		0	0
Total deferred	(183,239)		0	0
Income tax (benefit) expense	$ (181,451)	$ 83	$ 772	$ 158

Transition Period Comparative Data - Statements of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Transition Period Comparative Data [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]
Collaboration revenue	$ 53,044	$ 50,034	$ 234,603	$ 91,280
Operating expenses:
Research and development	(2,668)	(1,733)	(3,644)	11,495
General and administrative	23,390	8,298	11,345	13,633
Total operating expenses	20,722	6,565	7,701	25,128
(Loss) income from operations	32,322	43,469	226,902	66,152
Other income (expense), net:
Interest income	3,252	5,402	9,813	15,074
Sublease income	526	0	0	0
Non-cash interest expense for the sale of future royalties	(41,192)	(37,667)	(79,893)	(50,087)
Other (expense) income, net	(1)	5,453	5,453	0
Total other income (expense), net	(37,415)	(26,812)	(64,627)	(35,013)
(Loss) income before income taxes	(5,093)	16,657	162,275	31,139
Benefit (provision) for income taxes	181,451	(83)	(772)	(158)
Income from continuing operations	176,358	16,574	161,503	30,981
Loss from discontinued operations, net of tax	(45,362)	(94,533)	(174,735)	(176,212)
Net income (loss)	130,996	(77,959)	(13,232)	(145,231)
Other comprehensive loss:
Unrealized (loss) gain on available for sale securities	(127)	(311)	(329)	1,102
Comprehensive gain (loss)	$ 130,869	$ (78,270)	$ (13,561)	$ (144,129)
Net income (loss) per common share:
Income from continuing operations - basic	$ 6.09	$ 0.56	$ 5.62	$ 1.09
Loss from discontinued operations - basic	(1.57)	(3.18)	(6.08)	(6.21)
Net income (loss) per common share - basic	4.52	(2.62)	(0.46)	(5.12)
Income from continuing operations - diluted	4.71	0.54	5.34	1.05
Loss from discontinued operations - diluted	(1.21)	(3.08)	(5.78)	(5.97)
Net income (loss) per common share - diluted	$ 3.5	$ (2.54)	$ (0.44)	$ (4.92)
Weighted-average number of shares outstanding:
Basic (in shares)	28,979	29,722	28,758	28,382
Diluted (in shares)	37,476	30,692	30,233	29,544

Description of the Business

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

1. Description of the Business

AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. Prior to the separation described below, we were a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. Our clinical-stage pipeline included ANB033, rosnilimab and ANB101. We also discovered and out-licensed, in financial collaborations, multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly) or “Jemperli”) to GSK and an IL-36R antagonist (“Quimilza”) to Vanda Pharmaceuticals Inc. (“Vanda”). We recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK and license and transition services revenue from our collaboration with Vanda.

Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next 12 months from the issuance of our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

First Tracks Biotherapeutics Separation

In September 2025, we announced that our board of directors (“Board of Directors”) approved plans to explore separating our business into two independent, publicly traded companies. We would hold and continue to manage the financial collaboration for Jemperli with GSK and for Quimilza with Vanda, with a focus on protecting and returning value of the royalties to its stockholders. The spun-out company is a clinical-stage biotechnology company focused on the development and potential commercialization of innovative therapeutics for autoimmune and inflammatory diseases, including ANB033, rosnilimab and ANB101. This separation (the “Spin-Off”) was completed on April 20, 2026.

The Spin-Off of First Tracks Biotherapeutics, Inc. (“First Tracks Biotherapeutics”) was achieved through our pro rata distribution of 29,100,902 shares of common stock of First Tracks Biotherapeutics to holders of record of our common stock. Each holder of record of our common stock received one share of First Tracks Biotherapeutics’ common stock for every one share of our common stock held on April 6, 2026, the record date for the distribution.

In connection with the Spin-Off, we entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) with First Tracks Biotherapeutics. The Separation and Distribution Agreement identifies the assets transferred to (including the contracts assigned) or retained by, and the liabilities assumed or retained by, each of us and First Tracks Biotherapeutics. Pursuant to the Separation and Distribution Agreement, on the Distribution Date, $100 million in cash and cash equivalents was allocated to First Tracks Biotherapeutics from us. Furthermore, all accounts payable and accrued liabilities were assumed by us. The results of First Tracks Biotherapeutics are included within discontinued operations in our consolidated financial statements. See Note 12 for further details.

Change in Fiscal Year End

On May 18, 2026, the Board of Directors approved a change to the Company’s fiscal year end from December 31 to June 30, resulting in a six-month transition period from January 1, 2026 to June 30, 2026 (the “Transition Period”). As a result of this change, we are filing this Transition Report on Form 10-KT for the six-month period ended June 30, 2026, pursuant to Rule 15d-10(e)(2) of the Exchange Act.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Operating Leases

On May 4, 2020, we entered into a lease agreement with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Lease Agreement”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years, on April 30, 2028 with the payment of a termination fee of $3.8 million plus 15-months of operating expenses and real property taxes. The exercise of the lease option is at our sole discretion, which we currently do not anticipate exercising and as such was not recognized as part of the right-of-use asset (the “ROU asset”) and lease liability. The monthly base rent was initially $4.20 per rentable square foot and is increased by 3% annually. Under the Lease Agreement, we are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. Upon lease commencement, on April 5, 2021, we recognized an ROU asset of $20.6 million, with a corresponding lease liability of $20.7 million on the consolidated balance sheets. The ROU asset includes adjustments for prepayments, initial direct costs, and lease incentives. As of June 30, 2026, we have recorded $0.3 million as a security deposit in accordance with the terms of the Lease Agreement.

Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The weighted-average discount rate used was 4.0% and the weighted-average remaining lease term is approximately 5.2 years.

The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands):


		Six Months Ended June 30,		Year Ended December 31,		Year Ended December 31,
Leases	Classification on the Cash Flow	2026		2025		2024
Operating lease cost	Operating	$	1,239	$	2,478	$	2,478
Cash paid for amounts included in the measurement of lease liabilities	Operating		1,291		2,531		2,457

At June 30, 2026, the future minimum annual obligations for the Company’s operating lease liabilities are as follows:


Years Ending June 30, (in thousands)
2026	$	1,316
2027		2,685
2028		2,766
2029		2,849
2030		2,934
Thereafter		2,005
Total minimum payments required	$	14,555
Less: imputed interest		(1,460	)
Total	$	13,095

Sublease

On June 15, 2026, we entered into a sublease agreement with First Tracks Biotherapeutics with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Sublease Agreement”). Under the Sublease Agreement, we agreed to sublease approximately 45,000 square feet of space for a term of approximately 24 months, beginning on April 20, 2026, continuing until the earlier of (a) April 4, 2028, or (b) twelve months from the commencement of the renewal term. The monthly base rent was initially $4.87 per rentable square foot and is increased by 3% annually. First Tracks Biotherapeutics is also responsible for their share of operating expenses, real property taxes, insurance, insurance deductibles and repairs. As of June 30, 2026, we recorded sublease income of $0.5 million in accordance with the terms of the Lease Agreement. The sublease income over the term of the sublease will be the same as the amount due under our existing Lease Agreement, therefore no impairment of the right of use asset was recorded during June 2026. As of June 30, 2026, the weighted-average remaining lease term is approximately 1.8 years.

At June 30, 2026, the future minimum annual lease receivables for the Company’s operating lease income is as follows:


Years Ending June 30, (in thousands)
2026	$	1,833
2027		2,685
2028		708
Total lease income receivable	$	5,226

Guarantees and Indemnifications

We enter into standard indemnification arrangements in the ordinary course of business. Pursuant to certain of these arrangements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party for third party claims in connection with our breach of the agreement, our negligence or willful misconduct in connection with the agreement, or any trade secret, copyright, patent or other intellectual property infringement claim with respect to our technology. The term of these indemnification arrangements is generally perpetual. The maximum potential amount of future payments we could be required to make under these agreements is not determinable because it involves claims that may be made against us in the future, but have not yet been made.

We indemnify our officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving in such capacity, as permitted under Delaware law, in accordance with our certificate of incorporation and bylaws, and pursuant to agreements providing for indemnification entered into with our officers and directors. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity.

The maximum amount of potential future indemnification of directors and officers is unlimited; however, we currently hold director and officer liability insurance. This insurance allows the transfer of risk associated with our exposure and may enable us to recover a portion of any future amounts paid.

We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have not recognized any liabilities relating to these obligations for any period presented.

Equity Incentive Plans - Schedule of Non-cash Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 8,320	$ 3,772	$ 7,221
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	3,037	4,234	6,183
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 5,283	$ (462)	$ 1,038

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Transition Period Comparative Data (Tables)

6 Months Ended

Jun. 30, 2026

Transition Period Comparative Data [Abstract]

Schedule of Transition Period Comparative Financial Information

The following table presents certain comparative financial information for the six months ended June 30, 2026 and 2025 (amounts in thousands, except share data):


	Six months ended June 30,			Six months ended June 30,
	2026			2025
				(Unaudited)
Collaboration revenue	$	53,044		$	50,034
Operating expenses:
Research and development		(2,668	)		(1,733	)
General and administrative		23,390			8,298
Total operating expenses		20,722			6,565
Income from operations		32,322			43,469
Other (expense) income, net:
Interest income		3,252			5,402
Sublease income		526			—
Non-cash interest expense for the sale of future royalties		(41,192	)		(37,667	)
Other (expense) income, net		(1	)		5,453
Total other expense, net		(37,415	)		(26,812	)
(Loss) income before income taxes		(5,093	)		16,657
Benefit (provision) for income taxes		181,451			(83	)
Income from continuing operations		176,358			16,574
Loss from discontinued operations, net of tax		(45,362	)		(94,533	)
Net income (loss)		130,996			(77,959	)
Other comprehensive loss:
Unrealized loss on available for sale securities		(127	)		(311	)
Comprehensive gain (loss)	$	130,869		$	(78,270	)
Net income (loss) per common share:
Income from continuing operations - basic	$	6.09		$	0.56
Loss from discontinued operations - basic		(1.57	)		(3.18	)
Net income (loss) per common share - basic	$	4.52		$	(2.62	)
Income from continuing operations - diluted	$	4.71		$	0.54
Loss from discontinued operations - diluted		(1.21	)		(3.08	)
Net income (loss) per common share - diluted	$	3.50		$	(2.54	)
Weighted-average number of shares outstanding:
Basic		28,979			29,722
Diluted		37,476			30,692


	Six months ended June 30,			Six months ended June 30,
	2026			2025
				(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	130,996		$	(77,959	)
Less: Loss from discontinued operations, net of tax		45,362			94,533
Net income from continuing operations		176,358			16,574
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization		9			10
Stock-based compensation		8,320			3,007
Accretion/amortization of investments, net		30			(3,264	)
Amortization of right-of-use assets – operating		959			919
Non-cash interest expense for sale of future royalties		41,192			37,667
Deferred tax benefit		(183,699	)		—
Changes in operating assets and liabilities:
Receivables from collaborative partners		8,216			(19,347	)
Prepaid expenses and other assets		(3,672	)		289
Accounts payable and other liabilities		(44,853	)		(46,361	)
Income tax receivable		(3,245	)		—
Operating lease liabilities		(1,017	)		(941	)
Net cash used in operating activities of continuing operations		(1,402	)		(11,447	)
Net cash used in operating activities of discontinued operations		(51,157	)		(39,497	)
Net cash used in operating activities		(52,559	)		(50,944	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments		(4,955	)		(176,755	)
Sales and maturities of investments		47,500			283,781
Net cash provided by investing activities of continuing operations		42,545			107,026
Net cash used in investing activities of discontinued operations		—			(74	)
Net cash provided by investing activities		42,545			106,952
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		25,371			1,713
Principal repayment of liability for sale of future royalties		(19,727	)		(23,828	)
Payments for repurchase of common stock		—			(55,522	)
Payment for net share settlement of equity awards		—			(1,451	)
Net cash provided by (used in) financing activities of continuing operations		5,644			(79,088	)
'Net cash used in financing activities of discontinued operations		(100,000	)		—
Net cash used in financing activities		(94,356	)		(79,088	)
Net decrease in cash and cash equivalents		(104,370	)		(23,080	)
Cash and cash equivalents in continued operations, beginning of period		138,196			23,080
Cash and cash equivalents within discontinued operations, beginning of period		100,000			100,000
Less: Cash and cash equivalents within discontinued operations, end of period		—			100,000
Cash and cash equivalents in continued operations, end of period	$	133,826		$	—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest portion of repayment for sale of future royalties	$	41,500		$	35,904
Income taxes paid	$	5,582		$	44
Non-cash investing and financing activities:
Amounts accrued for repurchase of common stock	$	—		$	480
Receivable related to issuance of common stock, upon exercise of stock options	$	1,310		$	—

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non-Cancellable Office Lease Costs

The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands):


		Six Months Ended June 30,		Year Ended December 31,		Year Ended December 31,
Leases	Classification on the Cash Flow	2026		2025		2024
Operating lease cost	Operating	$	1,239	$	2,478	$	2,478
Cash paid for amounts included in the measurement of lease liabilities	Operating		1,291		2,531		2,457

Schedule of Future Minimum Annual Obligations

At June 30, 2026, the future minimum annual obligations for the Company’s operating lease liabilities are as follows:


Years Ending June 30, (in thousands)
2026	$	1,316
2027		2,685
2028		2,766
2029		2,849
2030		2,934
Thereafter		2,005
Total minimum payments required	$	14,555
Less: imputed interest		(1,460	)
Total	$	13,095

Schedule of Future Minimum Annual Lease Receivables

At June 30, 2026, the future minimum annual lease receivables for the Company’s operating lease income is as follows:


Years Ending June 30, (in thousands)
2026	$	1,833
2027		2,685
2028		708
Total lease income receivable	$	5,226

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 24,283	$ 192,638	$ 142,189
Unrecognized tax benefits that if recognized and realized would affect the effective tax rate	11,300
Recognized tax benefits income tax accrued interest in continuing operations related to income tax matters	100	0	0
Recognized tax benefits income tax penalties in continuing operations related to income tax matters	500	0	0
Recognized tax benefits income tax accrued interest	100	0	0
Recognized tax benefits income tax penalties	$ 500	$ 0	$ 0
Percentage rate of transactions increasing ownership of stockholders	50.00%
Period of transactions increasing ownership of stockholders	3 years
Operating loss carry forwards annual limitations	$ 174,200
Capitalized and amortized period.	15 years
Tax gain from Spin-Off	$ 434,900
Tax charge to equity from Spin-Off	(96,200)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 174,200
Federal \| 2018 and after
Operating Loss Carryforwards [Line Items]
Future taxable income	80.00%
Federal \| Research tax credit carryforwards
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	$ 22,700
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	68,500
State \| Research tax credit carryforwards
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	22,700
IRS
Operating Loss Carryforwards [Line Items]
Income taxes paid, net of refunds received	4,300
Massachusetts
Operating Loss Carryforwards [Line Items]
Income taxes paid, net of refunds received	170
Pennsylvania
Operating Loss Carryforwards [Line Items]
Income taxes paid, net of refunds received	845
Other U.S. States
Operating Loss Carryforwards [Line Items]
Income taxes paid, net of refunds received	$ 267

Equity Incentive Plans - Schedule of Weighted Average Assumptions used to Estimate Fair Value (Details) - Employee Stock Option Member - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.90%	4.50%	4.00%
Expected volatility	84.00%	81.80%	78.40%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 years 4 months 6 days	6 years 4 months 6 days	6 years 3 months 10 days
Weighted average grant date fair value per share (in dollars per share)	$ 32.67	$ 10.98	$ 15.54

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Transition Period Comparative Data - Statements of Cash Flows (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 130,996,000	$ (77,959,000)	$ (13,232,000)	$ (145,231,000)
Loss from discontinued operations, net of tax	45,362,000	94,533,000	174,735,000	176,212,000
Net income from continuing operations	176,358,000	16,574,000	161,503,000	30,981,000
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization	9,000	10,000	20,000	20,000
Stock-based compensation	8,320,000	3,007,000	3,772,000	7,221,000
Accretion/amortization of investments, net	30,000	(3,264,000)	(4,734,000)	(10,313,000)
Amortization of right-of-use assets – operating	959,000	919,000	1,864,000	1,791,000
Non-cash interest expense for the sale of future royalties	41,192,000	37,667,000	79,893,000	50,087,000
Deferred tax benefit	(183,699,000)	0	0	0
Changes in operating assets and liabilities:
Receivables from collaborative partners	8,216,000	(19,347,000)	6,915,000	(33,914,000)
Prepaid expenses and other assets	(3,672,000)	289,000	1,814,000	112,000
Accounts payable and other liabilities	(44,853,000)	(46,361,000)	(87,334,000)	(33,838,000)
Income tax receivable	(3,245,000)	0	0	0
Operating lease liabilities	(1,017,000)	(941,000)	(1,925,000)	(1,777,000)
Net cash provided by operating activities of continuing operations	(1,402,000)	(11,447,000)	161,788,000	10,370,000
Net cash used in operating activities of discontinued operations	(51,157,000)	(39,497,000)	(142,091,000)	(145,707,000)
Net cash (used in) provided by operating activities	(52,559,000)	(50,944,000)	19,697,000	(135,337,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	(4,955,000)	(176,755,000)	(196,411,000)	(380,376,000)
Sales and maturities of investments	47,500,000	283,781,000	424,530,000	412,097,000
Net cash provided by investing activities of continuing operations	42,545,000	107,026,000	228,119,000	31,721,000
Net cash used in investing activities of discontinued operations	0	(74,000)	(87,000)	(358,000)
Net cash provided by investing activities	42,545,000	106,952,000	228,032,000	31,363,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Common Stock	25,371,000	1,713,000	14,261,000	6,473,000
Principal repayment of liability for sale of future royalties	(19,727,000)	(23,828,000)	(76,797,000)	(15,233,000)
Payments for repurchase of common stock	0	(55,522,000)	(68,626,000)	(456,000)
Payment for net share settlement of equity awards	0	(1,451,000)	(1,451,000)	(7,504,000)
Net cash provided by (used in) financing activities of continuing operations	5,644,000	(79,088,000)	(132,613,000)	127,054,000
Net cash used in financing activities of discontinued operations	(100,000,000)	0	0	0
Net cash (used in) provided by financing activities	(94,356,000)	(79,088,000)	(132,613,000)	127,054,000
Net (decrease) increase in cash and cash equivalents	(104,370,000)	(23,080,000)	115,116,000	23,080,000
Cash and cash equivalents, beginning of period	138,196,000	23,080,000	23,080,000	0
Cash and cash equivalents within discontinued operations, beginning of period	100,000,000	100,000,000	100,000,000	100,000,000
Less: Cash and cash equivalents within discontinued operations, end of period	0	100,000,000	100,000,000	100,000,000
Cash and cash equivalents in continued operations, end of period	133,826,000	0	138,196,000	23,080,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest portion of repayment for sale of future royalties	41,500,000	35,904,000	79,994,000	42,132,000
Income taxes paid	5,582,000	44,000	78,000	0
Non-cash investing and financing activities:
Amounts accrued for repurchase of common stock	0	480,000	382,000	0
Receivable related to issuance of common stock, upon exercise of stock options	$ 1,310,000	$ 0	$ 29,000	$ 0

Insider Trading Policies and Procedures	6 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statement of Stockholders’ Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Common Stock
Underwriting discounts and commissions and offering expenses	$ 6,516

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		26,597,000
Stockholders' equity, beginning balance at Dec. 31, 2023	$ 88,103	$ 27	$ 702,969	$ (797)	$ (614,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		364,000
Issuance of common stock from exercises of options and employee stock purchase plan	6,473		6,473
Issuance of common stock upon vesting of restricted stock units (in shares)		1,108,000
Net share settlement of restricted stock units (in shares)		(347,000)
Net share settlement of restricted stock units	(7,504)		(7,504)
Issuance of common stock (in shares)		2,751,000
Issuance of common stock, net of $6,516 of transaction costs	93,877	$ 3	93,874
Stock-based compensation	34,048		34,048
Comprehensive income (loss)	1,102			1,102
Net loss	$ (145,231)				(145,231)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2024	30,473,000	30,473,000
Stockholders' equity, ending balance at Dec. 31, 2024	$ 70,868	$ 30	829,860	305	(759,327)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		732,000
Issuance of common stock from exercises of options and employee stock purchase plan	14,291	$ 1	14,290
Issuance of common stock upon vesting of restricted stock units (in shares)		356,000
Net share settlement of restricted stock units (in shares)		(98,000)
Net share settlement of restricted stock units	(1,451)		(1,451)
Repurchases and retirements of common stock (in shares)		(3,444,000)
Repurchases and retirements of common stock	(69,009)	$ (3)	(69,006)
Stock-based compensation	36,072		36,072
Comprehensive income (loss)	(329)			(329)
Net loss	$ (13,232)				(13,232)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2025	28,019,000	28,019,000
Stockholders' equity, ending balance at Dec. 31, 2025	$ 37,210	$ 28	809,765	(24)	(772,559)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		1,230,000
Issuance of common stock from exercises of options and employee stock purchase plan	26,681	$ 2	26,679
Issuance of common stock upon vesting of restricted stock units (in shares)		479,000
Spin-off of First Tracks Biotherapeutics, net of tax	(109,243)		(109,243)
Tax effect on the gain from Spin-Off of First Tracks Biotherapeutics	(96,227)		(96,227)
Stock-based compensation	21,295		21,295
Comprehensive income (loss)	(127)			(127)
Net loss	$ 130,996				130,996
Stockholders' equity, ending balance (in shares) at Jun. 30, 2026	29,727,820	29,728,000
Stockholders' equity, ending balance at Jun. 30, 2026	$ 10,585	$ 30	$ 652,269	$ (151)	$ (641,563)

Discontinued Operations - Reconciliation of Major Classes of Line Items Constituting Pretax Loss from Discontinued Operations to After-Tax Loss In Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Disposal Group, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of tax	$ (45,362)	$ (94,533)	$ (174,735)	$ (176,212)
First Tracks Biotherapeutics
Disposal Group, Including Discontinued Operations [Line Items]
Research and development	39,462		139,614	152,345
General and administrative	22,519		39,392	28,756
Total operating expenses	61,981		179,006	181,101
Loss from operations	(61,981)		(179,006)	(181,101)
Interest income	1,074		3,686	4,720
Other (expense) income, net	(3)		(23)	14
Total other expense, net	1,071		3,663	4,734
Loss from discontinued operations before income taxes	(60,910)		(175,343)	(176,367)
Benefit for income taxes	15,548		608	155
Loss from discontinued operations, net of tax	$ (45,362)		$ (174,735)	$ (176,212)

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 133,826,000	$ 138,196,000	$ 23,080,000
Receivables from collaborative partners	25,634,000	33,850,000	40,765,000
Short-term investments	30,317,000	73,442,000	262,293,000
Prepaid expenses and other current assets	8,650,000	0	1,178,000
Current assets of discontinued operations	0	104,762,000	104,560,000
Total current assets	198,427,000	350,250,000	431,876,000
Property and equipment, net	102,000	111,000	131,000
Deferred tax asset	106,639,000	0	0
Operating lease right-of-use assets	11,560,000	12,519,000	14,383,000
Long-term investments	0	0	35,470,000
Other long-term assets	256,000	256,000	256,000
Non-current assets of discontinued operations	0	1,259,000	1,718,000
Total assets	316,984,000	364,395,000	483,834,000
Current liabilities:
Accounts payable	4,394,000	3,871,000	4,002,000
Accrued expenses	28,798,000	32,674,000	39,501,000
Current portion of operating lease liability	2,161,000	2,080,000	1,925,000
Total current liabilities	35,353,000	38,625,000	45,428,000
Liability related to sale of future royalties	256,493,000	276,528,000	353,426,000
Long-term taxes payable	3,619,000	0	0
Operating lease liability, net of current portion	10,934,000	12,032,000	14,112,000
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at June 30, 2026, December 31, 2025 and December 31, 2024, respectively	0	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 29,728 shares, 28,019 shares and 30,473 shares issued and outstanding at June 30, 2026, December 31, 2025, and December 31, 2024, respectively	30,000	28,000	30,000
Additional paid in capital	652,269,000	809,765,000	829,860,000
Accumulated other comprehensive (loss) gain	(151,000)	(24,000)	305,000
Accumulated deficit	(641,563,000)	(772,559,000)	(759,327,000)
Total stockholders' equity	10,585,000	37,210,000	70,868,000
Total liabilities and stockholders' equity	$ 316,984,000	$ 364,395,000	$ 483,834,000

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share


	Six Months Ended June 30,		Year Ended December 31,		Year Ended December 31,
(in thousands)	2026		2025		2024
Options to purchase common stock		613		4,954		5,181
Stock awards		15		31		13
Total		628		4,985		5,194

Transition Period Comparative Data

6 Months Ended

Jun. 30, 2026

Transition Period Comparative Data [Abstract]

Transition Period Comparative Data

14. Transition Period Comparative Data

The following table presents certain comparative financial information for the six months ended June 30, 2026 and 2025 (amounts in thousands, except share data):


	Six months ended June 30,			Six months ended June 30,
	2026			2025
				(Unaudited)
Collaboration revenue	$	53,044		$	50,034
Operating expenses:
Research and development		(2,668	)		(1,733	)
General and administrative		23,390			8,298
Total operating expenses		20,722			6,565
Income from operations		32,322			43,469
Other (expense) income, net:
Interest income		3,252			5,402
Sublease income		526			—
Non-cash interest expense for the sale of future royalties		(41,192	)		(37,667	)
Other (expense) income, net		(1	)		5,453
Total other expense, net		(37,415	)		(26,812	)
(Loss) income before income taxes		(5,093	)		16,657
Benefit (provision) for income taxes		181,451			(83	)
Income from continuing operations		176,358			16,574
Loss from discontinued operations, net of tax		(45,362	)		(94,533	)
Net income (loss)		130,996			(77,959	)
Other comprehensive loss:
Unrealized loss on available for sale securities		(127	)		(311	)
Comprehensive gain (loss)	$	130,869		$	(78,270	)
Net income (loss) per common share:
Income from continuing operations - basic	$	6.09		$	0.56
Loss from discontinued operations - basic		(1.57	)		(3.18	)
Net income (loss) per common share - basic	$	4.52		$	(2.62	)
Income from continuing operations - diluted	$	4.71		$	0.54
Loss from discontinued operations - diluted		(1.21	)		(3.08	)
Net income (loss) per common share - diluted	$	3.50		$	(2.54	)
Weighted-average number of shares outstanding:
Basic		28,979			29,722
Diluted		37,476			30,692


	Six months ended June 30,			Six months ended June 30,
	2026			2025
				(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	130,996		$	(77,959	)
Less: Loss from discontinued operations, net of tax		45,362			94,533
Net income from continuing operations		176,358			16,574
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization		9			10
Stock-based compensation		8,320			3,007
Accretion/amortization of investments, net		30			(3,264	)
Amortization of right-of-use assets – operating		959			919
Non-cash interest expense for sale of future royalties		41,192			37,667
Deferred tax benefit		(183,699	)		—
Changes in operating assets and liabilities:
Receivables from collaborative partners		8,216			(19,347	)
Prepaid expenses and other assets		(3,672	)		289
Accounts payable and other liabilities		(44,853	)		(46,361	)
Income tax receivable		(3,245	)		—
Operating lease liabilities		(1,017	)		(941	)
Net cash used in operating activities of continuing operations		(1,402	)		(11,447	)
Net cash used in operating activities of discontinued operations		(51,157	)		(39,497	)
Net cash used in operating activities		(52,559	)		(50,944	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments		(4,955	)		(176,755	)
Sales and maturities of investments		47,500			283,781
Net cash provided by investing activities of continuing operations		42,545			107,026
Net cash used in investing activities of discontinued operations		—			(74	)
Net cash provided by investing activities		42,545			106,952
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		25,371			1,713
Principal repayment of liability for sale of future royalties		(19,727	)		(23,828	)
Payments for repurchase of common stock		—			(55,522	)
Payment for net share settlement of equity awards		—			(1,451	)
Net cash provided by (used in) financing activities of continuing operations		5,644			(79,088	)
'Net cash used in financing activities of discontinued operations		(100,000	)		—
Net cash used in financing activities		(94,356	)		(79,088	)
Net decrease in cash and cash equivalents		(104,370	)		(23,080	)
Cash and cash equivalents in continued operations, beginning of period		138,196			23,080
Cash and cash equivalents within discontinued operations, beginning of period		100,000			100,000
Less: Cash and cash equivalents within discontinued operations, end of period		—			100,000
Cash and cash equivalents in continued operations, end of period	$	133,826		$	—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest portion of repayment for sale of future royalties	$	41,500		$	35,904
Income taxes paid	$	5,582		$	44
Non-cash investing and financing activities:
Amounts accrued for repurchase of common stock	$	—		$	480
Receivable related to issuance of common stock, upon exercise of stock options	$	1,310		$	—

Fair Value Measurements and Available for Sale Investments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Available for Sale Investments

6. Fair Value Measurements and Available for Sale Investments

Fair Value Measurements

Our financial instruments consist principally of cash, cash equivalents, short-term and long-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the consolidated balance sheet in accordance with the accounting standards for fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 - Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:


	Fair Value Measurements at End of Period Using:
(in thousands)	Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2026
Money market funds(1)	$	41,874	$	41,874	$	—	$	—
Mutual funds(1)		36,503		36,503		—		—
U.S. Treasury securities(1)(2)		74,990		74,990		—		—
Commercial and corporate obligations(2)		5,075		—		5,075		—
At December 31, 2025
Money market funds(1)	$	140,380	$	140,380	$	—	$	—
Mutual funds(1)		91,359		91,359		—		—
U.S. Treasury securities(2)		63,268		63,268		—		—
Commercial and corporate obligations(2)		10,174		—		10,174		—
At December 31, 2024
Money market funds(1)	$	104,553	$	104,553	$	—	$	—
Mutual funds(1)		9,376		9,376		—		—
U.S. Treasury securities(1)(2)		284,495		284,495		—		—
Agency securities(2)		7,579		—		7,579		—
Commercial and corporate obligations(2)		10,652		—		10,652		—

(1)

Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2)

Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value:

Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low.

Fair Value of Other Financial Instruments

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, receivables, accounts payable, and accrued expenses approximate fair value due to their short-term nature.

Available for Sale Investments

We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available-for-sale investments. These investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in short-term and long-term investments as of June 30, 2026 are as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Fair Value
Commercial and corporate obligations(1)	$	5,072	$	3	$	-		$	5,075
US Treasury securities(2)		74,974		17		(1	)		74,990
Total available-for-sale investments	$	80,046	$	20	$	(1	)	$	80,065

(1)

Of our outstanding commercial and corporate obligations, $5.1 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.

(2)

Of our outstanding U.S. Treasury securities, $75.0 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of June 30, 2026.


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Commercial and corporate obligations(1)	$	10,152	$	22	$	-	$	10,174
U.S. Treasury securities(2)		63,107		161		—		63,268
Total available-for-sale investments	$	73,259	$	183	$	—	$	73,442

(1)

(2)

Of our outstanding U.S. Treasury securities, $63.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2025.


	June 30, 2026
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
US Treasury securities	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)
Total	$	24,842	$	(1	)	$	—	$	—	$	24,842	$	(1	)

There were no investments in an unrealized loss position as of December 31, 2025.


	December 31, 2024
	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Agency securities	$	7,579	$	(8	)	$	—	$	—	$	7,579	$	(8	)
US Treasury Securities		25,250		(7	)		—		—		25,250		(7	)
Total	$	32,829	$	(15	)	$	—	$	—	$	32,829	$	(15	)

As of June 30, 2026, December 31, 2025, and December 31, 2024, unrealized losses on available-for-sale investments were not material, and accordingly, no allowance for credit losses were recorded.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Consolidation

Use of Estimates

Cash and Cash Equivalents

Short Term and Long Term Investments

Short-Term and Long-Term Investments

Concentration of Credit Risk

Property and Equipment, net

Long Lived Assets

Leases

Debt Issuance Costs

Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties

Revenue Recognition

performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) determine the recognition period.

Our performance obligations may include the following:

•

Royalty Revenue

Research and Development Expenses

Stock-Based Compensation

Segment Reporting

Income Taxes

Foreign Currency of Foreign Operations

Functional Currency of Foreign Operations

Comprehensive Income (Loss)

Net Income (Loss) Per Common Share


	Six Months Ended June 30,		Year Ended December 31,		Year Ended December 31,
(in thousands)	2026		2025		2024
Options to purchase common stock		613		4,954		5,181
Stock awards		15		31		13
Total		628		4,985		5,194

Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]
Collaboration revenue	$ 53,044	$ 50,034	$ 234,603	$ 91,280
Operating expenses:
Research and development	(2,668)	(1,733)	(3,644)	11,495
General and administrative	23,390	8,298	11,345	13,633
Total operating expenses	20,722	6,565	7,701	25,128
(Loss) income from operations	32,322	43,469	226,902	66,152
Other income (expense), net:
Interest income	3,252	5,402	9,813	15,074
Sublease income	526	0	0	0
Non-cash interest expense for the sale of future royalties	(41,192)	(37,667)	(79,893)	(50,087)
Other (expense) income, net	(1)	5,453	5,453	0
Total other income (expense), net	(37,415)	(26,812)	(64,627)	(35,013)
(Loss) income before income taxes	(5,093)	16,657	162,275	31,139
Benefit (provision) for income taxes	181,451	(83)	(772)	(158)
Income from continuing operations	176,358	16,574	161,503	30,981
Loss from discontinued operations, net of tax	(45,362)	(94,533)	(174,735)	(176,212)
Net income (loss)	130,996	(77,959)	(13,232)	(145,231)
Other comprehensive loss:
Unrealized (loss) gain on available for sale securities	(127)	(311)	(329)	1,102
Comprehensive gain (loss)	$ 130,869	$ (78,270)	$ (13,561)	$ (144,129)
Net income (loss) per common share:
Income from continuing operations - basic	$ 6.09	$ 0.56	$ 5.62	$ 1.09
Loss from discontinued operations - basic	(1.57)	(3.18)	(6.08)	(6.21)
Net income (loss) per common share - basic	4.52	(2.62)	(0.46)	(5.12)
Income from continuing operations - diluted	4.71	0.54	5.34	1.05
Loss from discontinued operations - diluted	(1.21)	(3.08)	(5.78)	(5.97)
Net income (loss) per common share - diluted	$ 3.5	$ (2.54)	$ (0.44)	$ (4.92)
Weighted-average number of shares outstanding:
Basic (in shares)	28,979	29,722	28,758	28,382
Diluted (in shares)	37,476	30,692	30,233	29,544

Income Taxes - Reconciliation of Taxes (Continuing Operations) at Federal Statutory Rate to Provision For (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Income taxes at statutory rates, Amount	$ (1,070)		$ 34,078	$ 6,539
Tax Jurisdiction of Domicile [Extensible Enumeration]	U.S.		U.S.
State income tax, net of federal benefit, Amount	$ (28,556)		$ 319	(574)
Change in the valuation allowance, Amount	(148,602)		(36,022)	(8,849)
Effect of changes in tax laws or rates enacted in the current period, Amount	0		0
Effect of cross-border tax laws, Amount	0		0
Federal R&D credit, Amount	0		0
Research credits, Amount				(68)
Permanent items, Amount				82
Equity compensation, Amount	(4,298)		403	804
Non-deductible compensation, Amount				2,188
Non-deductible other, Amount	16		53
Executive compensation, Amount	(2,114)		2,202
Transaction Costs, Amount	1,724		0
Other, Amount	0		18
Other, Amount				36
Change in unrecognized tax benefits, Amount	1,449		(279)
Income tax (benefit) expense	$ (181,451)	$ 83	$ 772	$ 158
Income taxes at statutory rates, Percent	21.00%		21.00%
State income tax, net of federal benefit, Percent	560.63%		0.20%
Change in valuation allowance, Percent	2917.48%		(22.20%)
Effect of changes in tax laws or rates enacted in the current period, Percent	0.00%		0.00%
Federal R&D credit, Percent	0.00%		0.00%
Other, Percent	0.00%		0.01%
Equity compensation, Percent	150.26%		0.00%
Executive compensation, Percent	(24.36%)		1.36%
Transaction Costs, Percent	(33.84%)		0.00%
Other, Percent	(0.31%)		0.28%
Change in unrecognized tax benefits, Percent	(28.44%)		(0.17%)
Effective Income Tax Rate Reconciliation, Percent, Total	3562.42%		0.48%
Australia
Effective Income Tax Rate Reconciliation [Line Items]
Change in the valuation allowance, Amount	$ 0		$ (939)
Deferred tax write-off, Amount	$ 0		$ 939
Change in valuation allowance, Percent	0.00%		(0.58%)
Deferred tax write-off, Percent	0.00%		0.58%

Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Activity Related to Stock Option Awards

A summary of the activity related to stock option awards during the twelve months ended December 31, 2025 and six months ended June 30, 2026 is as follows:


	Shares Subject to Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025		6,086,289		$	25.20		7.63	$	534
Granted		1,758,243		$	14.87
Exercises		(645,562	)	$	19.95
Forfeitures and cancellations		(301,202	)	$	18.47
Outstanding at December 31, 2025		6,897,768		$	17.11		6.93	$	180,434
Granted		668,400		$	32.17
Exercises		(1,202,950	)	$	21.52
Forfeitures and cancellations		(290,849	)	$	21.83
Outstanding at June 30, 2026		6,072,369		$	18.62		7.04	$	297,386
Exercisable at June 30, 2026		3,579,958		$	18.90		6.13	$	174,546

Schedule of Time-based Restricted Stock Units Activity


	Number of Restricted Stock Units			Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025		1,227,677		$	21.79		1.46	$	16,254
Granted		614,828		$	14.87
Released		(355,627	)	$	21.87
Forfeitures and cancellations		(113,673	)	$	18.45
Outstanding at December 31, 2025		1,373,205		$	13.88		1.17	$	66,573
Granted		697,487		$	27.65
Released		(444,837	)	$	17.43
Forfeitures and cancellations		(120,546	)	$	23.33
Outstanding at June 30, 2026		1,505,309		$	7.13		1.47	$	101,608
RSU expected to vest at June 30, 2026		1,505,309		$	7.13		1.47	$	101,608

Schedule of Performance Shares, Outstanding Activity

The following table presents a summary of activity with respect to our PSUs:


	Market-Based PSUs					Performance-Based PSUs					Total PSUs
	Number of PSUs			Weighted-Average Grant Date Fair Value		Number of PSUs			Weighted-Average Grant Date Fair Value		Number of PSUs			Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025		504,500		$	24.69		—		$	—		504,500		$	24.69
Granted		—		$	—		—		$	—		—		$	—
Released		—		$	—		—		$	—		—		$	—
Forfeitures		(26,500	)	$	24.69		—		$	—		(26,500	)	$	24.69
Outstanding at December 31, 2025		478,000		$	24.69		—		$	—		478,000		$	24.69
Granted		—		$	—		34,300		$	43.91		34,300		$	43.91
Released		—		$	—		(34,300	)	$	43.91		(34,300	)	$	43.91
Converted to RSUs		(152,842	)	$	24.69		—		$	—		(152,842	)	$	24.69
Forfeitures		(325,158	)	$	24.69		—		$	—		(325,158	)	$	24.69
Outstanding at June 30, 2026		—		$	—		—		$	—		—		$	—

Schedule of Grant Date Fair Value Assumptions

The grant date fair value is estimated using a Monte Carlo simulation using the following assumptions:


	Six months ended June 30,
	2026
Volatility of common stock		59.0	%
Risk-free interest rate		4.1	%
Contract term (in years)		3.9

Schedule of Weighted Average Assumptions used to Estimate Fair Value

The estimated fair values of stock option awards granted were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:


	Six Months Ended June 30,			Year Ended December 31,			Year Ended December 31,
	2026			2025			2024
Risk-free interest rate		3.9	%		4.5	%		4.0	%
Expected volatility		84.0	%		81.8	%		78.4	%
Expected dividend yield	—%			—%			—%
Expected term (in years)		6.35			6.35			6.28
Weighted average grant date fair value per share	$	32.67		$	10.98		$	15.54

Schedule of Non-cash Stock-based Compensation Expense

Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows:


	Six Months Ended June 30,		Year Ended December 31,			Year Ended December 31,
(in thousands)	2026		2025			2024
Research and development	$	5,283	$	(462	)	$	1,038
General and administrative		3,037		4,234			6,183
Total	$	8,320	$	3,772		$	7,221

Discontinued Operations - Schedule of Carrying Amount of Assets Total Assets of Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Apr. 20, 2026	Dec. 31, 2025	Dec. 31, 2024
Assets:
Total current assets	$ 0		$ 104,762	$ 104,560
First Tracks Biotherapeutics
Assets:
Cash and cash equivalents		$ 100,000	100,000	100,000
Prepaid expenses and other current assets		2,948	4,762	4,560
Total current assets		102,948	104,762	104,560
Property and equipment, net		1,174	1,259	1,718
Total assets		$ 104,122	$ 106,021	$ 106,278

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of.

+ References + Details

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Equity Incentive Plans - Narrative (Details) $ in Thousands				6 Months Ended	12 Months Ended
Equity Incentive Plans - Narrative (Details) $ in Thousands	Jun. 17, 2025 shares	Jun. 12, 2024 shares	Jan. 01, 2018	Jun. 30, 2026 USD ($) shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised				$ 24,600
Non-cash stock-based compensation expense				8,320	$ 3,772	$ 7,221
Chief Financial Officer and Chief Legal Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation expense				$ 6,200
Employee Stock Option Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
Award expiration period (in years)				10 years
Unrecognized compensation cost				$ 8,300
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				2 years 3 months 25 days
Employee Stock Option Member \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award equivalent shares				1
Unrecognized compensation cost				$ 9,200
Weighted average period remaining for amortization of unrecognized compensation cost (in years)				2 years 3 months 29 days
Performance-Based PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 0
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award equivalent shares				1
Number of shares issuable (in shares)				1
Equity Incentive Plan, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage (as a percent)			4.00%
Number of additional shares authorized \| shares	1,650,000	2,700,000		2,187,675
Employee Stock Purchase Plan, 2017 \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance percentage (as a percent)			1.00%
Proceeds from stock plans				$ 800
Shares reserved for future award grants (in shares) \| shares				1,804,726
Issued under ESPP (in shares) \| shares				294,081

Segment Reporting - Schedule of Revenue by Major Customers by Reporting Segments (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Collaboration revenue	$ 53,044	$ 50,034	$ 234,603	$ 91,280
R&D	(2,668)	(1,733)	(3,644)	11,495
G&A	23,390	8,298	11,345	13,633
Total operating expenses	20,722	6,565	7,701	25,128
(Loss) income from operations	32,322	43,469	226,902	66,152
Interest income	3,252	5,402	9,813	15,074
Sublease income	526	0	0	0
Non-cash interest expense	(41,192)	(37,667)	(79,893)	(50,087)
Other (loss) income, net	(1)	5,453	5,453	0
Total other income (expense), net	(37,415)	(26,812)	(64,627)	(35,013)
(Loss) income before income taxes	(5,093)	16,657	162,275	31,139
Benefit (provision) for income taxes	181,451	(83)	(772)	(158)
Net income (loss)	130,996	$ (77,959)	(13,232)	(145,231)
Prior to Spin Off
Segment Reporting Information [Line Items]
Collaboration revenue			234,603	91,280
R&D			135,970	163,840
G&A			50,737	42,389
Total operating expenses			186,707	206,229
(Loss) income from operations			47,896	(114,949)
Interest income			13,499	19,794
Non-cash interest expense			(79,893)	(50,087)
Other (loss) income, net			5,430	14
Total other income (expense), net			(60,964)	(30,279)
(Loss) income before income taxes			(13,068)	(145,228)
Benefit (provision) for income taxes			(164)	(3)
Net income (loss)			(13,232)	(145,231)
External \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			85,177	117,967
G&A			17,944	10,033
Rosnilimab \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			42,744	53,422
ANB033 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			20,427	12,460
ANB032 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			48	26,084
ANB101 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			8,138	3,367
Quimilza \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			(2,273)	8,284
Preclinical and other unallocated costs \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			16,093	14,350
Internal \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			50,793	45,873
G&A			32,793	32,356
Biopharma \| Prior to Spin Off
Segment Reporting Information [Line Items]
Collaboration revenue			0	0
R&D			139,614	152,345
G&A			39,392	28,756
Total operating expenses			179,006	181,101
(Loss) income from operations			(179,006)	(181,101)
Interest income			12,942	17,382
Non-cash interest expense			0	0
Other (loss) income, net			(23)	14
Total other income (expense), net			12,919	17,396
(Loss) income before income taxes			(166,087)	(163,705)
Benefit (provision) for income taxes			0	0
Net income (loss)			(166,087)	(163,705)
Biopharma \| External \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			87,450	109,683
G&A			13,932	6,806
Biopharma \| Rosnilimab \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			42,744	53,422
Biopharma \| ANB033 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			20,427	12,460
Biopharma \| ANB032 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			48	26,084
Biopharma \| ANB101 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			8,138	3,367
Biopharma \| Quimilza \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			0	0
Biopharma \| Preclinical and other unallocated costs \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			16,093	14,350
Biopharma \| Internal \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			52,164	42,662
G&A			25,460	21,950
Royalty Management
Segment Reporting Information [Line Items]
Collaboration revenue	53,044
R&D	(2,668)
G&A	23,390
Total operating expenses	20,722
(Loss) income from operations	32,322
Interest income	3,252
Sublease income	526
Non-cash interest expense	(41,192)
Other (loss) income, net	(1)
Total other income (expense), net	(37,415)
(Loss) income before income taxes	(5,093)
Benefit (provision) for income taxes	(181,451)
Net income (loss)	176,358
Royalty Management \| Prior to Spin Off
Segment Reporting Information [Line Items]
Collaboration revenue			234,603	91,280
R&D			(3,644)	11,495
G&A			11,345	13,633
Total operating expenses			7,701	25,128
(Loss) income from operations			226,902	66,152
Interest income			557	2,412
Non-cash interest expense			(79,893)	(50,087)
Other (loss) income, net			5,453	0
Total other income (expense), net			(73,883)	(47,675)
(Loss) income before income taxes			153,019	18,477
Benefit (provision) for income taxes			(164)	(3)
Net income (loss)			152,855	18,474
Royalty Management \| External
Segment Reporting Information [Line Items]
R&D	(2,683)
G&A	15,161
Royalty Management \| External \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			(2,273)	8,284
G&A			4,012	3,227
Royalty Management \| Rosnilimab
Segment Reporting Information [Line Items]
R&D	(2,897)
Royalty Management \| Rosnilimab \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			0	0
Royalty Management \| ANB033 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			0	0
Royalty Management \| ANB032 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			0	0
Royalty Management \| ANB101 \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			0	0
Royalty Management \| Quimilza
Segment Reporting Information [Line Items]
R&D	21
Royalty Management \| Quimilza \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			(2,273)	8,284
Royalty Management \| Preclinical and other unallocated costs
Segment Reporting Information [Line Items]
R&D	193
Royalty Management \| Preclinical and other unallocated costs \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			0	0
Royalty Management \| Internal
Segment Reporting Information [Line Items]
R&D	15
G&A	$ 8,229
Royalty Management \| Internal \| Prior to Spin Off
Segment Reporting Information [Line Items]
R&D			(1,371)	3,211
G&A			$ 7,333	$ 10,406

Employee Benefit Plan

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

Employee Benefit Plan

9. Employee Benefit Plan

Prior to the Spin-Off, we offered a defined contribution 401(k) plan available to eligible employees. Employee contributions were voluntary and determined on an individual basis, limited to the maximum amount allowable under U.S. federal tax regulations. We elected to match 100% of an employee’s contribution up to 10% of the employee’s salary with a maximum limit of $24,500 in 2026, 100% of an employee’s contributions up to 10% of the employees’ eligible salary with a maximum limit of $23,500 in 2025 and 100% of an employee’s contribution up to 10% of the employees’ salary with a maximum limit of $23,000 in 2024. For the six months ended June 30, 2026, and years ended December 31, 2025 and December 31, 2024, we incurred approximately $1.1 million, $2.4 million, and $2.2 million, respectively of costs related to the 401(k) plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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+ Details