0001193125-26-335104 | 10-Q | XBRL Viewer

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net consist of the following as of June 30, 2026:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(7,480	)		—		—
Total	$	63,280	$	(7,480	)	$	55,800

Intangible assets, net consisted of the following as of December 31, 2025:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(7,480	)		—		—
Total	$	63,280	$	(7,480	)	$	55,800

Schedule of Goodwill

The following summarizes the change in the carrying value of goodwill for the three and six months ended June 30, 2026:


	Amount
	(in thousands)
Balance at December 31, 2025	$	14,608
Adjustment		—
Balance at June 30, 2026	$	14,608

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 3,888,822	$ 2,020,959
Gross Unrealized Gain	151	3,281
Gross Unrealized Loss	(6,000)	(44)
Estimated Fair Value	3,882,973	$ 2,024,196
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,468,017
Gross Unrealized Gain	148
Gross Unrealized Loss	(1,738)
Estimated Fair Value	2,466,427
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,420,805
Gross Unrealized Gain	3
Gross Unrealized Loss	(4,262)
Estimated Fair Value	$ 1,416,546

- 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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- Definition

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+ Details

Warrant liability - Additional Information (Details) - EQRx Acquisition - USD ($)	6 Months Ended
	Jun. 30, 2026	Nov. 09, 2023
Public Warrants and Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price	11.5
Warrant purchase	0.1112
Warrants
Class of Warrant or Right [Line Items]
Warrants expiration date	Dec. 31, 2026
Public Warrants
Class of Warrant or Right [Line Items]
Warrants		$ 11,039,957
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants		$ 8,693,333

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2025	$ 14,608
Adjustment	0
Balance at June 30, 2026	$ 14,608

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Convertible Senior Notes - Schedule of Carrying Value of 2033 Notes (Details) - 0.50% Convertible Senior Notes Due 2033 - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2026	Apr. 17, 2026
Debt Instrument [Line Items]
Principal amount	$ 500,000	$ 500,000
Less: Unamortized issuance costs	(12,566)
Net carrying amount	$ 487,434

- Definition

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Summary of Balance Sheet Classification of Operating Lease Liabilities

The balance sheet classification of the Company’s operating lease liabilities was as follows:


	June 30,		December 31,
	2026		2025
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	16,753	$	16,468
Operating lease liability – noncurrent		137,741		142,234
Total operating lease liabilities	$	154,494	$	158,702

Summary of Components of Lease Costs

The components of lease costs for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)						(in thousands)
Operating lease cost	$	5,301		$	4,262		$	10,688		$	9,085
Less: Sublease income		(1,185	)		(610	)		(2,369	)		(1,878	)
Total operating lease cost, net(1)	$	4,116		$	3,652		$	8,319		$	7,207

(1) Net lease cost does not include short-term lease and variable lease costs, which were immaterial.

Schedule of Maturities of Operating Lease Liabilities

As of June 30, 2026, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2026 (remaining six months)	$	10,671
2027		20,210
2028		21,861
2029		22,626
2030		23,418
Thereafter		129,936
Total undiscounted lease payments	$	228,722
Less: Imputed interest		(70,158	)
Less: Lease receivable		(4,070	)
Total operating lease liabilities	$	154,494

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
2026 (remaining six months)	$ 10,671
2027	20,210
2028	21,861
2029	22,626
2030	23,418
Thereafter	129,936
Total undiscounted lease payments	228,722
Less: Imputed interest	(70,158)
Less: Lease receivable	(4,070)
Total operating lease liabilities	$ 154,494	$ 158,702

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Lessee Lease Description [Line Items]
Operating lease, weighted average discount rate	7.97%
Operating lease, weighted average remaining lease term	9 years 6 months	10 years
Redwood City Lease
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend	The Company’s operating lease arrangements primarily consist of office, laboratory, and research and development space in Redwood City, California, with lease terms extending through December 31, 2035, and certain options to extend.
Tenant improvement allowance	$ 20.3
Redwood City Lease \| Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit	$ 4.6	$ 4.6

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 67,446	$ 61,707
Less: accumulated depreciation	(32,838)	(28,513)
Property and equipment, net	34,608	33,194
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	35,506	30,098
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	22,602	22,278
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,275	7,322
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,952	1,955
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 111	$ 54

Convertible Senior Notes - Schedule of Future Minimum Payments (Details) - 0.50% Convertible Senior Notes Due 2033 - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2026	Apr. 17, 2026
Debt Instrument [Line Items]
2026 (remaining six months)	$ 1,250
2027	2,500
2028	2,500
2029	2,500
2030	2,500
Thereafter	506,250
Future minimum payments	517,500
Less: Interest	(17,500)
2033 Notes, principal amount	500,000	$ 500,000
Less: Unamortized issuance costs	(12,566)
Net carrying amount	$ 487,434

Stock-based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

13.

Stock-based compensation

2020 Incentive Award Plan

In February 2020, the Company adopted the 2020 Incentive Award Plan (the 2020 Plan). The 2020 Plan became effective on February 11, 2020. The 2020 Plan provides for a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options and restricted stock unit awards granted typically vest over a four-year period, but may be granted with different vesting terms.

Following the effectiveness of the 2020 Plan, the Company ceased making grants under the 2014 Equity Incentive Plan (the 2014 Plan). However, the 2014 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of

common stock subject to awards granted under the 2014 Plan that are forfeited or lapse unexercised and that were not issued under the 2014 Plan are available for issuance under the 2020 Plan.

2020 Employee Stock Purchase Plan

In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the ESPP). Under the ESPP, employees have the ability to purchase shares of the Company’s common stock through payroll deductions at a discount during a series of offering periods of 24 months, each comprised of four six-month purchase periods. The purchase price will be the lower of 85% of the closing trading price per share of the Company’s common stock on the first day of an offering period in which an employee is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period.

For the three and six months ended June 30, 2026, there were 208,030 shares of common stock purchased under the ESPP. As of June 30, 2026, a total of 7,125,587 shares of common stock were available for future issuance under the ESPP. As of June 30, 2026, there was $13.7 million of unrecognized compensation cost related to the ESPP.

Stock options

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:


	Number of Shares underlying options			Weighted- average exercise price		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2025		17,997,616		$	30.45		7.28	$	885,485
Options granted		2,293,328			105.54
Options exercised		(1,783,399	)		23.03
Options cancelled and forfeited		(145,861	)		46.51
Balance, June 30, 2026		18,361,684		$	40.42		7.27	$	2,696,546
Options vested and exercisable as of June 30, 2026		9,741,603		$	25.62		6.01	$	1,574,800

As of June 30, 2026, there was $277.2 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.96 years.

Restricted stock units

Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the six months ended June 30, 2026 was as follows:


	Number of Shares			Weighted- average grant date fair value per share		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2025		3,892,052		$	39.16		1.50	$	310,002
RSUs granted		2,053,995			108.68
RSUs vested		(763,757	)		33.61
RSUs forfeited		(103,850	)		53.66
Balance, June 30, 2026		5,078,440		$	67.82		1.58	$	951,090
Expected to vest as of June 30, 2026		5,078,440		$	67.82		1.58	$	951,090

The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of June 30, 2026, there was $304.3 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.29 years.

Stock-based compensation expense

Total stock-based compensation expense related to stock options, RSUs and the ESPP by function was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development	$	39,311	$	19,126	$	83,949	$	35,505
General and administrative		27,689		9,704		70,350		18,409
Total	$	67,000	$	28,830	$	154,299	$	53,914

Retirement-related modification of equity awards

During the three months ended March 31, 2026, the Company modified its equity compensation program to introduce retirement benefit provisions, which allow certain awards to continue vesting after retirement and extends the post-retirement exercise period for stock options, subject to specified age and service requirements. The Company accounted for these changes as Type I (probable-to-probable) modifications under ASC 718.

The modification resulted in incremental stock-based compensation expense of approximately $44.6 million recognized during the three months ended March 31, 2026. This amount includes $12.5 million of incremental expense associated with the modification of the awards, and $32.1 million related to the accelerated recognition of previously unrecognized stock-based compensation expense.

Liability Related to the Sale of Future Royalties - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2026	Jun. 30, 2025	Jun. 30, 2026
Deferred Revenue Arrangement [Line Items]
Upfront cash payment		$ 250,000
Aggregate tranches totaling amount		750,000
Debt issuance costs		10,800	$ 5,000
Tranche Two
Deferred Revenue Arrangement [Line Items]
Upfront cash payment		250,000
Aggregate tranches totaling amount		250,000
Tranche Three
Deferred Revenue Arrangement [Line Items]
Aggregate tranches totaling amount		250,000
Royalty Purchase Agreement \| Royalty Pharma
Deferred Revenue Arrangement [Line Items]
Upfront cash payment		250,000
Royalty payments termination description			The Company’s obligations under the Royalty Purchase Agreement will terminate upon the fifteenth anniversary of the first commercial sale of an RMC-6236 Product in the United States (or in the European Union for ex-U.S. sales).
Aggregate tranches totaling amount		$ 750,000
Royalty rate projections description		the Royalty Purchase Agreement provides for an upward adjustment to the Royalty Payment rates in the years from 2030 to 2041 in the event that annual net sales in the immediate prior year are below an agreed-upon threshold. The upward adjustment to the Royalty Payment rates applies only to the $0 to $2 billion annual net sales tier, and the adjusted total Royalty Payment rate for this tier remains in the single digits. Any upward adjustment will revert back to the original Royalty Payment rates in the event that annual net sales are above a different agreed-upon threshold.
Royalty Purchase Agreement \| Royalty Pharma \| Tranche 2 Funding
Deferred Revenue Arrangement [Line Items]
Upfront cash payment	$ 250,000
Royalty Purchase Agreement \| Royalty Pharma \| Tier One
Deferred Revenue Arrangement [Line Items]
Percentage of royalty payments received	4.55%
Royalty Purchase Agreement \| Royalty Pharma \| Tier Two
Deferred Revenue Arrangement [Line Items]
Percentage of royalty payments received	2.50%
Royalty Purchase Agreement \| Royalty Pharma \| Tier Three
Deferred Revenue Arrangement [Line Items]
Percentage of royalty payments received	1.00%
Royalty Purchase Agreement \| Royalty Pharma \| Tier Four
Deferred Revenue Arrangement [Line Items]
Percentage of royalty payments received	0.00%
Royalty Purchase Agreement \| Royalty Pharma \| Maximum \| Tier One
Deferred Revenue Arrangement [Line Items]
Net Sales	$ 2,000,000	$ 2,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Maximum \| Tier Two
Deferred Revenue Arrangement [Line Items]
Net Sales	4,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Maximum \| Tier Three
Deferred Revenue Arrangement [Line Items]
Net Sales	8,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Minimum \| Tier One
Deferred Revenue Arrangement [Line Items]
Net Sales		$ 0
Royalty Purchase Agreement \| Royalty Pharma \| Minimum \| Tier Two
Deferred Revenue Arrangement [Line Items]
Net Sales	2,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Minimum \| Tier Three
Deferred Revenue Arrangement [Line Items]
Net Sales	4,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Minimum \| Tier Four
Deferred Revenue Arrangement [Line Items]
Net Sales	$ 8,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Two
Deferred Revenue Arrangement [Line Items]
Percentage of royalty payments received		7.80%
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Two \| Maximum
Deferred Revenue Arrangement [Line Items]
Net Sales		$ 2,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Three
Deferred Revenue Arrangement [Line Items]
Percentage of royalty payments received		4.55%
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Three \| Maximum
Deferred Revenue Arrangement [Line Items]
Aggregate tranches totaling amount		$ 250,000
Net Sales		4,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Three \| Minimum
Deferred Revenue Arrangement [Line Items]
Net Sales		2,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Four
Deferred Revenue Arrangement [Line Items]
Aggregate tranches totaling amount		$ 250,000
Percentage of royalty payments received		2.40%
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Four \| Maximum
Deferred Revenue Arrangement [Line Items]
Net Sales		$ 8,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Four \| Minimum
Deferred Revenue Arrangement [Line Items]
Net Sales		4,000,000
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Five
Deferred Revenue Arrangement [Line Items]
Aggregate tranches totaling amount		$ 250,000
Percentage of royalty payments received		0.00%
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Five \| Maximum
Deferred Revenue Arrangement [Line Items]
Aggregate tranches totaling amount		$ 100,000
Royalty Purchase Agreement \| Royalty Pharma \| Tranche Five \| Minimum
Deferred Revenue Arrangement [Line Items]
Net Sales		$ 8,000,000

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 16, 2026	Feb. 28, 2026	Jan. 31, 2026	Aug. 31, 2024	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Accumulated deficit					$ (3,967,289)	$ (3,967,289)		$ (2,869,102)
Net proceeds from issuance of common stock						$ 1,651,355	$ 0
Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance of common stock	$ 1,651,400				141,900
Aggregate gross proceeds through equity issuance maximum potential amount		$ 1,000,000
Issuance of common stock upon offering, net of offering costs, shares	12,147,887
Proceeds from issuance of common stock gross	$ 1,725,000
Sale of stock, price per share	$ 142
2024 ATM Program \| Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance of common stock		$ 84,800	$ 84,800					$ 347,900	$ 59,500
Aggregate gross proceeds through equity issuance maximum potential amount				$ 500,000
Issuance of common stock upon offering, net of offering costs, shares		880,098	880,098					6,163,501	1,147,893
Proceeds from issuance of common stock gross		$ 86,100	$ 86,100					$ 353,400	$ 60,400
Commissions and expenses		$ 1,300	$ 1,300
2026 ATM Program \| Common Stock
Class Of Stock [Line Items]
Issuance of common stock upon offering, net of offering costs, shares						1,455,299
Proceeds from issuance of common stock gross					$ 144,100

Convertible Senior Notes - Additional Information (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Apr. 17, 2026 USD ($) $ / shares	Jun. 30, 2026 USD ($) BusinessDays TradingDays	Jun. 30, 2025
Debt Instrument [Line Items]
Debt instrument redemption description			Prepayments made prior to the second anniversary of the applicable funding date for the applicable tranche of loans are subject to a make-whole premium equal to the foregone interest through the second anniversary, as well as a prepayment premium of 3.00%. Prepayments made on or after the second anniversary but before the third anniversary are subject to a 3.00% prepayment premium, and prepayments made on or after the third anniversary are subject to a 1.00% prepayment premium. No make-whole or prepayment premium is due if repayment occurs at maturity.
0.50% Convertible Senior Notes Due 2033 \| Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000	$ 500,000
Debt instrument, interest per annum	0.50%
Underwriting discount percentage	2.50%
Net proceeds from issuance of the Notes	$ 487,100
Debt instrument, description	The 2033 Notes are the Company’s senior, unsecured obligations and bear interest at a rate of 0.50% per year, payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2026. The 2033 Notes will mature on May 1, 2033, unless earlier converted, redeemed, or repurchased.
Debt instrument maturity date	May 01, 2033
Trading days \| TradingDays		20
Consecutive trading days \| TradingDays		30
Conversion date		Feb. 01, 2033
Debt conversion, description	The initial conversion rate is 5.0302 shares of the Company’s common stock per $1,000 principal amount of the 2033 Notes, representing an initial conversion price of approximately $198.80 per share. The initial conversion price is subject to customary anti-dilution adjustments and may be increased in connection with certain make-whole fundamental change events, subject to a maximum conversion rate of 7.0422 shares per $1,000 principal amount. Upon conversion, the Company may elect to settle the conversion obligation in cash, shares of the Company’s common stock, or a combination of both.
Initial conversion rate	5.0302%
Principal amount of convertible senior unsecured notes	$ 1,000
Initial conversion price \| $ / shares	$ 198.8
Debt instrument redemption description		Any redemption of the 2033 Notes also constitutes a make-whole fundamental change. The Company may not redeem fewer than all outstanding 2033 Notes unless at least $100.0 million aggregate principal amount of the 2033 Notes remains outstanding and is not subject to redemption.
Debt instrument redemption minimum principal amount		$ 100,000
Unamortized issuance costs		$ 12,566
Contractual life		6 years 9 months 18 days
Estimated fair value		$ 487,434
0.50% Convertible Senior Notes Due 2033 \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000
Conversion rate	7.0422
0.50% Convertible Senior Notes Due 2033 \| Convertible Debt \| Period One
Debt Instrument [Line Items]
Trading days \| TradingDays		20
Consecutive trading days \| TradingDays		30
0.50% Convertible Senior Notes Due 2033 \| Convertible Debt \| Period Two
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,000
Trading days \| BusinessDays		5
Consecutive trading days \| TradingDays		10
0.50% Convertible Senior Notes Due 2033 \| Level 2 \| Convertible Debt
Debt Instrument [Line Items]
Estimated fair value		$ 625,700
Common Stock \| 0.50% Convertible Senior Notes Due 2033 \| Convertible Debt
Debt Instrument [Line Items]
Percentage of stock price trigger		130.00%
Common Stock \| 0.50% Convertible Senior Notes Due 2033 \| Convertible Debt \| Period One
Debt Instrument [Line Items]
Percentage of stock price trigger		130.00%
Common Stock \| 0.50% Convertible Senior Notes Due 2033 \| Convertible Debt \| Period Two
Debt Instrument [Line Items]
Percentage of stock price trigger		98.00%

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30,			December 31,
	2026			2025
	(in thousands)
Laboratory equipment	$	35,506		$	30,098
Leasehold improvements		22,602			22,278
Computer equipment and software		7,275			7,322
Furniture and fixtures		1,952			1,955
Construction in progress		111			54
		67,446			61,707
Less: accumulated depreciation		(32,838	)		(28,513	)
Property and equipment, net	$	34,608		$	33,194

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30,		December 31,
	2026		2025
	(in thousands)
Accrued compensation	$	64,686	$	58,192
Accrued research and development		170,116		137,153
Accrued professional services		8,942		6,137
Other		5,145		7,858
Total accrued expenses and other current liabilities	$	248,889	$	209,340

Stock-based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	3,892,052
Number of Shares, RSUs granted	2,053,995
Number of Shares, RSUs vested	(763,757)
Number of Shares, RSUs forfeited	(103,850)
Number of Shares, Ending balance	5,078,440	3,892,052
Number of Shares, Expected to vest	5,078,440
Weighted-average grant date fair value per share, Beginning balance	$ 39.16
Weighted-average grant date fair value per share, Restricted stock units granted	108.68
Weighted-average grant date fair value per share, Restricted stock units vested	33.61
Weighted-average grant date fair value per share, Restricted stock units forfeited	53.66
Weighted-average grant date fair value per share, Ending balance	67.82	$ 39.16
Weighted-average grant date fair value per share, Expected to vest	$ 67.82
Weighted-average remaining contractual term (in years)	1 year 6 months 29 days	1 year 6 months
Weighted-average remaining contractual term, Expected to vest	1 year 6 months 29 days
Aggregate intrinsic value	$ 951,090	$ 310,002
Aggregate intrinsic value, Expected to vest	$ 951,090

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (644,371)	$ (453,816)	$ (247,787)	$ (213,416)	$ (1,098,187)	$ (461,203)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance \| shares	17,997,616
Number of Shares underlying options, Options granted \| shares	2,293,328
Number of Shares underlying options, Options exercised \| shares	(1,783,399)
Number of Shares underlying options, Options cancelled and forfeited \| shares	(145,861)
Number of Shares underlying options, Ending balance \| shares	18,361,684	17,997,616
Number of Shares underlying options, Options vested and exercisable \| shares	9,741,603
Weighted-average exercise price, Beginning balance \| $ / shares	$ 30.45
Weighted-average exercise price, Options granted \| $ / shares	105.54
Weighted-average exercise price, Options exercised \| $ / shares	23.03
Weighted-average exercise price, Options cancelled and forfeited \| $ / shares	46.51
Weighted-average exercise price, Ending balance \| $ / shares	40.42	$ 30.45
Weighted-average exercise price, Options vested and exercisable \| $ / shares	$ 25.62
Weighted-average remaining contractual term (in years)	7 years 3 months 7 days	7 years 3 months 10 days
Weighted-average remaining contractual term, Options vested and exercisable	6 years 3 days
Aggregate intrinsic value \| $	$ 2,696,546	$ 885,485
Aggregate intrinsic value, Options vested and exercisable \| $	$ 1,574,800

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 394,919	$ 224,134	$ 738,889	$ 429,883
General and administrative	110,213	40,580	211,465	75,591
Total operating expenses	505,132	264,714	950,354	505,474
Loss from operations	(505,132)	(264,714)	(950,354)	(505,474)
Non-operating income (expense), net:
Interest income	35,579	22,404	55,087	47,319
Interest expense	(23,781)	(867)	(35,978)	(867)
Change in fair value of warrant liability	(151,031)	(4,578)	(166,819)	(2,139)
Other expense, net	(6)	(32)	(123)	(42)
Total non-operating income (expense), net	(139,239)	16,927	(147,833)	44,271
Loss before income taxes	(644,371)	(247,787)	(1,098,187)	(461,203)
Net loss	$ (644,371)	$ (247,787)	$ (1,098,187)	$ (461,203)
Net loss per share attributable to common stockholders, basic	$ (3.06)	$ (1.31)	$ (5.37)	$ (2.45)
Net loss per share attributable to common stockholders, diluted	$ (3.06)	$ (1.31)	$ (5.37)	$ (2.45)
Weighted-average common shares used to compute net loss per share, basic	210,893,604	188,583,288	204,531,173	188,365,805
Weighted-average common shares used to compute net loss per share, diluted	210,893,604	188,583,288	204,531,173	188,365,805
Comprehensive loss:
Net Income (Loss)	$ (644,371)	$ (247,787)	$ (1,098,187)	$ (461,203)
Other comprehensive loss:
Foreign currency translation adjustments	(93)	0	(101)	0
Unrealized loss on investments, net	(5,235)	(405)	(9,086)	(19)
Comprehensive loss	$ (649,699)	$ (248,192)	$ (1,107,374)	$ (461,222)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss			$ (1,098,187)	$ (461,203)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense			154,299	53,914
Depreciation and amortization			4,795	3,984
Change in fair value of warrant liability	$ 151,031	$ 4,578	166,819	2,139
Non-cash interest expense on liabilities related to sale of future royalties			35,096	866
Non-cash interest expense on convertible senior notes			880	0
Net amortization of premium or discount on marketable securities			(7,556)	(17,560)
Amortization of operating lease right-of-use asset			4,240	3,534
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(41,011)	(935)
Accounts payable			21,888	491
Accrued expenses and other current liabilities			39,044	12,369
Operating lease liability			(4,208)	(3,056)
Long-term deposits			(18,306)	(4,472)
Other prepaid and noncurrent assets			283	(12,036)
Other noncurrent liabilities			440	5,773
Net cash used in operating activities			(741,484)	(416,192)
Cash flows from investing activities
Purchases of marketable securities			(2,248,094)	(1,039,327)
Maturities of marketable securities			765,863	1,061,986
Sales of marketable securities			0	6,384
Purchases of property and equipment			(3,824)	(10,716)
Net cash provided by (used in) investing activities			(1,486,055)	18,327
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs			1,651,355	0
Proceeds from the sale of future royalties, net of issuance costs			245,000	250,000
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs			226,730	0
Proceeds from issuance of convertible senior notes, net			487,068	0
Proceeds from issuance of common stock under equity incentive plans			41,053	2,828
Proceeds from issuance of common stock related to employee stock purchase plan			8,473	4,644
Proceeds from exercise of warrants			293	1
Deferred offering costs			(743)	(16)
Net cash provided by financing activities			2,659,229	257,457
Net increase (decrease) in cash, cash equivalents and restricted cash			431,690	(140,408)
Cash, cash equivalents and restricted cash - beginning of period			388,603	546,762	$ 546,762
Cash, cash equivalents and restricted cash - end of period	820,293	406,354	820,293	406,354	388,603
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	815,435	402,438	815,435	402,438	$ 383,745
Restricted cash	4,858	3,916	4,858	3,916
Cash, cash equivalents and restricted cash - end of period	$ 820,293	$ 406,354	820,293	406,354
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities			3,781	2,907
Unpaid issuance costs on the liability related to the sale of future royalties			0	5,785
Unpaid issuance costs on convertible senior notes			$ 745	$ 0

Commitments and Contingencies - Summary of Components of Lease Costs (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Operating lease cost

$ 5,301

$ 4,262

$ 10,688

$ 9,085

Less: Sublease income

(1,185)

(610)

(2,369)

(1,878)

Total operating lease cost, net

^[1]

$ 4,116

$ 3,652

$ 8,319

$ 7,207

[1]	Net lease cost does not include short-term lease and variable lease costs, which were immaterial.

Available-for-sale Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses

The following tables summarize the amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses:


	June 30, 2026
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	252,580	$	2	$	(110	)	$	252,472
U.S. government and agency securities		1,165,385		61		(2,734	)		1,162,712
Corporate bonds		1,710,377		86		(3,113	)		1,707,350
Total marketable securities		3,128,342		149		(5,957	)		3,122,534
Cash equivalents:
Money market funds		436,756		—		—			436,756
Commercial paper		317,072		1		(43	)		317,030
U.S. government and agency securities		1,148		—		—			1,148
Corporate bonds		5,504		1		—			5,505
Total cash equivalents		760,480		2		(43	)		760,439
Total available-for-sale securities	$	3,888,822	$	151	$	(6,000	)	$	3,882,973


	December 31, 2025
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	62,380	$	16	$	(3	)	$	62,393
U.S. government and agency securities		689,258		1,432		(7	)		690,683
Corporate bonds		887,058		1,833		(33	)		888,858
Total marketable securities		1,638,696		3,281		(43	)		1,641,934
Cash equivalents:
Money market funds		369,376		—		—			369,376
Commercial paper		12,688		—		(1	)		12,687
Corporate bonds		199		—		—			199
Total cash equivalents		382,263		—		(1	)		382,262
Total available-for-sale securities	$	2,020,959	$	3,281	$	(44	)	$	2,024,196

Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of June 30, 2026:


	June 30, 2026
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	2,468,017	$	148	$	(1,738	)	$	2,466,427
Mature after one year through two years		1,420,805		3		(4,262	)		1,416,546
Total available-for-sale securities	$	3,888,822	$	151	$	(6,000	)	$	3,882,973

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 64,686	$ 58,192
Accrued research and development	170,116	137,153
Accrued professional services	8,942	6,137
Other	5,145	7,858
Total accrued expenses and other current liabilities	$ 248,889	$ 209,340

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Follow-on Public Offering	At The Market Equity Offering	Common Stock	Common Stock Follow-on Public Offering	Common Stock At The Market Equity Offering	Additional Paid-In Capital	Additional Paid-In Capital Follow-on Public Offering	Additional Paid-In Capital At The Market Equity Offering	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2024	$ 2,265,204			$ 18			$ 4,001,666			$ 1,321	$ (1,737,801)
Beginning balance, shares at Dec. 31, 2024				185,896,625
Issuance of common stock pursuant to stock option exercises	891						891
Issuance of common stock pursuant to stock option exercises, shares				90,043
Issuance of common stock related to vesting of restricted stock units, shares				271,536
Exercise of warrants	1						1
Exercise of warrants, shares				2
Stock-based compensation expense	25,084						25,084
Net unrealized gain (loss) on marketable securities	386									386
Net Income (Loss)	(213,416)										(213,416)
Ending balance at Mar. 31, 2025	2,078,150			$ 18			4,027,642			1,707	(1,951,217)
Ending balance, shares at Mar. 31, 2025				186,258,206
Beginning balance at Dec. 31, 2024	2,265,204			$ 18			4,001,666			1,321	(1,737,801)
Beginning balance, shares at Dec. 31, 2024				185,896,625
Net unrealized gain (loss) on marketable securities	(19)
Net Income (Loss)	(461,203)
Ending balance at Jun. 30, 2025	1,865,369			$ 18			4,063,053			1,302	(2,199,004)
Ending balance, shares at Jun. 30, 2025				186,901,268
Beginning balance at Dec. 31, 2024	2,265,204			$ 18			4,001,666			1,321	(1,737,801)
Beginning balance, shares at Dec. 31, 2024				185,896,625
Ending balance at Dec. 31, 2025	1,631,297			$ 19			4,497,143			3,237	(2,869,102)
Ending balance, shares at Dec. 31, 2025				197,001,401
Beginning balance at Mar. 31, 2025	2,078,150			$ 18			4,027,642			1,707	(1,951,217)
Beginning balance, shares at Mar. 31, 2025				186,258,206
Issuance of common stock pursuant to stock option exercises	1,937						1,937
Issuance of common stock pursuant to stock option exercises, shares				121,103
Issuance of common stock related to vesting of restricted stock units, shares				361,975
Issuance of common stock related to employee stock purchase plan	4,644						4,644
Issuance of common stock related to employee stock purchase plan, shares				159,984
Stock-based compensation expense	28,830						28,830
Net unrealized gain (loss) on marketable securities	(405)									(405)
Net Income (Loss)	(247,787)										(247,787)
Ending balance at Jun. 30, 2025	1,865,369			$ 18			4,063,053			1,302	(2,199,004)
Ending balance, shares at Jun. 30, 2025				186,901,268
Beginning balance at Dec. 31, 2025	1,631,297			$ 19			4,497,143			3,237	(2,869,102)
Beginning balance, shares at Dec. 31, 2025				197,001,401
Issuance of common stock pursuant to stock option exercises	12,209						12,209
Issuance of common stock pursuant to stock option exercises, shares				473,472
Issuance of common stock related to vesting of restricted stock units, shares				367,871
Issuance of common stock, net of offering costs			$ 226,730						$ 226,730
Issuance of common stock upon offering, net of offering costs, shares						2,335,397
Exercise of warrants	57						57
Exercise of warrants, shares				485
Stock-based compensation expense	87,299						87,299
Foreign currency translation adjustment	(8)									(8)
Net unrealized gain (loss) on marketable securities	(3,851)									(3,851)
Net Income (Loss)	(453,816)										(453,816)
Ending balance at Mar. 31, 2026	1,499,917			$ 19			4,823,438			(622)	(3,322,918)
Ending balance, shares at Mar. 31, 2026				200,178,626
Beginning balance at Dec. 31, 2025	1,631,297			$ 19			4,497,143			3,237	(2,869,102)
Beginning balance, shares at Dec. 31, 2025				197,001,401
Net unrealized gain (loss) on marketable securities	(9,086)
Net Income (Loss)	(1,098,187)
Ending balance at Jun. 30, 2026	2,606,238			$ 21			6,579,456			(5,950)	(3,967,289)
Ending balance, shares at Jun. 30, 2026				214,242,688
Beginning balance at Mar. 31, 2026	1,499,917			$ 19			4,823,438			(622)	(3,322,918)
Beginning balance, shares at Mar. 31, 2026				200,178,626
Issuance of common stock pursuant to stock option exercises	28,844			$ 1			28,843
Issuance of common stock pursuant to stock option exercises, shares				1,309,927
Issuance of common stock related to vesting of restricted stock units, shares				395,886
Issuance of common stock related to employee stock purchase plan	8,473						8,473
Issuance of common stock related to employee stock purchase plan, shares				208,030
Issuance of common stock, net of offering costs		$ 1,651,355			$ 1			$ 1,651,354
Issuance of common stock upon offering, net of offering costs, shares					12,147,887
Exercise of warrants	348						348
Exercise of warrants, shares				2,332
Stock-based compensation expense	67,000						67,000
Foreign currency translation adjustment	(93)									(93)
Net unrealized gain (loss) on marketable securities	(5,235)									(5,235)
Net Income (Loss)	(644,371)										(644,371)
Ending balance at Jun. 30, 2026	$ 2,606,238			$ 21			$ 6,579,456			$ (5,950)	$ (3,967,289)
Ending balance, shares at Jun. 30, 2026				214,242,688

Common Stock - Additional Information (Details)	6 Months Ended
Common Stock - Additional Information (Details)	Jun. 30, 2026 USD ($) Vote $ / shares shares	Dec. 31, 2025 $ / shares shares
Stockholders' Equity Note [Abstract]
Common stock, shares authorized \| shares	300,000,000	300,000,000
Common stock, par or stated value per share \| $ / shares	$ 0.0001	$ 0.0001
Common stock, voting rights	Each share of common stock is entitled to one vote
Number of voting rights per common share \| Vote	1
Common stock, dividends declared \| $	$ 0

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	28,232,544	23,970,215
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	18,361,684	17,272,317
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	5,078,440	3,808,980
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	85,820	694,578
Common Stock Issuable Under Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,515,100	0
Warrants Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,191,500	2,194,340

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company’s financial position and results of operations for the reported periods. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements and the related notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026 (the 2025 Form 10-K). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed consolidated financial statements for the periods ended June 30, 2026 and June 30, 2025 include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances

and transactions have been eliminated in consolidation. The financial results of the Company's activities are reported in United States Dollars.

Use of Estimates

Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including clinical accruals, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, impairment of in-process research and development and developed technologies, the incremental borrowing rate for determining operating lease assets and liabilities, warrant liabilities, stock-based compensation, the liability related to the sale of future royalties including the estimation of future payments and the related non-cash interest expense. Estimates are based on historical experience, complex judgments, facts and circumstances available at the time and various other assumptions that are believed to be reasonable under the circumstances but are inherently uncertain and unpredictable. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods.

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of credit risk and other risks and uncertainties

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its bank deposits and issuers of its investments. The Company’s investment policy limits investments to money market funds, certain types of debt securities issued by the U.S. government and its agencies, certificates of deposit, corporate debt and commercial paper, and places restrictions on the credit ratings, maturities and concentration by type and issuer. The Company has not experienced any significant losses on its deposits of cash and cash equivalents or investments.

Pre-launch Inventory

Pre-launch inventory

Costs relating to raw materials and production of inventory in preparation for product launch prior to regulatory approval are capitalized when future commercialization is considered probable, the future economic benefit is expected to be realized, and the Company believes that material uncertainties related to the ultimate regulatory approval have been significantly reduced. As of June 30, 2026, the Company has not capitalized any inventory costs.

Segment Reporting

Segment reporting

The Company determines its operating segments based on how the chief operating decision maker (CODM) views and analyzes the segment’s operations and performance and allocates resources. The President and Chief Executive Officer is the CODM. The CODM utilizes net loss as the measure of segment profit or loss. The Company has one operating and reportable segment. The Company’s CODM manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The CODM assesses performance for and decides how to allocate resources based on the Company’s cash and investment balance, periodic changes in cash and investments, and net loss, all of which are reported on the Company’s consolidated balance sheets, statements of operations and/or statements of cash flows. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Substantially all of the Company’s long-lived assets are located in the United States.

In addition to the significant expense categories included within consolidated net loss presented on the Company’s condensed consolidated statements of operations, see below for disaggregated amounts that comprise research and development expenses:


	Three Months Ended June 30,							Six Months Ended June 30,
	2026		2025		Increase/ (decrease)			2026		2025		Increase/ (decrease)
	(in thousands)							(in thousands)
Third-party research and development expenses(a)	$	232,942	$	144,138	$	88,804		$	441,438	$	276,881	$	164,557
Salaries and other employee-related expenses		78,627		41,170		37,457			140,159		78,364		61,795
Stock-based compensation expense		39,311		19,126		20,185			83,949		35,505		48,444
Amortization of intangible assets		—		267		(267	)		—		534		(534	)
Other research and development costs		44,039		19,433		24,606			73,343		38,599		34,744
Total research and development expense	$	394,919	$	224,134	$	170,785		$	738,889	$	429,883	$	309,006

(a) Third-party research and development expenses are comprised primarily of external costs incurred under agreements with third-party contract organizations, investigative clinical trial sites that conduct research and development activities on the Company’s behalf and consultants; costs related to the production of preclinical, clinical and pre-launch inventory, including fees paid to contract manufacturers; and laboratory and vendor expenses related to the execution of discovery programs, preclinical and clinical trials.

Recent Accounting Pronouncements

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date.

Recently adopted accounting pronouncements

In November 2024, the FASB issued ASU 2024-04, Debt (Topic 470), Debt with Conversion and Other Options (Subtopic 470-20), Induced Conversions of Convertible Debt Instruments. ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The guidance is effective for public business entities for fiscal years beginning after December 15, 2025. Early application is permitted. The Company adopted the standard prospectively for the year ended December 31, 2026. The guidance applies to the Company's convertible senior notes issued in April 2026. The adoption of the standard did not have a material impact on the Company's consolidated financial statements.

Recently announced accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The guidance is effective for public business entities for fiscal years (clarified as annual reporting periods by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures Subtopic 220-40 issued in January 2025) beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software. The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods. The new guidance will be effective for all entities for annual periods beginning after December 15, 2027. The guidance can be applied on a fully prospective basis, a modified basis for in-process projects, or a full retrospective basis. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), Narrow-Scope Improvements. The amendments in this guidance clarify interim disclosure requirements and the applicability of Topic 270 resulting in a comprehensive list of interim disclosures with a goal to enhance consistency in interim reporting for all entities. The guidance will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments in this Update can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Common Stock (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of Common Stock for Future Issuance

The Company has reserved shares of common stock for future issuance as follows:


	June 30,		December 31,
	2026		2025
Outstanding options to purchase common stock		18,361,684		17,997,616
Unvested restricted stock units of common stock		5,078,440		3,892,030
Available for future issuance under the 2020 Incentive Award Plan		7,147,735		1,395,277
Available for issuance under the 2020 Employee Stock Purchase Plan		7,125,587		5,363,603
Total		37,713,446		28,648,526

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Significant Segment Expenses


	Three Months Ended June 30,							Six Months Ended June 30,
	2026		2025		Increase/ (decrease)			2026		2025		Increase/ (decrease)
	(in thousands)							(in thousands)
Third-party research and development expenses(a)	$	232,942	$	144,138	$	88,804		$	441,438	$	276,881	$	164,557
Salaries and other employee-related expenses		78,627		41,170		37,457			140,159		78,364		61,795
Stock-based compensation expense		39,311		19,126		20,185			83,949		35,505		48,444
Amortization of intangible assets		—		267		(267	)		—		534		(534	)
Other research and development costs		44,039		19,433		24,606			73,343		38,599		34,744
Total research and development expense	$	394,919	$	224,134	$	170,785		$	738,889	$	429,883	$	309,006

Convertible Senior Notes (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Carrying Value of 2033 Notes

The following table sets forth the carrying value of the 2033 Notes as of June 30, 2026:


	Amount
	(in thousands)
Principal amount	$	500,000
Less: Unamortized issuance costs		(12,566	)
Net carrying amount	$	487,434

Schedule of Components of Interest Expense

The following table sets forth the components of interest expense recognized on the 2033 Notes for the three and six months ended June 30, 2026:


	Amount
	(in thousands)
Contractual interest expense	$	514
Amortization of issuance costs		366
Total interest expense recognized	$	880

Schedule of Future Minimum Payments

The following table sets forth future minimum payments under the 2033 Notes (in thousands):


2026 (remaining six months)	$	1,250
2027		2,500
2028		2,500
2029		2,500
2030		2,500
Thereafter		506,250
Future minimum payments	$	517,500
Less: Interest		(17,500	)
2033 Notes, principal amount	$	500,000
Less: Unamortized issuance costs		(12,566	)
Net carrying amount	$	487,434

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares, issued	214,242,688	197,001,401
Common stock, shares, outstanding	214,242,688	197,001,401

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarterly period ended June 30, 2026, the following directors and officers of the Company adopted Rule 10b5-1 trading arrangements that are each intended to satisfy the affirmative defense of Rule 10b5-1(c) promulgated under the Exchange Act. The details of these arrangements are as follows: On May 22, 2026, Mark A. Goldsmith, M.D., Ph.D., our President and Chief Executive Officer and Chair of the Board of Directors, adopted a Rule 10b5-1 trading plan. Dr. Goldsmith’s Rule 10b5-1 trading plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act, and provides for (i) the potential exercise and sale of up to 150,000 shares of our common stock subject to a stock option held by Dr. Goldsmith, (ii) the potential sale of up to 12,000 shares of our common stock by a trust for which Dr. Goldsmith is a trustee and (iii) the potential sale of up to 12,000 shares of our common stock by another trust for which Dr. Goldsmith is a trustee. The trading plan will terminate at the earlier of the execution of all trading orders pursuant to the plan and September 30, 2027. On May 22, 2026, Jeff Cislini, Senior Vice President, General Counsel and Secretary, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act, which provides for (i) the potential exercise and sale of up to 78,966 shares of our common stock subject to stock options held by Mr. Cislini and (ii) the potential sale of shares of our common stock issued upon the settlement of 21,000 restricted stock units, less the number of shares sold to cover tax withholding obligations in connection with the vesting and settlement of such restricted stock units. The trading plan will terminate at the earlier of the execution of all trading orders pursuant to the plan and April 30, 2027. On June 11, 2026, Anthony Mancini, our Chief Global Commercialization Officer, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act, which provides for (i) the potential exercise and sale of up to 24,968 shares of our common stock subject to stock options held by Mr. Mancini and (ii) the potential sale of shares of our common stock issued upon the settlement of 18,950 restricted stock units, less the number of shares sold to cover tax withholding obligations in connection with the vesting and settlement of such restricted stock units. The trading plan will terminate at the earlier of the execution of all trading orders pursuant to the plan and March 3, 2027. On June 12, 2026, Steve Kelsey, M.D., FRCP, FRCPath, who served as our President, Research and Development until June 30, 2026 and currently serves as Senior Advisor to the Chief Executive Officer, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act, which provides for the potential exercise and sale of up to 92,531 shares of our common stock subject to a stock option held by Dr. Kelsey. The trading plan will terminate at the earlier of the execution of all trading orders pursuant to the plan and March 31, 2027. On June 14, 2026, Alan Sandler, M.D., our Chief Development Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. Dr. Sandler’s trading arrangement covers the sale of the number of shares of our common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2026. The aggregate number of shares to be sold pursuant to this trading arrangement is dependent on the number of restricted stock unit awards that may be granted to Dr. Sandler from time to time and the taxes on these restricted stock unit awards, and, therefore, is indeterminable at this time. On June 15, 2026, Anthony Mancini, our Chief Global Commercialization Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. Mr. Mancini’s trading arrangement covers the sale of the number of shares of our common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2026. The aggregate number of shares to be sold pursuant to this trading arrangement is dependent on the number of restricted stock unit awards that may be granted to Mr. Mancini from time to time and the taxes on these restricted stock unit awards, and, therefore, is indeterminable at this time.
Mark A. Goldsmith [Member]
Trading Arrangements, by Individual
Name	Mark A. Goldsmith
Title	President and Chief Executive Officer and Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 22, 2026
Expiration Date	September 30, 2027
Jeff Cislini [Member]
Trading Arrangements, by Individual
Name	Jeff Cislini
Title	Senior Vice President, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 22, 2026
Expiration Date	April 30, 2027
Steve Kelsey [Member]
Trading Arrangements, by Individual
Name	Steve Kelsey, M.D
Title	President, Research and Development
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 12, 2026
Expiration Date	March 31, 2027
Aggregate Available	92,531
Alan Sandler [Member]
Trading Arrangements, by Individual
Name	Alan Sandler, M.D
Title	Chief Development Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 14, 2026
Plan One \| Mark A. Goldsmith [Member]
Trading Arrangements, by Individual
Aggregate Available	150,000
Plan One \| Jeff Cislini [Member]
Trading Arrangements, by Individual
Aggregate Available	78,966
Plan One \| Anthony Mancini [Member]
Trading Arrangements, by Individual
Name	Anthony Mancini
Title	Chief Global Commercialization Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 11, 2026
Expiration Date	March 3, 2027
Aggregate Available	24,968
Plan Two \| Mark A. Goldsmith [Member]
Trading Arrangements, by Individual
Aggregate Available	12,000
Plan Two \| Jeff Cislini [Member]
Trading Arrangements, by Individual
Aggregate Available	21,000
Plan Two \| Anthony Mancini [Member]
Trading Arrangements, by Individual
Name	Anthony Mancini,
Title	Chief Global Commercialization Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2026
Aggregate Available	18,950
Plan Three \| Mark A. Goldsmith [Member]
Trading Arrangements, by Individual
Aggregate Available	12,000

Organization

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Revolution Medicines, Inc. (the Company) is a late-stage clinical oncology company focused on developing novel targeted therapies for patients with RAS-addicted cancers. The Company was founded in October 2014 and is headquartered in Redwood City, California.

Liquidity

The Company has incurred net operating losses in each year since inception. As of June 30, 2026, the Company had an accumulated deficit of $4.0 billion. Management believes that its existing cash, cash equivalents and marketable securities will enable the Company to fund its planned operations for at least 12 months following the issuance date of these unaudited condensed consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock, the acquisition of EQRx, Inc. (EQRx), the sale of future royalties and the issuance of convertible senior notes. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending should additional capital not become available, could have a material adverse effect on the Company’s ability to achieve its business objectives.

Public offerings

In August 2024, the Company entered into a sales agreement with TD Securities (USA) LLC (TD Cowen) to sell shares of the Company’s common stock, from time to time, with aggregate gross proceeds of up to $500 million, through an at-the-market equity offering program (the 2024 ATM). During the year ended December 31, 2024, the Company sold an aggregate of 1,147,893 shares of common stock under the 2024 ATM, resulting in gross proceeds of $60.4 million, with net proceeds to the Company of $59.5 million after deducting commissions and expenses. During the year ended December 31, 2025, the Company sold an aggregate of 6,163,501 shares of common stock under the 2024 ATM, resulting in gross proceeds of $353.4 million, with net proceeds to the Company of $347.9 million after deducting commissions and expenses. In January and February 2026, the Company sold an aggregate of 880,098 shares of common stock under the 2024 ATM, resulting in gross proceeds of $86.1 million. After deducting commissions and expenses of $1.3 million, net proceeds to the Company were $84.8 million.

In February 2026, the Company entered into a sales agreement with TD Cowen to sell shares of the Company’s common stock, from time to time, with aggregate gross proceeds of up to $1 billion, through an at-the-market equity offering program (the 2026 ATM). The 2026 ATM replaced the 2024 ATM and any unused balance remaining under the 2024 ATM is no longer available. During the six months ended June 30, 2026, the Company sold an aggregate of 1,455,299 shares of common stock under the 2026 ATM, resulting in gross proceeds of $144.1 million, with net proceeds to the Company of $141.9 million after deducting commissions and expenses.

In April 2026, the Company completed a public offering of 12,147,887 shares of its common stock at a public offering price of $142.00 per share, including the shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares (the Common Stock Offering). The Company received gross proceeds of approximately $1,725.0 million from the Common Stock Offering. Net proceeds were approximately $1,651.4 million from the Common Stock Offering, after deducting underwriting discounts, commissions and offering expenses.

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 2.1	$ 1.7	$ 4.3	$ 3.3

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(644,371	)	$	(247,787	)	$	(1,098,187	)	$	(461,203	)
Denominator:
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		210,893,604			188,583,288			204,531,173			188,365,805
Net loss per share attributable to common stockholders, basic and diluted	$	(3.06	)	$	(1.31	)	$	(5.37	)	$	(2.45	)

Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	As of June 30,
	2026		2025
Options to purchase common stock		18,361,684		17,272,317
Unvested restricted stock units of common stock		5,078,440		3,808,980
Expected shares to be purchased under ESPP		85,820		694,578
Common stock issuable under convertible senior notes		2,515,100		—
Warrants outstanding		2,191,500		2,194,340
Total		28,232,544		23,970,215

Liability Related to the Sale of Future Royalties

6 Months Ended

Jun. 30, 2026

Deferred Revenue Disclosure [Abstract]

Liability related to the sale of future royalties

In June 2025, the Company entered into a revenue participation right purchase and sale agreement (the Royalty Purchase Agreement) with Royalty Pharma Investments 2019 ICAV (Royalty Pharma). Pursuant to the Royalty Purchase Agreement, Royalty Pharma purchased from the Company the right to receive tiered royalty payments with respect to worldwide net product sales of (i) RMC-6236 Products and (ii) RMC-9805 Products, if an RMC-9805 Product is approved for the same indication or subset of the same indication for which an RMC-6236 Product is approved (the Royalty Payments) for an upfront payment of $250.0 million.

In May 2026, the Company received a $250.0 million payment from Royalty Pharma in exchange for additional rights to Royalty Payments in connection with the Tranche 2 funding trigger under the Royalty Purchase Agreement. In exchange for the first two tranches under the Royalty Purchase Agreement (the upfront payment of $250.0 million and this Tranche 2 funding), Royalty Pharma is entitled to receive total Royalty Payments equal to 4.55% of annual net sales up to $2.0 billion, 2.50% of annual net sales between $2.0 billion and $4.0 billion, 1.00% of annual net sales between $4.0 billion and $8.0 billion, and no Royalty Payments on sales in excess of $8.0 billion.

The Royalty Purchase Agreement provides for up to an additional $750.0 million of potential purchases of additional Royalty Payments. In each case of the following, at the Company’s election, Royalty Pharma will purchase the rights to additional Royalty Payments in exchange for (x) a payment of up to $250.0 million, if, prior to July 1, 2028, RMC-6236 receives FDA approval for the second-line treatment of patients with metastatic PDAC (Tranche 3), (y) a payment of up to $250.0 million, if the Company meets a specified net sales milestone prior to January 1, 2029 (Tranche 4), and (z) payments of (1) up to $100.0 million, if prior to January 1, 2030, there is a positive data readout from a potential Phase 3 clinical trial for the first-line treatment of metastatic PDAC involving either an RMC-6236 Product or an RMC-9805 Product, in each case, showing that the applicable Company compound meets an agreed-upon endpoint in a statistically significant manner and the FDA accepts a New Drug Application (or a supplemental application or an amendment to an existing application) on the basis of such readout, and (2) a payment of up to the difference of (I) $250.0 million and (II) the purchase price of any Royalty Payments purchased pursuant to clause (z)(1) above, if prior to January 1, 2030, there is a positive data readout from a potential Phase 3 clinical trial for the first-line treatment of metastatic PDAC involving either an RMC-6236 Product or an RMC-9805 Product, in each case, showing that the applicable Company compound meets an agreed-upon endpoint in a statistically significant manner and the earlier of (A) the Company’s determination to proceed with the preparation and submission of an application for marketing approval to the FDA, the European Medicines Agency (EMA) or the United Kingdom Medicines and Healthcare products Regulatory Agency (MHRA) on the basis of such readout or (B) the submission of an application for marketing approval to the FDA, EMA or MHRA on the basis of such readout (Tranche 5).

If Tranches 3 through 5 are all purchased in their entirety, Royalty Pharma would be entitled to receive total Royalty Payments equal to 7.80% of annual net sales up to $2.0 billion, 4.55% of annual net sales between $2.0 billion and $4.0 billion, 2.40% of annual net sales between $4.0 billion and $8.0 billion, and no Royalty Payments on sales in excess of $8.0 billion. If the Company elects not to draw the full amount of any of the optional tranches, the associated royalty rates would be proportionately lower for each of the net sales tiers.

Additionally, the Royalty Purchase Agreement provides for an upward adjustment to the Royalty Payment rates in the years from 2030 to 2041 in the event that annual net sales in the immediate prior year are below an agreed-upon threshold. The upward adjustment to the Royalty Payment rates applies only to the $0 to $2 billion annual net sales tier, and the adjusted total Royalty Payment rate for this tier remains in the single digits. Any upward adjustment will revert back to the original Royalty Payment rates in the event that annual net sales are above a different agreed-upon threshold.

The Company’s obligations under the Royalty Purchase Agreement will terminate upon the fifteenth anniversary of the first commercial sale of an RMC-6236 Product in the United States (or in the European Union for ex-U.S. sales).

The Royalty Purchase Agreement contains customary representations, warranties and indemnities of the Company and Royalty Pharma, and customary covenants on the part of the Company.

The Company has accounted for the Royalty Purchase Agreement as a debt financing, primarily because it has significant continuing involvement in generating the future revenue on which the Royalty Payments are based. The financing liability associated with the Royalty Payments and the related interest expense are measured based on the Company’s current estimate of the timing and amount of expected future Royalty Payments expected to be paid over the estimated term of the Royalty Purchase Agreement. The liability is amortized using the effective interest rate method, resulting in recognition of interest expense over the estimated term of the Royalty Purchase Agreement.

The upfront $250.0 million and the Tranche 2 $250.0 million were both recorded as a liability and measured at amortized cost. Aggregate debt issuance costs of $10.8 million were recorded as a direct deduction from the carrying amount of the liability and are

amortized to interest expense using the effective interest method over the estimated term of the Royalty Purchase Agreement. The effective interest rate for the liability was determined based on the Company’s projections of future Royalty Payments. The Company evaluates the estimated timing and amount of future Royalty Payments each reporting period and will revise the effective interest rate prospectively if those estimates change materially.

The carrying value of the liability related to the sale of future royalties approximates fair value as of June 30, 2026 and is classified as either current or noncurrent based on the estimated timing of future Royalty Payments. The Company’s projections of future Royalty Payments are subject to significant estimation uncertainty and are based on various assumptions, including expected commercial launch timelines, regulatory approval probabilities, and projected net product sales over the term of the agreement. These inputs are considered to be Level 3 inputs in the fair value hierarchy, as they involve significant unobservable inputs and judgment. Changes in these assumptions could have a material impact on the effective interest rate.

The following table shows the activity of the liability related to the sale of future royalties for the six months ended June 30, 2026:


	Amount
	(in thousands)
Liability related to the sale of future royalties - beginning balance	$	268,446
Proceeds from the sale of future royalties		250,000
Issuance costs		(5,000	)
Non-cash interest expense associated with the sale of future royalties		34,440
Amortization of issuance costs		656
Liability related to the sale of future royalties - ending balance	$	548,542

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss attributable to common stockholders	$ (644,371)	$ (247,787)	$ (1,098,187)	$ (461,203)
Denominator:
Weighted-average common shares used to compute net loss per share, basic	210,893,604	188,583,288	204,531,173	188,365,805
Weighted-average common shares used to compute net loss per share, diluted	210,893,604	188,583,288	204,531,173	188,365,805
Net loss per share attributable to common stockholders, basic	$ (3.06)	$ (1.31)	$ (5.37)	$ (2.45)
Net loss per share attributable to common stockholders, diluted	$ (3.06)	$ (1.31)	$ (5.37)	$ (2.45)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Common Stock

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Common Stock

12.

Common stock

As of June 30, 2026 and December 31, 2025, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock, at a par value of $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors. As of June 30, 2026, no dividends had been declared.

The Company has reserved shares of common stock for future issuance as follows:


	June 30,		December 31,
	2026		2025
Outstanding options to purchase common stock		18,361,684		17,997,616
Unvested restricted stock units of common stock		5,078,440		3,892,030
Available for future issuance under the 2020 Incentive Award Plan		7,147,735		1,395,277
Available for issuance under the 2020 Employee Stock Purchase Plan		7,125,587		5,363,603
Total		37,713,446		28,648,526

- Definition

The entire disclosure for equity.

+ References

+ Details

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

14.

Net loss per share attributable to common stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(644,371	)	$	(247,787	)	$	(1,098,187	)	$	(461,203	)
Denominator:
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		210,893,604			188,583,288			204,531,173			188,365,805
Net loss per share attributable to common stockholders, basic and diluted	$	(3.06	)	$	(1.31	)	$	(5.37	)	$	(2.45	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	As of June 30,
	2026		2025
Options to purchase common stock		18,361,684		17,272,317
Unvested restricted stock units of common stock		5,078,440		3,808,980
Expected shares to be purchased under ESPP		85,820		694,578
Common stock issuable under convertible senior notes		2,515,100		—
Warrants outstanding		2,191,500		2,194,340
Total		28,232,544		23,970,215

Available-for-sale Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

Available-for-sale securities

The following tables summarize the amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses:


	June 30, 2026
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	252,580	$	2	$	(110	)	$	252,472
U.S. government and agency securities		1,165,385		61		(2,734	)		1,162,712
Corporate bonds		1,710,377		86		(3,113	)		1,707,350
Total marketable securities		3,128,342		149		(5,957	)		3,122,534
Cash equivalents:
Money market funds		436,756		—		—			436,756
Commercial paper		317,072		1		(43	)		317,030
U.S. government and agency securities		1,148		—		—			1,148
Corporate bonds		5,504		1		—			5,505
Total cash equivalents		760,480		2		(43	)		760,439
Total available-for-sale securities	$	3,888,822	$	151	$	(6,000	)	$	3,882,973


	December 31, 2025
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	62,380	$	16	$	(3	)	$	62,393
U.S. government and agency securities		689,258		1,432		(7	)		690,683
Corporate bonds		887,058		1,833		(33	)		888,858
Total marketable securities		1,638,696		3,281		(43	)		1,641,934
Cash equivalents:
Money market funds		369,376		—		—			369,376
Commercial paper		12,688		—		(1	)		12,687
Corporate bonds		199		—		—			199
Total cash equivalents		382,263		—		(1	)		382,262
Total available-for-sale securities	$	2,020,959	$	3,281	$	(44	)	$	2,024,196

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of June 30, 2026:


	June 30, 2026
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	2,468,017	$	148	$	(1,738	)	$	2,466,427
Mature after one year through two years		1,420,805		3		(4,262	)		1,416,546
Total available-for-sale securities	$	3,888,822	$	151	$	(6,000	)	$	3,882,973

Convertible Senior Notes - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Debt Instrument [Line Items]
Amortization of issuance costs		$ 656
0.50% Convertible Senior Notes Due 2033 \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	$ 514	514
Amortization of issuance costs	366	366
Total interest expense recognized	$ 880	$ 880

- 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

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0	$ 300,000	$ 0	$ 500,000
Goodwill impairment			$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 3,882,973	$ 2,024,196
Liabilities fair value	185,253	18,546
Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	185,253	18,546
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	436,756	369,376
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	569,502	75,080
U.S. Government and Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	1,163,860	690,683
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	1,712,855	889,057
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	436,756	369,376
Liabilities fair value	103,535	10,376
Level 1 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	103,535	10,376
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	436,756	369,376
Level 1 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 1 \| U.S. Government and Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 1 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	3,446,217	1,654,820
Liabilities fair value	81,718	8,170
Level 2 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	81,718	8,170
Level 2 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	569,502	75,080
Level 2 \| U.S. Government and Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	1,163,860	690,683
Level 2 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	1,712,855	889,057
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Liabilities fair value	0	0
Level 3 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	0	0
Level 3 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| U.S. Government and Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 0	$ 0

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Registrant Name	Revolution Medicines, Inc.
Entity Central Index Key	0001628171
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		214,336,418
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-39219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2029180
Entity Address, Address Line One	700 Saginaw Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	481-6801
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock $0.0001 Par Value per Share
Trading Symbol	RVMD
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase 0.1112 shares of common stock expiring December 17, 2026
Trading Symbol	RVMDW
Security Exchange Name	NASDAQ

Stock-based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 67,000	$ 28,830	$ 154,299	$ 53,914
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	39,311	19,126	83,949	35,505
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 27,689	$ 9,704	$ 70,350	$ 18,409

Common Stock - Schedule of Common Stock for Future Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Class Of Stock [Line Items]
Common stock reserved for future issuance	37,713,446	28,648,526
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	18,361,684	17,997,616
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	5,078,440	3,892,030
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance	7,147,735	1,395,277
Available for Issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance	7,125,587	5,363,603

- 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

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2026 USD ($)
Follow-on Public Offering
Stock issuance cost	$ 73,645

Convertible Senior Notes

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Convertible Senior Notes

10.

Convertible senior notes

On April 17, 2026, the Company issued $500.0 million aggregate principal amount of its 0.50% Convertible Senior Notes due 2033 (the 2033 Notes). The net proceeds from the offering, after deducting the underwriting discount of 2.5% of the principal amount and estimated offering expenses, were approximately $487.1 million.

The 2033 Notes are the Company’s senior, unsecured obligations and bear interest at a rate of 0.50% per year, payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2026. The 2033 Notes will mature on May 1, 2033, unless earlier converted, redeemed, or repurchased.

Before February 1, 2033, holders may convert their 2033 Notes only upon the satisfaction of one or more of the following conditions: (i) during any calendar quarter commencing after the calendar quarter ending September 30, 2026 (and only during such calendar quarter), if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (ii) during the five business days immediately after any ten consecutive trading day period in which the trading price per $1,000 principal amount of 2033 Notes is less than 98% of the product of the last reported sale price of the common stock and the conversion rate; (iii) upon the occurrence of certain corporate events or distributions on the Company’s common stock; or (iv) if the Company calls the 2033 Notes for redemption. At any time from and including February 1, 2033, holders may convert their 2033 Notes at their option. During the quarter ending June 30, 2026, the conditions allowing holders to convert the 2033 Notes had not been met. Accordingly, the 2033 Notes were not convertible as of June 30, 2026 at the option of the holders thereof, and the 2033 Notes are classified as a noncurrent liability as of that date.

The initial conversion rate is 5.0302 shares of the Company’s common stock per $1,000 principal amount of the 2033 Notes, representing an initial conversion price of approximately $198.80 per share. The initial conversion price is subject to customary anti-dilution adjustments and may be increased in connection with certain make-whole fundamental change events, subject to a maximum conversion rate of 7.0422 shares per $1,000 principal amount. Upon conversion, the Company may elect to settle the conversion obligation in cash, shares of the Company’s common stock, or a combination of both.

On or after May 6, 2030, and on or before the 31st scheduled trading day before the maturity date, the Company may redeem all or any portion of the 2033 Notes for cash at par plus accrued and unpaid interest, provided that the last reported sale price of the Company’s common stock exceeds 130% of the conversion price then in effect for at least 20 trading days during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the notice date. Any redemption of the 2033 Notes also constitutes a make-whole fundamental change. The Company may not redeem fewer than all outstanding 2033 Notes unless at least $100.0 million aggregate principal amount of the 2033 Notes remains outstanding and is not subject to redemption.

If a fundamental change (as defined in the indenture governing the 2033 Notes) occurs, holders may require the Company to repurchase their 2033 Notes at par plus accrued and unpaid interest.

The conversion feature of the 2033 Notes was not bifurcated as an embedded derivative because it is indexed to the Company’s own common stock and meets the conditions for equity classification under ASC 815, Derivatives and Hedging.

The following table sets forth the carrying value of the 2033 Notes as of June 30, 2026:


	Amount
	(in thousands)
Principal amount	$	500,000
Less: Unamortized issuance costs		(12,566	)
Net carrying amount	$	487,434

The following table sets forth the components of interest expense recognized on the 2033 Notes for the three and six months ended June 30, 2026:


	Amount
	(in thousands)
Contractual interest expense	$	514
Amortization of issuance costs		366
Total interest expense recognized	$	880

As of June 30, 2026, the unamortized issuance costs for the 2033 Notes were approximately $12.6 million and will be amortized over the remaining contractual life of approximately 6.8 years.

The estimated fair value of our 2033 Notes was $625.7 million as of June 30, 2026. This estimate was determined based on prices observed in market trading and differs from its respective carrying values reported in the condensed consolidated balance sheets. The market for trading the 2033 Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs of the fair value hierarchy.

The following table sets forth future minimum payments under the 2033 Notes (in thousands):


2026 (remaining six months)	$	1,250
2027		2,500
2028		2,500
2029		2,500
2030		2,500
Thereafter		506,250
Future minimum payments	$	517,500
Less: Interest		(17,500	)
2033 Notes, principal amount	$	500,000
Less: Unamortized issuance costs		(12,566	)
Net carrying amount	$	487,434

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of significant accounting policies

Basis of presentation

and transactions have been eliminated in consolidation. The financial results of the Company's activities are reported in United States Dollars.

Use of estimates

Concentration of credit risk and other risks and uncertainties

Pre-launch inventory

Segment reporting


	Three Months Ended June 30,							Six Months Ended June 30,
	2026		2025		Increase/ (decrease)			2026		2025		Increase/ (decrease)
	(in thousands)							(in thousands)
Third-party research and development expenses(a)	$	232,942	$	144,138	$	88,804		$	441,438	$	276,881	$	164,557
Salaries and other employee-related expenses		78,627		41,170		37,457			140,159		78,364		61,795
Stock-based compensation expense		39,311		19,126		20,185			83,949		35,505		48,444
Amortization of intangible assets		—		267		(267	)		—		534		(534	)
Other research and development costs		44,039		19,433		24,606			73,343		38,599		34,744
Total research and development expense	$	394,919	$	224,134	$	170,785		$	738,889	$	429,883	$	309,006

Recent accounting pronouncements

Recently adopted accounting pronouncements

Recently announced accounting pronouncements

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 815,435	$ 383,745
Marketable securities	3,122,534	1,641,934
Prepaid expenses and other current assets	90,369	49,358
Total current assets	4,028,338	2,075,037
Property and equipment, net	34,608	33,194
Operating lease right-of-use asset	127,844	132,084
Intangible assets, net	55,800	55,800
Goodwill	14,608	14,608
Restricted cash	4,858	4,858
Long-term deposits	42,454	24,148
Other noncurrent assets	14,760	14,779
Total assets	4,323,270	2,354,508
Current liabilities:
Accounts payable	88,419	64,616
Accrued expenses and other current liabilities	248,889	209,340
Operating lease liability, current	16,753	16,468
Total current liabilities	354,061	290,424
Deferred tax liability	2,353	2,353
Operating lease liability, noncurrent	137,741	142,234
Liability related to the sale of future royalties	548,542	268,446
Convertible senior notes, noncurrent	487,434	0
Warrant liability	185,253	18,546
Other noncurrent liabilities	1,648	1,208
Total liabilities	1,717,032	723,211
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 214,242,688 and 197,001,401 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	21	19
Additional paid-in capital	6,579,456	4,497,143
Accumulated other comprehensive income (loss)	(5,950)	3,237
Accumulated deficit	(3,967,289)	(2,869,102)
Total stockholders' equity	2,606,238	1,631,297
Total liabilities and stockholders' equity	$ 4,323,270	$ 2,354,508

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of RSUs Activity Under the Plan

Total stock-based compensation expense related to stock options, RSUs and the ESPP by function was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development	$	39,311	$	19,126	$	83,949	$	35,505
General and administrative		27,689		9,704		70,350		18,409
Total	$	67,000	$	28,830	$	154,299	$	53,914

2020 Plan and 2014 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Option Activity Under the Plan

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:


	Number of Shares underlying options			Weighted- average exercise price		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2025		17,997,616		$	30.45		7.28	$	885,485
Options granted		2,293,328			105.54
Options exercised		(1,783,399	)		23.03
Options cancelled and forfeited		(145,861	)		46.51
Balance, June 30, 2026		18,361,684		$	40.42		7.27	$	2,696,546
Options vested and exercisable as of June 30, 2026		9,741,603		$	25.62		6.01	$	1,574,800

2020 Equity Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of RSUs Activity Under the Plan

Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the six months ended June 30, 2026 was as follows:


	Number of Shares			Weighted- average grant date fair value per share		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2025		3,892,052		$	39.16		1.50	$	310,002
RSUs granted		2,053,995			108.68
RSUs vested		(763,757	)		33.61
RSUs forfeited		(103,850	)		53.66
Balance, June 30, 2026		5,078,440		$	67.82		1.58	$	951,090
Expected to vest as of June 30, 2026		5,078,440		$	67.82		1.58	$	951,090

- 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

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+ Details

Summary of Significant Accounting Policies - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting Information [Line Items]
Stock-based compensation expense	$ 67,000	$ 28,830	$ 154,299	$ 53,914
Amortization of intangible assets	0	300	0	500
Total research and development expense	394,919	224,134	738,889	429,883
Operating Segments
Segment Reporting Information [Line Items]
Third-party research and development expenses	232,942	144,138	441,438	276,881
Salaries and other employee-related expenses	78,627	41,170	140,159	78,364
Stock-based compensation expense	39,311	19,126	83,949	35,505
Amortization of intangible assets	0	267	0	534
Other research and development costs	44,039	19,433	73,343	38,599
Total research and development expense	394,919	$ 224,134	738,889	$ 429,883
Increase (decrease) in third-party research and development expenses	88,804		164,557
Increase (decrease) in salaries and other employee-related expenses	37,457		61,795
Increase (decrease) in stock-based compensation expense	20,185		48,444
Increase (decrease) in amortization of intangible assets	(267)		(534)
Increase (decrease) in other research and development costs	24,606		34,744
Increase (decrease) in total research and development expense	$ 170,785		$ 309,006

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value measurements

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts payable, and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. The Company’s marketable securities measured at fair value on a recurring basis are classified within the fair value hierarchy as described below.

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value and indicates the fair value hierarchy of the valuation:


	June 30, 2026
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	436,756	$	436,756	$	—	$	—
Commercial paper		569,502		—		569,502		—
U.S. government and agency securities		1,163,860		—		1,163,860		—
Corporate bonds		1,712,855		—		1,712,855		—
Total	$	3,882,973	$	436,756	$	3,446,217	$	—
Liabilities:
Warrant liabilities		185,253		103,535		81,718		—
Total	$	185,253	$	103,535	$	81,718	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	369,376	$	369,376	$	—	$	—
Commercial paper		75,080		—		75,080		—
U.S. government and agency securities		690,683		—		690,683		—
Corporate bonds		889,057		—		889,057		—
Total	$	2,024,196	$	369,376	$	1,654,820	$	—
Liabilities:
Warrant liabilities		18,546		10,376		8,170		—
Total	$	18,546	$	10,376	$	8,170	$	—

Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, government agency bonds, certificates of deposit, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities.

There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

The fair value of the public warrants was determined using observable listed market prices for such warrants and is categorized as Level 1. The fair value of the private warrants is categorized as Level 2 because, while the private warrants are not actively traded, their value is derived from the observable market price of the public warrants, as the warrants have substantially similar terms.

- 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

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
In-process research and development - RAS Programs	$ 55,800	$ 55,800
Developed technology - tri-complex platform, Gross value	7,480	7,480
Developed technology - tri-complex platform, Accumulated amortization	(7,480)	(7,480)
Developed technology - tri-complex platform, Net book value	$ 0	$ 0
Developed technology - tri-complex platform, Weighted-average remaining useful life	0 years	0 years
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 55,800	$ 55,800

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 29, 2020	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		37,713,446		37,713,446	28,648,526
Unrecognized stock-based compensation expense related to unvested stock options		$ 277.2		$ 277.2
Unrecognized stock-based compensation expense, weighted-average period of recognition				2 years 11 months 15 days
Share-based payment arrangement, modification of stock options			$ 44.6
Deferred Compensation, Share-Based Payments
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, modification of stock options			12.5
Previously Unrecognized Stock-based Compensation Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, modification of stock options			$ 32.1
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options		$ 304.3		$ 304.3
Unrecognized stock-based compensation expense, weighted-average period of recognition				3 years 3 months 14 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		7,125,587		7,125,587
Purchase price rate	85.00%
Shares purchased		208,030		208,030
Unrecognized compensation cost related to ESPP		$ 13.7		$ 13.7

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 3,888,822	$ 2,020,959
Gross Unrealized Gain	151	3,281
Gross Unrealized Loss	(6,000)	(44)
Estimated Fair Value	3,882,973	2,024,196
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,128,342	1,638,696
Gross Unrealized Gain	149	3,281
Gross Unrealized Loss	(5,957)	(43)
Estimated Fair Value	3,122,534	1,641,934
Marketable Securities \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	252,580	62,380
Gross Unrealized Gain	2	16
Gross Unrealized Loss	(110)	(3)
Estimated Fair Value	252,472	62,393
Marketable Securities \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,165,385	689,258
Gross Unrealized Gain	61	1,432
Gross Unrealized Loss	(2,734)	(7)
Estimated Fair Value	1,162,712	690,683
Marketable Securities \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,710,377	887,058
Gross Unrealized Gain	86	1,833
Gross Unrealized Loss	(3,113)	(33)
Estimated Fair Value	1,707,350	888,858
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	760,480	382,263
Gross Unrealized Gain	2	0
Gross Unrealized Loss	(43)	(1)
Estimated Fair Value	760,439	382,262
Cash Equivalents \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	436,756	369,376
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	436,756	369,376
Cash Equivalents \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	317,072	12,688
Gross Unrealized Gain	1	0
Gross Unrealized Loss	(43)	(1)
Estimated Fair Value	317,030	12,687
Cash Equivalents \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,148
Gross Unrealized Gain	0
Gross Unrealized Loss	0
Estimated Fair Value	1,148
Cash Equivalents \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	5,504	199
Gross Unrealized Gain	1	0
Gross Unrealized Loss	0	0
Estimated Fair Value	$ 5,505	$ 199

Term Loan Facility

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Term Loan Facility

Term loan facility

In June 2025, the Company entered into a senior secured term loan agreement with Royalty Pharma Development Funding, LLC, as a lender and Wilmington Trust, National Association, as administrative agent (the Loan Agreement). The Loan Agreement provides for up to $750.0 million in term loans (the Term Loan Facility), consisting of three tranches of $250.0 million each. The first tranche is required to be drawn in full by the Company within 45 days following receipt of FDA marketing approval for daraxonrasib for any indication related to metastatic PDAC, if such approval occurs on or before January 1, 2028, unless the Company has previously elected to terminate the Loan Agreement. The second and third tranches are optional and may be drawn in whole or in part upon achievement of specified commercial milestones prior to January 1, 2028.

The maturity date of the facility is the earlier of (i) six years after the funding of the first tranche of term loans and (ii) December 31, 2032. The term loans bear interest at a floating rate equal to the three-month term SOFR (subject to a SOFR floor of 3.5%) plus 5.75%, payable on a quarterly basis. The Company is required to pay an upfront fee equal to 2.0% of the applicable tranche of loans drawn on each funding date. There are no scheduled principal amortization payments prior to maturity.

The Loan Agreement permits voluntary prepayment in full at any time, and also requires mandatory prepayment in connection with a change of control. Prepayments made prior to the second anniversary of the applicable funding date for the applicable tranche of loans are subject to a make-whole premium equal to the foregone interest through the second anniversary, as well as a prepayment premium of 3.00%. Prepayments made on or after the second anniversary but before the third anniversary are subject to a 3.00% prepayment premium, and prepayments made on or after the third anniversary are subject to a 1.00% prepayment premium. No make-whole or prepayment premium is due if repayment occurs at maturity.

The Loan Agreement contains customary affirmative and negative covenants on the part of the Company but does not include any financial covenants.

The Loan Agreement provides an enumerated list of customary events of default whereby certain actions could be exercised against the Company (including, without limitation, (i) the acceleration of all amounts due under the Term Loan Facility; (ii) the application of default rate interest; (iii) the exercise of powers of attorney, voting proxies and other similar rights; (iv) the foreclosure and sale of property and assets and (v) other actions permitted to be taken by a secured creditor).

The term loans are secured by a lien on substantially all of the Company’s assets.

As of June 30, 2026, no amounts had been drawn under the Loan Agreement, and no liability was recorded.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and contingencies

Leases

The Company’s operating lease arrangements primarily consist of office, laboratory, and research and development space in Redwood City, California, with lease terms extending through December 31, 2035, and certain options to extend.

For operating lease arrangements recognized under ASC 842, the Company recognizes lease cost on a straight-line basis over the lease term.

The Company has also entered into sublease arrangements for certain facilities, which are accounted for as operating leases. Sublease income is recognized on a straight-line basis over the applicable sublease terms.

The Company maintains letters of credit for the benefit of the landlord which are classified as restricted cash in the condensed consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $4.6 million as of June 30, 2026 and December 31, 2025.

Through June 30, 2026, the landlord had provided the Company with $20.3 million in tenant improvement allowances, which were recognized as lease incentives. The lease incentives are being amortized as an offset to rent expense over the lease term in the unaudited condensed consolidated statements of operations and comprehensive loss.

The balance sheet classification of the Company’s operating lease liabilities was as follows:


	June 30,		December 31,
	2026		2025
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	16,753	$	16,468
Operating lease liability – noncurrent		137,741		142,234
Total operating lease liabilities	$	154,494	$	158,702

The components of lease costs for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)						(in thousands)
Operating lease cost	$	5,301		$	4,262		$	10,688		$	9,085
Less: Sublease income		(1,185	)		(610	)		(2,369	)		(1,878	)
Total operating lease cost, net(1)	$	4,116		$	3,652		$	8,319		$	7,207

(1) Net lease cost does not include short-term lease and variable lease costs, which were immaterial.

As of June 30, 2026, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2026 (remaining six months)	$	10,671
2027		20,210
2028		21,861
2029		22,626
2030		23,418
Thereafter		129,936
Total undiscounted lease payments	$	228,722
Less: Imputed interest		(70,158	)
Less: Lease receivable		(4,070	)
Total operating lease liabilities	$	154,494

Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate. The weighted-average discount rate used to determine the operating lease liability was 7.97%. As of June 30, 2026 and December 31, 2025, the weighted-average remaining lease term was 9.5 years and 10.0 years, respectively.

Legal matters

From time to time, the Company may be involved in litigation related to claims that arise in the ordinary course of its business activities. Defending such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. The Company accrues for these matters when it is probable that losses will be incurred and these losses can be reasonably estimated.

On December 9, 2024, Nemeth v. Casdin, et al., Case No. 2024-1268-PAF (Del. Ch.), was filed in the Court of Chancery of the State of Delaware (the Complaint) arising from CM Life Sciences III, Inc.’s (CMLS III) December 17, 2021 merger with EQRx, Inc. (Legacy EQRx) (the Merger). The Complaint was filed by former stockholders of CMLS III and brings claims for breach of fiduciary duty and unjust enrichment against members of CMLS III’s board of directors, CMLS III’s officers, and CMLS III’s sponsor in connection with the Merger. The Complaint also brings claims for aiding and abetting breaches of fiduciary duties against certain investment firms involved with the merger process, the Company, solely as successor-in-interest to EQRx, and Legacy EQRx’s former Executive Chairman and CEO, Alexis Borisy, who is also on the Company’s board of directors. Defendants moved to dismiss the Complaint in February 2025. The parties reached an agreement to resolve the matter, which was filed with the court on January 6, 2026. The court entered an Order and Final Judgment approving the settlement and dismissing the action with prejudice on June 18, 2026.

Indemnification

The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is minimal.

Other

The Company enters into agreements in the ordinary course of business with contract research organizations for clinical trials, contract manufacturing organizations to provide clinical trial materials and with vendors for preclinical studies and other services and products for operating purposes, which are generally cancelable at any time by the Company upon 30 to 90 days’ prior written notice.

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance sheet components

Property and equipment, net

Property and equipment, net consisted of the following:


	June 30,			December 31,
	2026			2025
	(in thousands)
Laboratory equipment	$	35,506		$	30,098
Leasehold improvements		22,602			22,278
Computer equipment and software		7,275			7,322
Furniture and fixtures		1,952			1,955
Construction in progress		111			54
		67,446			61,707
Less: accumulated depreciation		(32,838	)		(28,513	)
Property and equipment, net	$	34,608		$	33,194

Depreciation expense for property and equipment amounted to $2.1 million and $1.7 million for the three months ended June 30, 2026 and 2025, respectively, and $4.3 million and $3.3 million for the six months ended June 30, 2026 and 2025, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30,		December 31,
	2026		2025
	(in thousands)
Accrued compensation	$	64,686	$	58,192
Accrued research and development		170,116		137,153
Accrued professional services		8,942		6,137
Other		5,145		7,858
Total accrued expenses and other current liabilities	$	248,889	$	209,340

Warrant Liability

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrant Liability

11.

Warrant liability

On November 9, 2023 (the Closing Date), the Company completed the acquisition of EQRx (the EQRx Acquisition).

In connection with the EQRx Acquisition, as of the Closing Date, all public warrants of EQRx that were outstanding and unexercised immediately prior to the Closing Date were converted into 11,039,957 publicly traded warrants (Public Warrants) and 8,693,333 private placement warrants of the Company (Private Warrants and, together with the Public Warrants, the Warrants). Each Warrant entitles the holder to purchase 0.1112 shares of the Company’s common stock, at an exercise price of $11.50 per such fractional share. The Warrants expire in December 2026.

The Public Warrants and Private Warrants met liability classification requirements because the Warrants contain provisions whereby adjustments to the settlement amount of the Warrants are based on a variable that is not an input to the fair value of a “fix-for-fixed” option and the existence of the potential for net cash settlement for the Warrant holders in the event of a tender offer. In addition, the Private Warrants are potentially subject to a different settlement amount depending upon the holder of the Private Warrants, which precludes them from being considered indexed to the entity’s own stock. Therefore, the Warrants are classified as liabilities.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value and indicates the fair value hierarchy of the valuation:


	June 30, 2026
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	436,756	$	436,756	$	—	$	—
Commercial paper		569,502		—		569,502		—
U.S. government and agency securities		1,163,860		—		1,163,860		—
Corporate bonds		1,712,855		—		1,712,855		—
Total	$	3,882,973	$	436,756	$	3,446,217	$	—
Liabilities:
Warrant liabilities		185,253		103,535		81,718		—
Total	$	185,253	$	103,535	$	81,718	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	369,376	$	369,376	$	—	$	—
Commercial paper		75,080		—		75,080		—
U.S. government and agency securities		690,683		—		690,683		—
Corporate bonds		889,057		—		889,057		—
Total	$	2,024,196	$	369,376	$	1,654,820	$	—
Liabilities:
Warrant liabilities		18,546		10,376		8,170		—
Total	$	18,546	$	10,376	$	8,170	$	—

Term Loan Facility - Additional Information (Details)	6 Months Ended
Term Loan Facility - Additional Information (Details)	Jun. 30, 2025 USD ($) Tranche	Jun. 30, 2026 USD ($)
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 750,000,000
Debt instrument, number of tranche \| Tranche	3
Maturity date, description	The maturity date of the facility is the earlier of (i) six years after the funding of the first tranche of term loans and (ii) December 31, 2032.
Debt instrument, basis spread on variable rate	5.75%
Upfront fee percentage	2.00%
Debt instrument redemption description	Prepayments made prior to the second anniversary of the applicable funding date for the applicable tranche of loans are subject to a make-whole premium equal to the foregone interest through the second anniversary, as well as a prepayment premium of 3.00%. Prepayments made on or after the second anniversary but before the third anniversary are subject to a 3.00% prepayment premium, and prepayments made on or after the third anniversary are subject to a 1.00% prepayment premium. No make-whole or prepayment premium is due if repayment occurs at maturity.
Loan amount drawn		$ 0
Tier One
Line of Credit Facility [Line Items]
Debt instrument redemption price percentage	3.00%
Tier Two
Line of Credit Facility [Line Items]
Debt instrument redemption price percentage	3.00%
Tier Three
Line of Credit Facility [Line Items]
Debt instrument redemption price percentage	1.00%
Tranche One
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 250,000,000
Tranche Two
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	250,000,000
Tranche Three
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 250,000,000
Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.50%

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets and goodwill

Intangible assets, net

Intangible assets, net consist of the following as of June 30, 2026:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(7,480	)		—		—
Total	$	63,280	$	(7,480	)	$	55,800

Amortization expense amounted to zero and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and zero and $0.5 million for the six months ended June 30, 2026 and 2025, respectively. The tri-complex platform was fully amortized as of December 31, 2025.

Intangible assets, net consisted of the following as of December 31, 2025:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(7,480	)		—		—
Total	$	63,280	$	(7,480	)	$	55,800

Goodwill

The following summarizes the change in the carrying value of goodwill for the three and six months ended June 30, 2026:


	Amount
	(in thousands)
Balance at December 31, 2025	$	14,608
Adjustment		—
Balance at June 30, 2026	$	14,608

No impairment has been recognized during the three or six months ended June 30, 2026. Goodwill recorded is not deductible for income tax purposes.

Commitments and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 16,753	$ 16,468
Operating lease liability – noncurrent	137,741	142,234
Total operating lease liabilities	$ 154,494	$ 158,702

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

Liability Related to the Sale of Future Royalties - Schedule of Activity of Liability Related to the Sale of Future Royalties (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026
Deferred Revenue Disclosure [Abstract]
Liability related to the sale of future royalties - beginning balance		$ 268,446
Proceeds from the sale of future royalties		250,000
Issuance costs	$ (10,800)	(5,000)
Non-cash interest expense associated with the sale of future royalties		34,440
Amortization of issuance costs		656
Liability related to the sale of future royalties - ending balance		$ 548,542

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026 USD ($) Segment
Summary Of Significant Accounting Policies [Line Items]
Inventory costs capitalized \| $	$ 0
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember, srt:PresidentMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s CODM manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The CODM assesses performance for and decides how to allocate resources based on the Company’s cash and investment balance, periodic changes in cash and investments, and net loss, all of which are reported on the Company’s consolidated balance sheets, statements of operations and/or statements of cash flows. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.
Number of reportable segment	1
Number of operating segment	1

Liability Related to the Sale of Future Royalties (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Revenue Disclosure [Abstract]

Schedule of Activity of Liability Related to the Sale of Future Royalties

The following table shows the activity of the liability related to the sale of future royalties for the six months ended June 30, 2026:


	Amount
	(in thousands)
Liability related to the sale of future royalties - beginning balance	$	268,446
Proceeds from the sale of future royalties		250,000
Issuance costs		(5,000	)
Non-cash interest expense associated with the sale of future royalties		34,440
Amortization of issuance costs		656
Liability related to the sale of future royalties - ending balance	$	548,542