0001193125-25-264649 | 10-Q | XBRL Viewer | DAY ONE Biopharmaceuticals INC

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Intangible Assets - Schedule Of Amortization Expense For Amortizable Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (Remaining)	$ 795
2026	3,180
2027	3,180
2028	3,180
2029	3,180
Thereafter	5,300
Intangible assets, net	$ 18,815	$ 15,630

Significant Agreements	9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Agreements	7. Significant Agreements Takeda asset purchase agreement On December 16, 2019, a subsidiary of the Company entered into an asset purchase agreement, or the Takeda Asset Agreement, with Millennium Pharmaceuticals, Inc., a related party and an affiliate of Takeda Pharmaceutical Company Limited, or Takeda. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the Takeda Asset Agreement. Pursuant to the Takeda Asset Agreement, the Company purchased certain technology rights and know-how related to TAK-580 (which is now OJEMDA™ (tovorafenib)) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors. The Company also received clinical inventory supplies to use in the Company's research and development activities of such RAF-inhibitor and an assigned investigator clinical trial agreement. Takeda also assigned to the Company its exclusive license agreement, or the Viracta License Agreement, with Viracta. Takeda also granted the Company a worldwide, sublicensable exclusive license under specified patents and know-how and non-exclusive license under other patents and know-how generated by Takeda under the Takeda Asset Agreement. The Company also granted Takeda a grant back license, as defined in the Takeda Asset Agreement, which is terminable either automatically or by the Company in the event Takeda does not achieve specified development milestones within the applicable timeframes set forth under the Takeda Asset Agreement. This grant back license to Takeda was terminated at the time of conversion of the Company from an LLC to a corporation in connection with the Millennium Stock Exchange Agreement. The term of the Takeda Asset Agreement will expire on a country-by-country basis upon expiration of all assigned patent rights and all licensed patent rights in such country. Takeda can terminate the Takeda Asset Agreement in the event of the Company's bankruptcy. In the event of termination of the Takeda Asset Agreement by Takeda as a result of the Company's cessation of development or bankruptcy, all assigned patents, know-how and contracts (other than the Viracta License Agreement) will be assigned back to Takeda and Takeda will obtain a reversion license under patents and know-how generated to exploit all such terminated products. In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement, the Company made an upfront payment of $1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible preferred stock in the Company’s subsidiary in December 2019. The fair value of issued shares was estimated as $9.9 million, based on the price paid by other investors for issued shares in the Series A financing of the Company’s subsidiary. Based on the terms of the Millennium Stock Exchange Agreement, Takeda exchanged the 9,857,143 shares of Series A redeemable convertible preferred stock of the Company’s subsidiary for 6,470,382 shares of the Company's common stock upon the effectiveness of the conversion of the Company from an LLC to a corporation, on May 26, 2021. License agreement with Viracta On December 16, 2019, a subsidiary of the Company amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under Viracta License Agreement. Under the Viracta License Agreement, the Company received a worldwide exclusive license under specified patent rights and know-how to develop, use, manufacture, and commercialize products containing compounds binding the RAF protein family. The term of the Viracta License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to Viracta with respect to such product in such country. The Company has the right to terminate the Viracta License Agreement with respect to any or all of the licensed products at will upon a specified notice period. The Company paid $2.0 million upfront in cash to Viracta in December 2019, which was recorded as research and development expenses as the technology does not have an alternative future use. On March 4, 2024, the Company entered into an amendment to the Viracta License Agreement. As part of the amendment, the Company made a one-time payment in March 2024 to Viracta of $5.0 million, which was recorded as research and development expenses during the year ended December 31, 2024, in exchange for reduced future payment obligations ranging from the mid-teens to the high single-digit percentage related to the future sale or use of the rare pediatric disease priority review voucher, or PRV, received. On April 23, 2024, the FDA approved OJEMDA (a tablet formulation and powder solution formulation of tovorafenib) for the treatment of patients 6 months of age and older with relapsed or refractory pLGG harboring a BRAF fusion or rearrangement, or BRAF V600 mutation. The indication was approved under accelerated approval based on response rate and duration of response. With the approval, the Company received a rare pediatric disease PRV from the FDA. The Company made a $9.0 million milestone payment to Viracta in May 2024 for the achievement of this milestone. The $9.0 million milestone was accounted for as a finite-lived intangible asset and will be amortized over the life of the underlying asset. Related amortization expense will be recorded as cost of product and license revenue in the Company’s statements of operations. On May 29, 2024, the Company sold its rare pediatric disease PRV for $108.0 million to an undisclosed buyer. As part of the transaction, $8.1 million of the total consideration received from the sale of the rare pediatric disease PRV was paid to Viracta to fully satisfy PRV-related obligations under the Viracta License Agreement and was capitalized as a finite-lived intangible asset, which will be amortized on a straight-line basis over its estimated useful life. The gross proceeds of $108.0 million were recorded as a gain from sale of priority review voucher in the accompanying statements of operations during the year ended December 31, 2024. As of September 30, 2025, the unamortized finite-lived intangible asset was $6.6 million. Related amortization expense will be recorded as cost of product and license revenue in the Company’s statements of operations. On December 3, 2024, Viracta assigned the Viracta License Agreement to XOMA (US) LLC, or XOMA, pursuant to a Royalty Purchase Agreement dated March 22, 2021, between Viracta and XOMA, whereby Viracta sold its right, title, and interest in and to the Viracta License Agreement to XOMA. The Company has agreed to the assignment and novation of the Viracta License Agreement to XOMA as successor party, now referred to as the XOMA License Agreement. In connection with such assignment, the parties also agreed to assign all rights, title and interest in related intellectual property. No material terms of the XOMA License Agreement have been amended or modified in relation to the same. On March 27, 2025, Ipsen Pharma SAS received validation of its completed submission of the Marketing Authorization Application to the European Medicines Agency, or EMA, for tovorafenib for the treatment of patients with relapsed or refractory pLGG. As a result, the Company paid $4.0 million to XOMA for the achievement of this milestone in March 2025. As of September 30, 2025, the Company could be required to make additional milestone payments of up to $36.0 million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication upon achievement of a specified milestone event being lower than milestones payable for the first indication. Commencing with the first commercial sale of OJEMDA in a country, the Company is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products. The obligation to pay royalties will end on a country-by-country and licensed product-by-licensed product basis commencing on the first commercial sale in a country and continuing until the later of: (i) the expiration of the last valid claim of the XOMA licensed patents, jointly owned collaboration patents or specified patents owned by the Company covering the use or sale of such product in such country, (ii) the expiration of the last statutory exclusivity pertaining to such product in such country or (iii) the tenth anniversary of the first commercial sale of such product in such country. License agreement with Merck KGaA, Darmstadt, Germany On February 10, 2021, a subsidiary of the Company entered into a license agreement, or the MRKDG License Agreement, with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the MRKDG License Agreement. Under the MRKDG License Agreement, Merck KGaA, Darmstadt, Germany granted to the Company an exclusive worldwide license, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to research, develop, manufacture and commercialize products containing and comprising the pimasertib and MSC2015103B compounds. The Company also received clinical inventory supplies to use in its research and development activities. The Company's exclusive license grant is subject to a non-exclusive license granted by Merck KGaA, Darmstadt, Germany’s affiliate to a cancer research organization and Merck KGaA, Darmstadt, Germany retains the right to conduct, directly or indirectly, certain ongoing clinical studies relating to pimasertib. Under the MRKDG License Agreement, the Company has obligations to use commercially reasonable efforts to develop and commercialize at least two licensed products in at least two specified major market countries by the year 2029. The term of the MRKDG License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company's obligation to pay royalties to the licensor with respect to such licensed product in such country and will expire in its entirety upon the expiration of all of the Company's payment obligations with respect to all licensed products and all countries under the MRKDG License Agreement. In consideration for the rights granted under the MRKDG License Agreement and clinical supplies, the Company made an upfront payment of $8.0 million in March 2021, which was recorded as research and development expenses, as the technology does not have an alternative future use and supplies are used for research activities. In November 2023, the Company discontinued its monotherapy substudy due to a limited duration of response in this rare patient population despite observing responses with a generally well tolerated therapy. In July 2024, the Company informed Merck KGaA, Darmstadt, Germany that the Company decided to close the program because the benefit/risk profile, as well as the market opportunity, did not justify the significant investment required to continue the trial despite observing some clinical responses. In September 2025, the Company finalized the termination agreement with Merck KGaA, Darmstadt, Germany and concluded material wind-down activities. Research collaboration and license agreement with Sprint Bioscience AB On August 15, 2023, the Company entered into a research collaboration and license agreement, or the Sprint License Agreement, with Sprint Bioscience AB, or Sprint, a Swedish corporation located in Huddinge, Sweden. Under the Sprint License Agreement, Sprint granted to the Company an exclusive, worldwide license, with the right to grant sublicenses through multiple tiers, to research, develop, and commercialize pharmaceutical products and to engage in research aimed at discovery, optimization and development of an inhibitor targeting Vaccinia Related Kinase 1, or VRK1. In consideration for the rights granted under the Sprint License Agreement, the Company paid $3.0 million upfront in cash to Sprint in September 2023, which was recorded as research and development expenses as the technology does not have an alternative future use. The term of the Sprint License Agreement will expire on a licensed product and country basis upon the expiration of the royalty term with respect to such licensed product and such country, unless terminated earlier. The Company has the right to terminate the Sprint License Agreement in its entirety, or on a licensed product-by-licensed product basis, at will upon a specified notice period. On May 9, 2025, the Company notified Sprint of its decision to discontinue its investment in the VRK1 program and terminated the Sprint License Agreement, with termination taking effect on August 15, 2025. This decision was made following careful consideration of the current development status of the program and the Company's overall strategic objectives. License agreement with MabCare Therapeutics On June 17, 2024, the Company entered into a license agreement, or the MabCare License Agreement, with MabCare Therapeutics, or MabCare, a pharmaceutical corporation located in Shanghai, China. Under the MabCare License Agreement, MabCare granted to the Company an exclusive worldwide license, excluding Greater China, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to develop, manufacture and commercialize DAY301 (formerly MTX-13), a novel Antibody Drug Conjugate, or ADC, targeting protein-tyrosine kinase 7, or PTK7. The Company will also receive clinical inventory supplies to use in its research and development activities. Under the MabCare License Agreement, the Company has obligations to use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize at least one licensed product in one indication in each of the United States, Japan, and three European countries. The term of the MabCare License Agreement will expire in its entirety upon the expiration of the last to expire royalty term with respect to all licensed products in the Company's territory, unless terminated earlier. Following the expiration of the royalty term for a licensed product in a country, the license granted to the Company shall become non-exclusive, fully paid-up, royalty-free, perpetual, and irrevocable for such licensed product in such country. Upon the expiration of the term, the license granted to the Company shall become non-exclusive, transferable, sublicensable, fully paid, royalty free, perpetual, and irrevocable in its entirety. In consideration for the rights granted under the MabCare License Agreement, the Company made a $55.0 million upfront payment in July 2024. The upfront payment was recorded as research and development expenses, as the technology and supplies licensed do not have an alternative future use. As of September 30, 2025, the Company could be required to make additional payments of $1,132.0 million based upon the achievement of specified development, regulatory, and commercial success-based milestones plus low-to-mid single-digit royalties on net sales outside of Greater China. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due. In January 2025, the Company cleared the first cohort (a single-patient accelerated titration cohort) in the Phase 1a portion of the DAY301 Phase 1a/b clinical trial. The Company made a $20.0 million milestone payment to MabCare in January 2025 for the achievement of this milestone. License agreement with Ipsen Pharma SAS On July 23, 2024, the Company entered into the Ipsen License Agreement, pursuant to which, the Company licensed to Ipsen, on an exclusive basis, the right to commercialize tovorafenib in all territories outside the United States and agreed to provide certain research and development and manufacturing services. Ipsen shall have the right to grant sublicenses to third-parties. Under the terms of the Ipsen License Agreement, (i) Ipsen paid the Company an upfront license fee in the amount of $70.8 million in August 2024 and (ii) the Investor, a fully-owned United States affiliate of Ipsen, purchased 2,341,495 shares of the Company’s common stock in a private placement for $40.0 million, at a price per share representing a 17.0% premium to the VWAP of the Company’s common stock as traded on The Nasdaq Stock Market LLC for the ten consecutive trading days prior to and including the date of the Revenue Release, and the ten consecutive trading days following the Revenue Release, in accordance with the terms set forth in an investment agreement by and between the Company and the Investor dated July 23, 2024. As of September 30, 2025, the Company is also eligible to receive up to approximately $380.0 million in additional commercial launch and sales-based milestone payments based on exchange rates as of the reporting date. The Company is also entitled to tiered, double-digit royalty payments starting at mid-teens percentage of annual net sales of tovorafenib, subject to customary adjustments specified in the Ipsen License Agreement. The royalty payment obligations under the Ipsen License Agreement expire on a country-by-country basis no earlier than ten years following the first commercial sale of tovorafenib in the applicable country. In addition, the Ipsen License Agreement provides that the Company will supply to Ipsen, and Ipsen will purchase from the Company, all required quantities of tovorafenib for all territories outside the United States in accordance with a supply agreement to be entered into by and between the Company and Ipsen, or the Ipsen Supply Agreement. The Company determined that the cost-plus rate to be charged for the supply of tovorafenib does not represent a material right. Ipsen has the right to request a manufacturing technology transfer of the then-current manufacturing process of tovorafenib under the Ipsen License Agreement, and such consent shall not be unreasonably withheld, such that upon completion of the manufacturing technology transfer, Ipsen or a third-party would be solely responsible for the manufacture of tovorafenib for all territories outside the United States. Following the two-year anniversary of July 23, 2024, the effective date of the Ipsen License Agreement, Ipsen may terminate the Ipsen License Agreement for convenience with six months’ prior written notice or for certain other specified reasons. The Company may terminate the Ipsen License Agreement if Ipsen or any of its affiliates challenge the validity of any patents controlled by the Company that are licensed under the Ipsen License Agreement. Both Ipsen and the Company may terminate the Ipsen License Agreement (i) for material breach by the other party and a failure to cure such breach within the time period specified in the Ipsen License Agreement or (ii) the other party’s bankruptcy event. The Company evaluated the Ipsen License Agreement under Accounting Standards Codification, or ASC, 606 and concluded that Ipsen represents a customer in the transaction. The Company identified two distinct performance obligations for licenses to intellectual property in the form of the exclusive license to commercialize tovorafenib outside the United States for both (i) relapsed or refractory and (ii) front-line pLGG; and three distinct research and development performance obligations related to tovorafenib for completion of (i) the pivotal Phase 2 relapsed or refractory pLGG trial, or FIREFLY-1, (ii) the pivotal Phase 3 front-line pLGG trial, or FIREFLY-2, and (iii) the European Union, or EU, companion diagnostic for pLGG. Both the FIREFLY-1 and FIREFLY-2 trials related to pLGG pertain to later-stage intellectual property and only involve validating the efficacy of tovorafenib with respect to each distinct designation and are not expected to significantly modify or customize the licensed intellectual property. The FIREFLY-1 and FIREFLY-2 trials, and EU companion diagnostic research and development services related to pLGG could be performed by a third-party. The Company determined that the promise of the manufacturing technology transfer is a customer option that does not represent a material right given the value of the services is not material and fulfillment of this promise is ancillary to the main transaction. Accordingly, the manufacturing technology transfer is not a performance obligation at the outset of the arrangement. Upon execution of the Ipsen License Agreement, the transaction price was determined to be $78.2 million, representing the aggregate of the upfront license fee of $70.8 million and the premium paid by Ipsen on its equity investment in the Company of $7.4 million (the excess of the value of the shares of the Company issued to Ipsen), representing additional consideration from Ipsen for the rights under the Ipsen License Agreement. Commercial launch milestones related to first commercial sale(s) in certain territories, sales-based milestones and royalties on net sales upon commercialization by Ipsen were excluded from the transaction price and will be recognized when the related sales occur as they were determined to predominantly relate to the intellectual property and, therefore, have been excluded from the transaction price in accordance with the sales-based royalty exception. The Company allocated the transaction price to the performance obligations based on their relative standalone selling price. The Company developed the estimated stand-alone selling price for each license using discounted cash flow models. In developing this estimate, the Company applied judgment in the determination of the assumptions relating to forecasted future revenues, the discount rate, and the probability of success. The stand-alone selling price for each of the research and development services was estimated based on the Company’s forecasted costs to be incurred to fulfill the obligations plus a reasonable margin. The portion of the transaction price allocable to the relapsed or refractory and front-line pLGG licenses to intellectual property was recognized as license revenue at the point in time in which Ipsen had the right to use the license/know-how, which occurred during the year ended December 31, 2024. The portion of the transaction price allocable to the relapsed or refractory, front-line and companion diagnostic research and development services performance obligations, as well as other services subsequently contracted by Ipsen with the Company on an ad-hoc basis that were not specifically identified as part of the Ipsen License Agreement and therefore considered separate performance obligations, will be recognized over time as the services are delivered based on costs incurred relative to the total estimated cost to deliver the services. During the three and nine months ended September 30, 2025, $1.3 million and $1.9 million of license revenue was recognized, respectively, with $2.3 million and $3.0 million of the undelivered relapsed or refractory, front-line and companion diagnostic research and development services included in current and non-current deferred revenue, respectively. During the three and nine months ended September 30, 2024, $73.7 million of license revenue was recognized.

Significant Agreements

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

Takeda asset purchase agreement

On December 16, 2019, a subsidiary of the Company entered into an asset purchase agreement, or the Takeda Asset Agreement, with Millennium Pharmaceuticals, Inc., a related party and an affiliate of Takeda Pharmaceutical Company Limited, or Takeda. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the Takeda Asset Agreement. Pursuant to the Takeda Asset Agreement, the Company purchased certain technology rights and know-how related to TAK-580 (which is now OJEMDA™ (tovorafenib)) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors. The Company also received clinical inventory supplies to use in the Company's research and development activities of such RAF-inhibitor and an assigned investigator clinical trial agreement. Takeda also assigned to the Company its exclusive license agreement, or the Viracta License Agreement, with Viracta. Takeda also granted the Company a worldwide, sublicensable exclusive license under specified patents and know-how and non-exclusive license under other patents and know-how generated by Takeda under the Takeda Asset Agreement. The Company also granted Takeda a grant back license, as defined in the Takeda Asset Agreement, which is terminable either automatically or by the Company in the event Takeda does not achieve specified development milestones within the applicable timeframes set forth under the Takeda Asset Agreement. This grant back license to Takeda was terminated at the time of conversion of the Company from an LLC to a corporation in connection with the Millennium Stock Exchange Agreement.

The term of the Takeda Asset Agreement will expire on a country-by-country basis upon expiration of all assigned patent rights and all licensed patent rights in such country. Takeda can terminate the Takeda Asset Agreement in the event of the Company's bankruptcy. In the event of termination of the Takeda Asset Agreement by Takeda as a result of the Company's cessation of development or bankruptcy, all assigned patents, know-how and contracts (other than the Viracta License Agreement) will be assigned back to Takeda and Takeda will obtain a reversion license under patents and know-how generated to exploit all such terminated products.

In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement, the Company made an upfront payment of $1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible preferred stock in the Company’s subsidiary in December 2019. The fair value of issued shares was estimated as $9.9 million, based on the price paid by other investors for issued shares in the Series A financing of the Company’s subsidiary. Based on the terms of the Millennium Stock Exchange Agreement, Takeda exchanged the 9,857,143 shares of Series A redeemable convertible preferred stock of the Company’s subsidiary for 6,470,382 shares of the Company's common stock upon the effectiveness of the conversion of the Company from an LLC to a corporation, on May 26, 2021.

License agreement with Viracta

On December 16, 2019, a subsidiary of the Company amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under Viracta License Agreement. Under the Viracta License Agreement, the Company received a worldwide exclusive license under specified patent rights and know-how to develop, use, manufacture, and commercialize products containing compounds binding the RAF protein family.

The term of the Viracta License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to Viracta with respect to such product in such country. The Company has the right to terminate the Viracta License Agreement with respect to any or all of the licensed products at will upon a specified notice period.

The Company paid $2.0 million upfront in cash to Viracta in December 2019, which was recorded as research and development expenses as the technology does not have an alternative future use.

On March 4, 2024, the Company entered into an amendment to the Viracta License Agreement. As part of the amendment, the Company made a one-time payment in March 2024 to Viracta of $5.0 million, which was recorded as research and development expenses during the year ended December 31, 2024, in exchange for reduced future payment obligations ranging from the mid-teens to the high single-digit percentage related to the future sale or use of the rare pediatric disease priority review voucher, or PRV, received.

On April 23, 2024, the FDA approved OJEMDA (a tablet formulation and powder solution formulation of tovorafenib) for the treatment of patients 6 months of age and older with relapsed or refractory pLGG harboring a BRAF fusion or rearrangement, or BRAF V600 mutation. The indication was approved under accelerated approval based on response rate and duration of response. With the approval, the Company received a rare pediatric disease PRV from the FDA. The Company made a $9.0 million milestone payment to Viracta in May 2024 for the achievement of this milestone. The $9.0 million milestone was accounted for as a finite-lived intangible asset and will be amortized over the life of the underlying asset. Related amortization expense will be recorded as cost of product and license revenue in the Company’s statements of operations.

On May 29, 2024, the Company sold its rare pediatric disease PRV for $108.0 million to an undisclosed buyer. As part of the transaction, $8.1 million of the total consideration received from the sale of the rare pediatric disease PRV was paid to Viracta to fully satisfy PRV-related obligations under the Viracta License Agreement and was capitalized as a finite-lived intangible asset, which will be amortized on a straight-line basis over its estimated useful life. The gross proceeds of $108.0 million were recorded as a gain from sale of priority review voucher in the accompanying statements of operations during the year ended December 31, 2024. As of September 30, 2025, the unamortized finite-lived intangible asset was $6.6 million. Related amortization expense will be recorded as cost of product and license revenue in the Company’s statements of operations.

On December 3, 2024, Viracta assigned the Viracta License Agreement to XOMA (US) LLC, or XOMA, pursuant to a Royalty Purchase Agreement dated March 22, 2021, between Viracta and XOMA, whereby Viracta sold its right, title, and interest in and to the Viracta License Agreement to XOMA. The Company has agreed to the assignment and novation of the Viracta License Agreement to XOMA as successor party, now referred to as the XOMA License Agreement. In connection with such assignment, the parties also agreed to assign all rights, title and interest in related intellectual property. No material terms of the XOMA License Agreement have been amended or modified in relation to the same.

On March 27, 2025, Ipsen Pharma SAS received validation of its completed submission of the Marketing Authorization Application to the European Medicines Agency, or EMA, for tovorafenib for the treatment of patients with relapsed or refractory pLGG. As a result, the Company paid $4.0 million to XOMA for the achievement of this milestone in March 2025.

As of September 30, 2025, the Company could be required to make additional milestone payments of up to $36.0 million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication upon achievement of a specified milestone event being lower than milestones payable for the first indication. Commencing with the first commercial sale of OJEMDA in a country, the Company is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products. The obligation to pay royalties will end on a country-by-country and licensed product-by-licensed product basis commencing on the first commercial sale in a country and continuing until the later of: (i) the expiration of the last valid claim of the XOMA licensed patents, jointly owned collaboration patents or specified patents owned by the Company covering the use or sale of such product in such country, (ii) the expiration of the last statutory exclusivity pertaining to such product in such country or (iii) the tenth anniversary of the first commercial sale of such product in such country.

License agreement with Merck KGaA, Darmstadt, Germany

On February 10, 2021, a subsidiary of the Company entered into a license agreement, or the MRKDG License Agreement, with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the MRKDG License Agreement.

Under the MRKDG License Agreement, Merck KGaA, Darmstadt, Germany granted to the Company an exclusive worldwide license, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to research, develop, manufacture and commercialize products containing and comprising the pimasertib and MSC2015103B compounds. The Company also received clinical inventory supplies to use in its research and development

activities. The Company's exclusive license grant is subject to a non-exclusive license granted by Merck KGaA, Darmstadt, Germany’s affiliate to a cancer research organization and Merck KGaA, Darmstadt, Germany retains the right to conduct, directly or indirectly, certain ongoing clinical studies relating to pimasertib. Under the MRKDG License Agreement, the Company has obligations to use commercially reasonable efforts to develop and commercialize at least two licensed products in at least two specified major market countries by the year 2029.

The term of the MRKDG License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company's obligation to pay royalties to the licensor with respect to such licensed product in such country and will expire in its entirety upon the expiration of all of the Company's payment obligations with respect to all licensed products and all countries under the MRKDG License Agreement.

In consideration for the rights granted under the MRKDG License Agreement and clinical supplies, the Company made an upfront payment of $8.0 million in March 2021, which was recorded as research and development expenses, as the technology does not have an alternative future use and supplies are used for research activities.

In November 2023, the Company discontinued its monotherapy substudy due to a limited duration of response in this rare patient population despite observing responses with a generally well tolerated therapy. In July 2024, the Company informed Merck KGaA, Darmstadt, Germany that the Company decided to close the program because the benefit/risk profile, as well as the market opportunity, did not justify the significant investment required to continue the trial despite observing some clinical responses. In September 2025, the Company finalized the termination agreement with Merck KGaA, Darmstadt, Germany and concluded material wind-down activities.

Research collaboration and license agreement with Sprint Bioscience AB

On August 15, 2023, the Company entered into a research collaboration and license agreement, or the Sprint License Agreement, with Sprint Bioscience AB, or Sprint, a Swedish corporation located in Huddinge, Sweden. Under the Sprint License Agreement, Sprint granted to the Company an exclusive, worldwide license, with the right to grant sublicenses through multiple tiers, to research, develop, and commercialize pharmaceutical products and to engage in research aimed at discovery, optimization and development of an inhibitor targeting Vaccinia Related Kinase 1, or VRK1. In consideration for the rights granted under the Sprint License Agreement, the Company paid $3.0 million upfront in cash to Sprint in September 2023, which was recorded as research and development expenses as the technology does not have an alternative future use.

The term of the Sprint License Agreement will expire on a licensed product and country basis upon the expiration of the royalty term with respect to such licensed product and such country, unless terminated earlier. The Company has the right to terminate the Sprint License Agreement in its entirety, or on a licensed product-by-licensed product basis, at will upon a specified notice period.

On May 9, 2025, the Company notified Sprint of its decision to discontinue its investment in the VRK1 program and terminated the Sprint License Agreement, with termination taking effect on August 15, 2025. This decision was made following careful consideration of the current development status of the program and the Company's overall strategic objectives.

License agreement with MabCare Therapeutics

On June 17, 2024, the Company entered into a license agreement, or the MabCare License Agreement, with MabCare Therapeutics, or MabCare, a pharmaceutical corporation located in Shanghai, China. Under the MabCare License Agreement, MabCare granted to the Company an exclusive worldwide license, excluding Greater China, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to develop, manufacture and commercialize DAY301 (formerly MTX-13), a novel Antibody Drug Conjugate, or ADC, targeting protein-tyrosine kinase 7, or PTK7. The Company will also receive clinical inventory supplies to use in its research and development activities. Under the MabCare License Agreement, the Company has obligations to use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize at least one licensed product in one indication in each of the United States, Japan, and three European countries.

The term of the MabCare License Agreement will expire in its entirety upon the expiration of the last to expire royalty term with respect to all licensed products in the Company's territory, unless terminated earlier. Following the expiration of the royalty term for a licensed product in a country, the license granted to the Company shall become non-exclusive, fully paid-up, royalty-free, perpetual, and irrevocable for such licensed product in such country. Upon the expiration of the term, the license granted to the Company shall become non-exclusive, transferable, sublicensable, fully paid, royalty free, perpetual, and irrevocable in its entirety.

In consideration for the rights granted under the MabCare License Agreement, the Company made a $55.0 million upfront payment in July 2024. The upfront payment was recorded as research and development expenses, as the technology and supplies licensed do not have an alternative future use. As of September 30, 2025, the Company could be required to make additional payments of $1,132.0 million based upon the achievement of specified development, regulatory, and commercial success-based milestones plus low-to-mid single-digit royalties on net sales outside of Greater China. Milestones and royalties are contingent

upon future events and will be recorded when the milestones are achieved and when payments are due. In January 2025, the Company cleared the first cohort (a single-patient accelerated titration cohort) in the Phase 1a portion of the DAY301 Phase 1a/b clinical trial. The Company made a $20.0 million milestone payment to MabCare in January 2025 for the achievement of this milestone.

License agreement with Ipsen Pharma SAS

On July 23, 2024, the Company entered into the Ipsen License Agreement, pursuant to which, the Company licensed to Ipsen, on an exclusive basis, the right to commercialize tovorafenib in all territories outside the United States and agreed to provide certain research and development and manufacturing services. Ipsen shall have the right to grant sublicenses to third-parties.

Under the terms of the Ipsen License Agreement, (i) Ipsen paid the Company an upfront license fee in the amount of $70.8 million in August 2024 and (ii) the Investor, a fully-owned United States affiliate of Ipsen, purchased 2,341,495 shares of the Company’s common stock in a private placement for $40.0 million, at a price per share representing a 17.0% premium to the VWAP of the Company’s common stock as traded on The Nasdaq Stock Market LLC for the ten consecutive trading days prior to and including the date of the Revenue Release, and the ten consecutive trading days following the Revenue Release, in accordance with the terms set forth in an investment agreement by and between the Company and the Investor dated July 23, 2024.

As of September 30, 2025, the Company is also eligible to receive up to approximately $380.0 million in additional commercial launch and sales-based milestone payments based on exchange rates as of the reporting date. The Company is also entitled to tiered, double-digit royalty payments starting at mid-teens percentage of annual net sales of tovorafenib, subject to customary adjustments specified in the Ipsen License Agreement. The royalty payment obligations under the Ipsen License Agreement expire on a country-by-country basis no earlier than ten years following the first commercial sale of tovorafenib in the applicable country.

In addition, the Ipsen License Agreement provides that the Company will supply to Ipsen, and Ipsen will purchase from the Company, all required quantities of tovorafenib for all territories outside the United States in accordance with a supply agreement to be entered into by and between the Company and Ipsen, or the Ipsen Supply Agreement. The Company determined that the cost-plus rate to be charged for the supply of tovorafenib does not represent a material right. Ipsen has the right to request a manufacturing technology transfer of the then-current manufacturing process of tovorafenib under the Ipsen License Agreement, and such consent shall not be unreasonably withheld, such that upon completion of the manufacturing technology transfer, Ipsen or a third-party would be solely responsible for the manufacture of tovorafenib for all territories outside the United States.

Following the two-year anniversary of July 23, 2024, the effective date of the Ipsen License Agreement, Ipsen may terminate the Ipsen License Agreement for convenience with six months’ prior written notice or for certain other specified reasons. The Company may terminate the Ipsen License Agreement if Ipsen or any of its affiliates challenge the validity of any patents controlled by the Company that are licensed under the Ipsen License Agreement. Both Ipsen and the Company may terminate the Ipsen License Agreement (i) for material breach by the other party and a failure to cure such breach within the time period specified in the Ipsen License Agreement or (ii) the other party’s bankruptcy event.

The Company evaluated the Ipsen License Agreement under Accounting Standards Codification, or ASC, 606 and concluded that Ipsen represents a customer in the transaction. The Company identified two distinct performance obligations for licenses to intellectual property in the form of the exclusive license to commercialize tovorafenib outside the United States for both (i) relapsed or refractory and (ii) front-line pLGG; and three distinct research and development performance obligations related to tovorafenib for completion of (i) the pivotal Phase 2 relapsed or refractory pLGG trial, or FIREFLY-1, (ii) the pivotal Phase 3 front-line pLGG trial, or FIREFLY-2, and (iii) the European Union, or EU, companion diagnostic for pLGG. Both the FIREFLY-1 and FIREFLY-2 trials related to pLGG pertain to later-stage intellectual property and only involve validating the efficacy of tovorafenib with respect to each distinct designation and are not expected to significantly modify or customize the licensed intellectual property. The FIREFLY-1 and FIREFLY-2 trials, and EU companion diagnostic research and development services related to pLGG could be performed by a third-party. The Company determined that the promise of the manufacturing technology transfer is a customer option that does not represent a material right given the value of the services is not material and fulfillment of this promise is ancillary to the main transaction. Accordingly, the manufacturing technology transfer is not a performance obligation at the outset of the arrangement.

Upon execution of the Ipsen License Agreement, the transaction price was determined to be $78.2 million, representing the aggregate of the upfront license fee of $70.8 million and the premium paid by Ipsen on its equity investment in the Company of $7.4 million (the excess of the value of the shares of the Company issued to Ipsen), representing additional consideration from Ipsen for the rights under the Ipsen License Agreement. Commercial launch milestones related to first commercial sale(s) in certain territories, sales-based milestones and royalties on net sales upon commercialization by Ipsen were excluded from the transaction price and will be recognized when the related sales occur as they were determined to predominantly relate to the

intellectual property and, therefore, have been excluded from the transaction price in accordance with the sales-based royalty exception.

The Company allocated the transaction price to the performance obligations based on their relative standalone selling price. The Company developed the estimated stand-alone selling price for each license using discounted cash flow models. In developing this estimate, the Company applied judgment in the determination of the assumptions relating to forecasted future revenues, the discount rate, and the probability of success. The stand-alone selling price for each of the research and development services was estimated based on the Company’s forecasted costs to be incurred to fulfill the obligations plus a reasonable margin. The portion of the transaction price allocable to the relapsed or refractory and front-line pLGG licenses to intellectual property was recognized as license revenue at the point in time in which Ipsen had the right to use the license/know-how, which occurred during the year ended December 31, 2024. The portion of the transaction price allocable to the relapsed or refractory, front-line and companion diagnostic research and development services performance obligations, as well as other services subsequently contracted by Ipsen with the Company on an ad-hoc basis that were not specifically identified as part of the Ipsen License Agreement and therefore considered separate performance obligations, will be recognized over time as the services are delivered based on costs incurred relative to the total estimated cost to deliver the services. During the three and nine months ended September 30, 2025, $1.3 million and $1.9 million of license revenue was recognized, respectively, with $2.3 million and $3.0 million of the undelivered relapsed or refractory, front-line and companion diagnostic research and development services included in current and non-current deferred revenue, respectively. During the three and nine months ended September 30, 2024, $73.7 million of license revenue was recognized.

Condensed Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 43,277	$ 124,968
Short-term investments	408,303	406,752
Accounts receivable, net	16,697	13,876
Inventory	7,061	3,321
Prepaid expenses and other current assets	14,633	13,413
Total current assets	489,971	562,330
Property and equipment, net	2,227	2,285
Operating lease right-of-use asset	2,450	2,422
Intangible assets, net	18,815	15,630
Deposits and other long-term assets	317	121
Total assets	513,780	582,788
Current Liabilities:
Accounts payable	5,778	3,262
Accrued expenses and other current liabilities	48,210	68,625
Current portion of deferred revenue	2,317	1,554
Current portion of operating lease liabilities	161	10
Total current liabilities	56,466	73,451
Long-term portion of deferred revenue	2,953	3,233
Long-term portion of operating lease liabilities	2,732	2,592
Other long-term liability	761	761
Total liabilities	62,912	80,037
Commitments and contingencies (Note 8)
Stockholders' equity
Common stock, $0.0001 par value; 500,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 102,675,502 and 101,116,162 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	10	10
Additional paid-in-capital	1,090,914	1,056,738
Accumulated other comprehensive income	69	84
Accumulated deficit	(640,125)	(554,081)
Total stockholders' equity	450,868	502,751
Total liabilities and stockholders' equity	$ 513,780	$ 582,788

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) (Details)	Sep. 30, 2025 shares
Class of Stock [Line Items]
Common stock shares reserved for future issuance	25,921,566
Employee Stock Option
Class of Stock [Line Items]
Common stock shares reserved for future issuance	4,968,021
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Common stock shares reserved for future issuance	2,758,561
Pre-Funded Warrants [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance	827,586
Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock shares reserved for future issuance	3,305,854
Common Stock
Class of Stock [Line Items]
Common stock shares reserved for future issuance	14,061,544

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 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 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Condensed Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	102,675,502	101,116,162
Common Stock, Shares Outstanding	102,675,502	101,116,162

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	16,916,694	11,949,628	16,916,694	14,068,239
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	14,061,544	11,454,704	14,061,544	11,926,321
Unvested common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	0	0	0	165,840
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	2,758,561	406,092	2,758,561	1,887,246
Shares committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	96,589	88,832	96,589	88,832

Balance Sheet Items (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid research and development expenses	$	9,816	$	8,216
Prepaid insurance		1,285		830
Other prepaid expenses and other assets		3,532		4,367
Total prepaid expenses and other current assets	$	14,633	$	13,413

Schedule of Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued research and development expenses	$	19,832	$	18,760
Accrued payroll related expenses		8,972		13,943
Accrued rebates		8,298		4,518
Accrued professional service expenses		5,794		3,758
Accrued milestone payment		—		20,000
Accrued royalties		1,921		1,443
Accrued federal and state payables		—		4,966
Other accrued expenses and other current liabilities		3,393		1,237
Total accrued expenses and other current liabilities	$	48,210	$	68,625

Defined Contribution Plan (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Retirement Benefits [Abstract]
Matching Contribution	$ 0.4	$ 0.4	$ 1.6	$ 1.4

Recurring Fair Value Measurement - Schedule of fair value, assets and liabilities measured on recurring basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	$ 17,686	$ 16,728
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure		12,947
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	75,163
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	425,989	511,590
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	17,686	16,728
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	408,303	494,862
Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	17,686	16,728
Fair Value, Recurring \| Money market funds \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	17,686	16,728
Fair Value, Recurring \| Money market funds \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Fair Value, Recurring \| Money market funds \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Fair Value, Recurring \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	199,768	311,487
Fair Value, Recurring \| U.S. treasury securities \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Fair Value, Recurring \| U.S. treasury securities \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	199,768	311,487
Fair Value, Recurring \| U.S. treasury securities \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Fair Value, Recurring \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	208,535	183,375
Fair Value, Recurring \| U.S. government agency securities \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	0	0
Fair Value, Recurring \| U.S. government agency securities \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	208,535	183,375
Fair Value, Recurring \| U.S. government agency securities \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	$ 0	$ 0

Share-based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units [Member] - 2021 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, beginning balance \| shares	1,774,287
Granted \| shares	1,957,300
Vested \| shares	(728,173)
Forfeiture \| shares	(244,853)
Unvested restricted stock, ending balance \| shares	2,758,561
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 15.58
Grant date fair value \| $ / shares	10.4
Vested \| $ / shares	14.73
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	14.45
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 12.23

Balance Sheet Items - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 19,832	$ 18,760
Accrued payroll related expenses	8,972	13,943
Accrued rebates	8,298	4,518
Accrued professional service expenses	5,794	3,758
Accrued milestone payment	0	20,000
Accrued royalties	1,921	1,443
Accrued federal and state payables	4,966	0
Other accrued expenses and other current liabilities	3,393	1,237
Total accrued expenses and other current liabilities	$ 48,210	$ 68,625

Description of Business and Organization

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Organization

Organization and Business

Day One Biopharmaceuticals, Inc. is a biopharmaceutical company dedicated to developing and commercializing targeted therapies for people of all ages with life-threatening diseases. The Company was founded in November 2018 and is headquartered in Brisbane, CA.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Net (loss) income - basic and diluted	$	(19,726	)	$	37,037	$	(86,044	)	$	(29,782	)
Weighted average shares outstanding - basic		103,381,315			96,623,123		103,056,046			90,164,895
Effect of dilutive securities:
Stock options		—			57,455		—			—
Restricted stock units		—			107,935		—			—
Restricted stock awards		—			149,246		—			—
Weighted average shares outstanding - diluted		103,381,315			96,937,759		103,056,046			90,164,895
Net (loss) income per share - basic	$	(0.19	)	$	0.38	$	(0.83	)	$	(0.33	)
Net (loss) income per share - diluted	$	(0.19	)	$	0.38	$	(0.83	)	$	(0.33	)

Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net (loss) income per share, as their effect is anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Stock options		14,061,544		11,454,704		14,061,544		11,926,321
Unvested common shares		—		—		—		165,840
Restricted stock units		2,758,561		406,092		2,758,561		1,887,246
Shares committed under ESPP		96,589		88,832		96,589		88,832
Total		16,916,694		11,949,628		16,916,694		14,068,239

Share-based Compensation

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Share-based Compensation

10.

Share-based Compensation

Share-based compensation expense recorded in the accompanying condensed statements of operations is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development expense	$	2,991	$	3,816	$	10,830	$	13,178
Selling, general and administrative expense		6,570		7,738		22,490		24,050
Total share-based compensation expense	$	9,561	$	11,554	$	33,320	$	37,228

2022 Equity Inducement Plan

In October 2022, the board of directors approved the 2022 Equity Inducement Plan, or the 2022 Plan. The 2022 Plan provides for the grant of non-statutory stock options and restricted stock units. The number of shares of common stock reserved for issuance under the 2022 Plan is 1,000,000 shares.

2021 Equity Incentive Plan

In May 2021, in connection with the IPO, the board of directors and stockholders approved the 2021 Equity Incentive Plan, or the 2021 Plan, which became effective on the day before the date of the effectiveness of the IPO. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, awards of restricted stock, restricted stock units and other share-based awards. The number of shares of common stock reserved for issuance under the 2021 Plan is equal to the sum of: (x) 6,369,000 shares of common stock; plus (y) 4,719,605 shares of common stock issued in respect of the conversion of incentive shares that were subject to vesting immediately prior to the effectiveness of the registration statement for the IPO that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right. The number of shares available for grant and issuance under the 2021 Plan will be automatically increased on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of (a) 5% of the number of shares of all classes of the Company’s common stock, plus the total number of shares of Company common stock issuable upon conversion of any preferred stock or exercise of any warrants to acquire shares of Company common stock for a nominal exercise price issued and outstanding on each December 31 immediately prior to the date of increase or (b) such number of shares determined by the board of directors.

Stock Options

The following table provides a summary of stock option activity during the nine months ended September 30, 2025.


	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		12,127,435		$	16.50
Granted		2,998,300		$	10.40
Exercised		—		$	—			$	—
Forfeiture		(1,064,191	)	$	15.92
Outstanding at September 30, 2025		14,061,544		$	15.24	$	7.20	$	240
Vested and expected to vest at September 30, 2025		14,061,544		$	15.24	$	7.20	$	240
Exercisable at September 30, 2025		9,172,219		$	16.42	$	6.40	$	8

Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. There were no options exercised during the nine months ended September 30, 2025. The total intrinsic value of options exercised during the nine months ended September 30, 2024 was less than $0.1 million.

The total fair value of options that vested during the nine months ended September 30, 2025 and 2024 was $21.7 million and $25.7 million, respectively. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2025 and 2024 was $6.81 per share and $9.24 per share, respectively.

Unrecognized share-based compensation for stock options as of September 30, 2025 was $40.3 million, which is expected to be recognized over a weighted-average period of 2.3 years.

The Company used the Black-Scholes option pricing model to estimate the fair value of stock option awards granted with the following assumptions:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Expected term (in years)	6.0 - 6.1	6.1	5.3 - 6.7	5.3 - 6.7
Expected volatility	69.44% - 74.96%	68.46% - 68.72%	68.30% - 75.07%	68.27% - 70.57%
Risk-free interest rate	3.77% - 4.05%	3.43% - 4.40%	3.77% - 4.48%	3.43% - 4.47%
Expected dividend yield	—	—	—	—

During the three and nine months ended September 30, 2025, the Company updated its methodology for estimating the expected volatility assumption used in the valuation of stock option awards to incorporate both the historical volatility of its common stock and the volatility of a group of publicly traded industry peers as the Company now has sufficient trading history for its common stock. This change provides a more representative measure of expected volatility by reflecting both Company-specific and market-based factors.

Restricted Stock Units

The following table provides a summary of restricted stock units activity under the 2021 Plan during the nine months ended September 30, 2025:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2024		1,774,287		$	15.58
Granted		1,957,300		$	10.40
Vested		(728,173	)	$	14.73
Forfeiture		(244,853	)	$	14.45
Unvested restricted stock units at September 30, 2025		2,758,561		$	12.23

Unamortized share-based compensation for restricted stock units as of September 30, 2025 was $31.4 million, which is expected to be recognized over a weighted-average period of 2.6 years.

Restricted Stock Awards

The following table provides a summary of the unvested common stock awards activity during the nine months ended September 30, 2025.


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2024		82,281		$	16.00
Vested		(81,546	)	$	16.00
Forfeiture		(735	)	$	16.00
Unvested common stock as of September 30, 2025		—		$	—

As of September 30, 2025, there is no unamortized share-based compensation for restricted stock awards.

2021 Employee Stock Purchase Plan

In May 2021, the board of directors adopted and the stockholders approved the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective on May 26, 2021. A total of 603,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares of the common stock reserved for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of: (a) 1% of the total number of outstanding shares of common stock of the Company (on an as converted basis outstanding on the immediately preceding December 31 (rounded down to the nearest whole share)) and (b) an amount determined by the board of directors. 549,887 shares have been issued under the ESPP as of September 30, 2025. The Company recognized compensation expense related to the ESPP of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.4 million and $0.6 million for the nine months ended September 30, 2025 and 2024, respectively.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

In April 2022, the Company entered into a lease agreement for approximately 12,000 square feet of general use office space in Brisbane, California. The agreement was determined to be a lease since the right to control the use of the identified asset was conveyed to the Company for a period of time in exchange for consideration. The lease commenced in May 2022 and expired in November 2024. The Company was obligated to pay monthly rent expense and its pro rata share of the landlord's operating expenses which include utilities, common area maintenance expenses, and property taxes. Such expenses were a non-lease component and a variable consideration and included in the Company's operating expenses as incurred. The Company concluded that this lease was an operating lease.

In June 2024, the Company entered into a lease agreement for approximately 19,000 square feet of general use office space in Brisbane, California. The agreement was determined to be a lease since the right to control the use of the identified asset was conveyed to the Company for a period of time in exchange for consideration. The term of the lease is approximately 7.4 years and commenced in August 2024. There is no option to extend the lease term nor is there an option to terminate the lease term prior to its expiration. The Company is obligated to pay monthly rent expense and its pro rata share of the landlord's operating expenses which include utilities, common area maintenance expenses, and property taxes. Such expenses are a non-lease component and a variable consideration and included in the Company's operating expenses as incurred. The Company concluded that this lease is an operating lease. The total payments for base rent over the term of the lease is approximately $4.4 million. Upon execution of the agreement, the Company paid a security deposit of approximately $86,000 classified as deposits and other long-term assets on the condensed balance sheet.

The Company determined the lease incremental borrowing rate, or IBR, based on the information available at the applicable lease commencement date as the Company’s leases do not provide an implicit rate. The IBR is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment where the asset is located. As of September 30, 2025, the weighted-average remaining lease term and weighted-average discount rate were 6.0 years and 12.9%, respectively.

The Company’s leases do not require any contingent rental payments, impose financial restrictions, or contain any residual value guarantees.

Lease expense of right-of-use assets is recognized on a straight-line basis over the applicable lease term. Lease expense was $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and was $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $0.2 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively. Variable payments expensed during the three and nine months ended September 30, 2025 and 2024 were immaterial.

As of September 30, 2025, the future lease obligations were as follows (in thousands):


Year Ending December 31,
2025 (Remaining)		194
2026		527
2027		543
2028		492
2029		711
Thereafter		1,981
Total future minimum lease payments		4,448
Less: imputed interest		(1,555	)
Present value of operating lease liabilities		2,893
Less: current portion of operating lease liabilities		(161	)
Long-term portion of operating lease liabilities	$	2,732

Research and Development Agreements

The Company enters into contracts in the normal course of business with clinical research organizations, contract manufacturing organizations, and other third-party vendors for clinical trial, manufacturing, testing, and other research and development activities. These contracts generally provide for termination on notice, with the exception of one vendor where certain costs are non-cancellable after the approval of the project. As of September 30, 2025 and December 31, 2024, there were no amounts accrued related to termination and cancellation charges as these are not probable.

License Agreements

The Company entered into license agreements, as disclosed in Note 7, with various parties under which it is obligated to make contingent and non-contingent payments.

Purchase Commitments

To support product needs for OJEMDA, the Company entered into a manufacturing and supply agreement with Quotient Sciences - Philadelphia, LLC in July 2023 that requires the Company to meet minimum purchase obligations on an annual basis. The remaining amount of future minimum purchase obligations under the manufacturing and supply agreement over the next five years is approximately $10.6 million, in aggregate, as of September 30, 2025. For the nine months ended September 30, 2025 and 2024, the Company made purchases of $3.5 million and $2.0 million, respectively, under the purchase obligation.

Legal Proceedings

The Company, from time to time, may be party to litigation, claims and assessments arising in the ordinary course of business. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company is not subject to any material legal proceedings, and to the best of its knowledge, no material legal proceedings are currently pending or threatened.

Indemnification Agreements

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against it in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at its request in such capacities. There have been no claims to date, and the Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company had not recorded any liabilities for these agreements as of September 30, 2025 and December 31, 2024.

Share-based Compensation - Summary of Stock Option Activity (Detail) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance	12,127,435
Granted	2,998,300
Exercised	0
Forfeiture	(1,064,191)
Outstanding at September 30, 2025	14,061,544
Vested and expected to vest at September 30, 2025	14,061,544
Exercisable at September 30, 2025	9,172,219
Weighted Average Exercise Price Per Share, Beginning Balance	$ 16.5
Granted	10.4
Exercised	0
Forfeiture	15.92
Weighted Average Exercise Price Per Share, Ending Balance	15.24
Weighted Average Exercise Price Per Share, Vested and expected to vest at September 30, 2025	15.24
Exercisable at September 30, 2025	$ 16.42
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2025	7 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest at September 30, 2025	7 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Exercisable at September 30, 2025	6 years 4 months 24 days
Exercised	$ 0
Outstanding at September 30, 2025 Aggregate Intrinsic Value	240
Vested and expected to vest at September 30, 2025, Aggregate Intrinsic Value	240
Exercisable at September 30, 2025	$ 8

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 01, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jul. 31, 2024
Class of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000		500,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001		$ 0.0001
Common Stock, Shares Issued		102,675,502		101,116,162
Common Stock, Shares Outstanding		102,675,502		101,116,162
Common stock shares reserved for future issuance		25,921,566
Proceeds from issuance of private placement		$ 0	$ 178,177
Common Stock Value		10		$ 10
Proceeds from issuance of prefunded warrants to purchase common stock, net of issuance costs		$ 0	$ 20,941
At The Market [Member]
Class of Stock [Line Items]
Common Stock, Shares Issued		0
2024 Private Placement [Member]
Class of Stock [Line Items]
Common Stock, Shares Issued					10,551,718
Proceeds from issuance of private placement	$ 166,500
2024 Private Placement [Member] \| Pre-Funded Warrant [Member]
Class of Stock [Line Items]
Ownership percentage		9.99%
Investment Agreement [Member]
Class of Stock [Line Items]
Upfront license fee					$ 70,800
Number of Common Stock Shares Purchased					2,341,495
Common Stock Value					$ 32,600
Weighted Average Price of Company's common Stock					17.00%
Common Shares Purchase Agreement
Class of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001
Sales Agreement with Piper Sandler and Jones Services LLC
Class of Stock [Line Items]
Proceeds from the issuance of common stock, net		$ 250,000
Pre-Funded Warrants [Member]
Class of Stock [Line Items]
Purchase Price of Common Stock Per Share					$ 14.4999
Number of Pre-funded warrants purchased					1,517,241
Excersise price of pre-funded warrants					$ 0.0001
Pre-Funded Warrants [Member] \| 2024 Private Placement [Member]
Class of Stock [Line Items]
Proceeds from issuance of prefunded warrants to purchase common stock, net of issuance costs	20,900
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share					0.0001
Common stock shares reserved for future issuance		14,061,544
Purchase Price of Common Stock Per Share					$ 14.5
Number of Pre-funded warrants purchased					1,517,241
Common Stock [Member] \| 2024 Private Placement [Member]
Class of Stock [Line Items]
Proceeds from the issuance of common stock, net	$ 145,600
Common Stock [Member] \| Investment Agreement [Member]
Class of Stock [Line Items]
Common Stock Value					$ 40,000

Recurring Fair Value Measurement - Schedule Of Maturities For Available For Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Amortized cost, mature in one year or less	$ 425,919	$ 511,505
Amortized cost, total	425,919	511,505
Fair value, mature in one year or less	425,989	511,590
Fair value, total	$ 425,989	$ 511,590

Intangible Assets - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 22,600	$ 17,100
Less accumulated amortization	(3,785)	(1,470)
Intangible assets, net	18,815	15,630
License agreement milestone payments [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	14,500	9,000
PRV-related obligation payment [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 8,100	$ 8,100

- 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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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Recurring Fair Value Measurement - Schedule of cash equivalents, marketable securities, and unrealized gains and losses (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	$ 43,277	$ 124,968
Marketable securities
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	408,233	406,667
Debt securities, available-for-sale, unrealized gain	102	98
Debt securities, available-for-sale, unrealized loss	(32)	(13)
Debt securities, available-for-sale, estimated fair value	408,303	406,752
Cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	17,686	104,838
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	17,686	104,838
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	17,686	16,728
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	17,686	16,728
U.S. government agency securities
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	0	75,163
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	0	75,163
Debt securities, available-for-sale, amortized cost	208,516	108,210
Debt securities, available-for-sale, unrealized gain	41	13
Debt securities, available-for-sale, unrealized loss	(22)	(11)
Debt securities, available-for-sale, estimated fair value	208,535	108,212
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost		12,947
Cash equivalents, unrealized gains		0
Cash equivalents, unrealized losses		0
Cash and cash equivalents, fair value disclosure		12,947
Debt securities, available-for-sale, amortized cost	199,717	298,457
Debt securities, available-for-sale, unrealized gain	61	85
Debt securities, available-for-sale, unrealized loss	(10)	(2)
Debt securities, available-for-sale, estimated fair value	$ 199,768	$ 298,540

Common Stock (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

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


	September 30, 2025
Common stock options issued and outstanding		14,061,544
Common stock available for future grants		4,968,021
Common stock available for ESPP		3,305,854
Restricted stock units issued and outstanding		2,758,561
Pre-funded warrants		827,586
Total		25,921,566

Share-based Compensation - Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 9,561	$ 11,554	$ 33,320	$ 37,228
Research and development expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	2,991	3,816	10,830	13,178
Selling, general and administrative expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 6,570	$ 7,738	$ 22,490	$ 24,050

Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2023	$ 346,540	$ 9	$ 805,107	$ 9	$ (458,585)
Beginning Balance (In shares) at Dec. 31, 2023		87,227,132
Issuance of common stock upon exercise of stock options (share)		4,862
Issuance of common stock upon exercise of stock options, Amount	48		48
Issuance of common stock upon release of restricted stock units, shares		157,724
Unvested common stock forfeiture		(12,555)
Share-based compensation expenses	12,644		12,644
Unrealized gain (loss) on available-for-sale securities	(14)			(14)
Net Income (Loss)	(62,412)				(62,412)
Ending Balance at Mar. 31, 2024	296,806	$ 9	817,799	(5)	(520,997)
Ending Balance (In shares) at Mar. 31, 2024		87,377,163
Beginning Balance at Dec. 31, 2023	346,540	$ 9	805,107	9	(458,585)
Beginning Balance (In shares) at Dec. 31, 2023		87,227,132
Unrealized gain (loss) on available-for-sale securities	(15)
Net Income (Loss)	(29,782)
Ending Balance at Sep. 30, 2024	555,463	$ 10	1,043,826	(6)	(488,367)
Ending Balance (In shares) at Sep. 30, 2024		100,810,357
Beginning Balance at Mar. 31, 2024	296,806	$ 9	817,799	(5)	(520,997)
Beginning Balance (In shares) at Mar. 31, 2024		87,377,163
Issuance of common stock upon exercise of stock options (share)		22,151
Issuance of common stock upon exercise of stock options, Amount	324		324
Issuance of common stock upon release of restricted stock units, shares		211,635
Unvested common stock forfeiture		(12,860)
Share-based compensation expenses	13,052		13,052
Unrealized gain (loss) on available-for-sale securities	(17)			(17)
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares		94,827
Issuance of common stock pursuant to Employee Stock Purchase Plan, Amount	973		973
Net Income (Loss)	(4,407)				(4,407)
Ending Balance at Jun. 30, 2024	306,731	$ 9	832,148	(22)	(525,404)
Ending Balance (In shares) at Jun. 30, 2024		87,692,916
Issuance of common stock upon exercise of stock options (share)		67,540
Issuance of common stock upon exercise of stock options, Amount	977		977
Issuance of common stock upon release of restricted stock units, shares		156,688
Issuance of common stock in connection with private placement, net of placement agent fees and offering costs, shares		12,893,213
Issuance of common stock in connection with private placement, net of placement agent fees and offering costs	178,177	$ 1	178,176
Issuance of prefunded warrants to purchase common stock in connection with private placement, net of issuance costs	20,941		20,941
Share-based compensation expenses	11,584		11,584
Unrealized gain (loss) on available-for-sale securities	16			16
Net Income (Loss)	37,037				37,037
Ending Balance at Sep. 30, 2024	555,463	$ 10	1,043,826	(6)	(488,367)
Ending Balance (In shares) at Sep. 30, 2024		100,810,357
Beginning Balance at Dec. 31, 2024	502,751	$ 10	1,056,738	84	(554,081)
Beginning Balance (In shares) at Dec. 31, 2024		101,116,162
Issuance of common stock upon exercise of stock options (share)		238,354
Unvested common stock forfeiture		(735)
Share-based compensation expenses	12,893		12,893
Unrealized gain (loss) on available-for-sale securities	(136)			(136)
Net Income (Loss)	(35,996)				(35,996)
Ending Balance at Mar. 31, 2025	479,512	$ 10	1,069,631	(52)	(590,077)
Ending Balance (In shares) at Mar. 31, 2025		101,353,781
Beginning Balance at Dec. 31, 2024	502,751	$ 10	1,056,738	84	(554,081)
Beginning Balance (In shares) at Dec. 31, 2024		101,116,162
Issuance of common stock upon exercise of stock options, Amount	0
Unrealized gain (loss) on available-for-sale securities	(15)
Net Income (Loss)	(86,044)
Ending Balance at Sep. 30, 2025	450,868	$ 10	1,090,914	69	(640,125)
Ending Balance (In shares) at Sep. 30, 2025		102,675,502
Beginning Balance at Mar. 31, 2025	479,512	$ 10	1,069,631	(52)	(590,077)
Beginning Balance (In shares) at Mar. 31, 2025		101,353,781
Issuance of common stock upon exercise of stock options (share)		246,250
Share-based compensation expenses	10,936		10,936
Unrealized gain (loss) on available-for-sale securities	(40)			(40)
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares		142,258
Issuance of common stock pursuant to Employee Stock Purchase Plan, Amount	748		748
Issuance of common stock upon exercise of warrants		689,644
Net Income (Loss)	(30,322)				(30,322)
Ending Balance at Jun. 30, 2025	460,834	$ 10	1,081,315	(92)	(620,399)
Ending Balance (In shares) at Jun. 30, 2025		102,431,933
Issuance of common stock upon exercise of stock options (share)		243,569
Share-based compensation expenses	9,599		9,599
Unrealized gain (loss) on available-for-sale securities	161			161
Net Income (Loss)	(19,726)				(19,726)
Ending Balance at Sep. 30, 2025	$ 450,868	$ 10	$ 1,090,914	$ 69	$ (640,125)
Ending Balance (In shares) at Sep. 30, 2025		102,675,502

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,726)	$ (30,322)	$ (35,996)	$ 37,037	$ (4,407)	$ (62,412)	$ (86,044)	$ (29,782)

- Definition

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

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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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+ Details

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible Assets

Intangible assets, net consisted of the following:


	September 30, 2025			December 31, 2024
Intangible assets with finite lives:
License agreement milestone payments	$	14,500		$	9,000
PRV-related obligation payment		8,100			8,100
Intangible assets, gross		22,600			17,100
Less accumulated amortization		(3,785	)		(1,470	)
Intangible assets, net	$	18,815		$	15,630

Schedule Of Amortization Expense For Amortizable Finite-Lived Intangible Assets

The estimated aggregate amortization expense for amortizable, finite-lived intangible assets as of September 30, 2025 is as follows:


Year Ending December 31,	Estimated Amortization Expense
2025 (Remaining)	$	795
2026		3,180
2027		3,180
2028		3,180
2029		3,180
Thereafter		5,300
Total future expected amortization expense	$	18,815

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
External costs:
Third-party CRO, CMO and other third-party clinical trial costs (1)	$	19,131	$	19,405	$	62,038	$	61,497
License agreement related payments		—		—		4,000		60,000
Other research and development costs		1,930		1,907		5,952		6,421
Internal costs:
Employee related expenses		10,358		12,251		35,197		37,961
Total research and development expenses	$	31,419	$	33,563	$	107,187	$	165,879

(1) Costs incurred under agreements with third-party CROs, CMOs, and other third parties that conduct clinical activities on the Company's behalf.

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

12.

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Net (loss) income - basic and diluted	$	(19,726	)	$	37,037	$	(86,044	)	$	(29,782	)
Weighted average shares outstanding - basic		103,381,315			96,623,123		103,056,046			90,164,895
Effect of dilutive securities:
Stock options		—			57,455		—			—
Restricted stock units		—			107,935		—			—
Restricted stock awards		—			149,246		—			—
Weighted average shares outstanding - diluted		103,381,315			96,937,759		103,056,046			90,164,895
Net (loss) income per share - basic	$	(0.19	)	$	0.38	$	(0.83	)	$	(0.33	)
Net (loss) income per share - diluted	$	(0.19	)	$	0.38	$	(0.83	)	$	(0.33	)

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net (loss) income per share, as their effect is anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Stock options		14,061,544		11,454,704		14,061,544		11,926,321
Unvested common shares		—		—		—		165,840
Restricted stock units		2,758,561		406,092		2,758,561		1,887,246
Shares committed under ESPP		96,589		88,832		96,589		88,832
Total		16,916,694		11,949,628		16,916,694		14,068,239

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ (882)	$ 0	$ 670
Recognized income tax benefit		$ 900
Effective income tax rate		(2.40%)		(2.30%)
Federal statutory rate		21.00%		21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Subsequent Event (Additional Information) (Details)	Oct. 07, 2025 $ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Option Exercise Price	$ 8

Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets, net consisted of the following:


	September 30, 2025			December 31, 2024
Intangible assets with finite lives:
License agreement milestone payments	$	14,500		$	9,000
PRV-related obligation payment		8,100			8,100
Intangible assets, gross		22,600			17,100
Less accumulated amortization		(3,785	)		(1,470	)
Intangible assets, net	$	18,815		$	15,630

The Company incurred amortization expense of $0.8 million and $2.3 million for the three and nine months ended September 30, 2025, respectively. The Company incurred amortization expense of $0.6 million and $0.9 million for the three and nine months ended September 30, 2024.

The estimated aggregate amortization expense for amortizable, finite-lived intangible assets as of September 30, 2025 is as follows:


Year Ending December 31,	Estimated Amortization Expense
2025 (Remaining)	$	795
2026		3,180
2027		3,180
2028		3,180
2029		3,180
Thereafter		5,300
Total future expected amortization expense	$	18,815

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025. The condensed financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB. Certain prior period amounts in the Notes to the Condensed Financial Statements have been reclassified to conform to the current period's presentation. These reclassifications did not affect the prior period's total assets, liabilities, stockholders' equity, net loss or cash flows. Specifically, the reclassifications separately present accrued rebates, accrued royalties and accrued federal and state taxes within Note 5
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying condensed financial statements include, but are not limited to, accruals for research and development expenses, variable consideration and other relevant inputs impacting the gross and net revenue recognition, the valuation of share-based awards, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.
Segments	Segments Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.
Concentration of credit risk and other risks and uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one non-United States government or government backed issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. For the three months ended September 30, 2025, two individual customers accounted for 98.6% of total net product revenue, with these individual customers representing 74.0% and 24.6% of the Company's total net product revenue. For the nine months ended September 30, 2025, two individual customers accounted for 98.3% of total net product revenue, with these individual customers representing 66.4% and 31.9% of the Company's total net product revenue. As of September 30, 2025, two customers accounted for 91.7% of the accounts receivable balance, with these individual customers representing 68.5% and 23.2% of the accounts receivable balance. No other individual customers account for more than 10.0% of net product revenue or accounts receivable. The Company monitors the financial condition of its customers so that it can appropriately respond to changes in their creditworthiness. To date, the Company has not experienced any losses with respect to the collection of its accounts receivable. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. The Company is dependent on third-party manufacturers to supply products for commercial and research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the effect of this update on its financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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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
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+ Details

Balance Sheet Items - Summary of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development expenses	$ 9,816	$ 8,216
Prepaid insurance	1,285	830
Other prepaid expenses and other assets	3,532	4,367
Total prepaid expenses and other current assets	$ 14,633	$ 13,413

Recurring Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis

The following table sets forth the Company’s financial instruments as of September 30, 2025 and December 31, 2024, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	17,686	$	—	$	—	$	17,686
U.S. treasury securities		—		199,768		—		199,768
U.S. government agency securities		—		208,535		—		208,535
Total assets measured at fair value	$	17,686	$	408,303	$	—	$	425,989


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	16,728	$	—	$	—	$	16,728
U.S. treasury securities		—		311,487		—		311,487
U.S. government agency securities		—		183,375		—		183,375
Total assets measured at fair value	$	16,728	$	494,862	$	—	$	511,590

Schedule of cash equivalents, marketable securities, and unrealized gains and losses

The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands):


	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	17,686	$	—	$	—		$	17,686
U.S. government agency securities		—		—		—			—
Total cash equivalents		17,686		—		—			17,686

Short-term investments
U.S. government agency securities		208,516		41		(22	)		208,535
U.S. treasury securities		199,717		61		(10	)		199,768
Total short-term investments	$	408,233	$	102	$	(32	)	$	408,303


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	16,728	$	—	$	—		$	16,728
U.S. government agency securities		75,163		—		—			75,163
U.S. treasury securities		12,947		—		—			12,947
Total cash equivalents		104,838		—		—			104,838

Short-term investments
U.S. government agency securities		108,210		13		(11	)		108,212
U.S. treasury securities		298,457		85		(2	)		298,540
Total short-term investments	$	406,667	$	98	$	(13	)	$	406,752

Schedule Of Maturities For Available For Sale Securities

The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands):


	September 30, 2025
	Amortized Cost		Fair Value
Mature in one year or less	$	425,919	$	425,989
Total	$	425,919	$	425,989


	December 31, 2024
	Amortized Cost		Fair Value
Mature in one year or less	$	511,505	$	511,590
Total	$	511,505	$	511,590

Significant Agreements - Additional Information (Detail) - USD ($) $ in Thousands							1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Jul. 23, 2024	May 29, 2024	Apr. 23, 2024	Mar. 04, 2024	May 26, 2021	Dec. 16, 2019	Mar. 31, 2025	Jul. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Unamortized finite-lived intangible asset									$ 18,815			$ 18,815		$ 15,630
Proceeds from issuance of private placement												0	$ 178,177
Current portion of deferred revenue									2,317			2,317		1,554
Deferred revenue, noncurrent									2,953			2,953		3,233
Deferred revenue												483	4,523
Takeda Asset Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront of cash payment						$ 1,000
Takeda Asset Agreement [Member] \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares					6,470,382
Takeda Asset Agreement [Member] \| Series A Redeemable Convertible Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share Issuance						9,857,143
Common stock issued, share issuance costs						$ 9,900
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares					9,857,143
Merck License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment											$ 8,000
Viracta License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones			$ 9,000
Viracta License Agreement [Member] \| Other Intangible Assets [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones											9,000
Viracta License Agreement [Member] \| PRV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Unamortized finite-lived intangible asset									6,600			6,600
Proceeds from sale of priority review voucher		$ 108,000												$ 108,000
Payment to obligation of license agreement		$ 8,100
Viracta License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment				$ 5,000
Payment of Milestones												36,000
Upfront of cash payment												2,000
Sprint Bioscience Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment											$ 3,000
MabCare License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment								$ 55,000
MabCare License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones												20,000
Milestone payments not yet paid												1,132,000
License agreement with Ipsen Pharma SAS [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet received												380,000
Proceeds from issuance of private placement	$ 40,000
Transaction Price	78,200
Equity Investment	7,400
License revenue									1,300	$ 73,700		1,900	$ 73,700
License agreement with Ipsen Pharma SAS [Member] \| Current Member
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Current portion of deferred revenue									2,300			2,300
License agreement with Ipsen Pharma SAS [Member] \| Noncurrent Member
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Current portion of deferred revenue									$ 3,000			$ 3,000
License agreement with Ipsen Pharma SAS [Member] \| License revenue [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 70,800
License agreement with Ipsen Pharma SAS [Member] \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share Issuance	2,341,495
Volume weighted average price	17.00%
License agreement with Ipsen Pharma SAS [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones							$ 4,000

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Lease Obligations

As of September 30, 2025, the future lease obligations were as follows (in thousands):


Year Ending December 31,
2025 (Remaining)		194
2026		527
2027		543
2028		492
2029		711
Thereafter		1,981
Total future minimum lease payments		4,448
Less: imputed interest		(1,555	)
Present value of operating lease liabilities		2,893
Less: current portion of operating lease liabilities		(161	)
Long-term portion of operating lease liabilities	$	2,732

Defined Contribution Plan	9 Months Ended
Defined Contribution Plan	Sep. 30, 2025
Retirement Benefits [Abstract]
Defined Contribution Plan	13. Defined Contribution Plan The Company maintains an employee savings plan pursuant to Section 401(k) of the Internal Revenue Code. All employees are eligible to participate provided that they meet the requirements of the plan. For each of the three months ended September 30, 2025 and 2024, the Company made matching contributions of $0.4 million. For the nine months ended September 30, 2025 and 2024, the Company made matching contributions of $1.6 million and $1.4 million, respectively.

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				9 Months Ended
	May 31, 2021	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Oct. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock upon exercise of stock options, Amount			$ 977	$ 324	$ 48	$ 0
Common stock shares reserved for future issuance		25,921,566				25,921,566
Allocated share based compensation expense		$ 9,561	11,554			$ 33,320	$ 37,228
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		31,400				$ 31,400
Weighted-average period expected to be recognized						2 years 7 months 6 days
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock upon exercise of stock options, Amount							100
Total fair value of options		21,700	25,700			$ 21,700	$ 25,700
Number of shares issued upon conversion	4,719,605
Common stock shares reserved for future issuance	6,369,000
Weighted-average period expected to be recognized						7 years 2 months 12 days
2021 Equity Incentive Plan \| PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value						$ 6.81	$ 9.24
Unamortized stock-based compensation for stock options		40,300				$ 40,300
Weighted-average period expected to be recognized						2 years 3 months 18 days
2021 Equity Incentive Plan \| Incremental Shares Reserved for Future Issuance [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	5.00%
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance	603,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	1.00%
Allocated share based compensation expense		$ 100	$ 200			$ 400	$ 600
Stock Issued During Period, Shares, Employee Stock Ownership Plan						549,887
2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance								1,000,000

Summary Of Significant Accounting Policies	9 Months Ended
Summary Of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025. The condensed financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB. Certain prior period amounts in the Notes to the Condensed Financial Statements have been reclassified to conform to the current period's presentation. These reclassifications did not affect the prior period's total assets, liabilities, stockholders' equity, net loss or cash flows. Specifically, the reclassifications separately present accrued rebates, accrued royalties and accrued federal and state taxes within Note 5. Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying condensed financial statements include, but are not limited to, accruals for research and development expenses, variable consideration and other relevant inputs impacting the gross and net revenue recognition, the valuation of share-based awards, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. Segments Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one non-United States government or government backed issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. For the three months ended September 30, 2025, two individual customers accounted for 98.6% of total net product revenue, with these individual customers representing 74.0% and 24.6% of the Company's total net product revenue. For the nine months ended September 30, 2025, two individual customers accounted for 98.3% of total net product revenue, with these individual customers representing 66.4% and 31.9% of the Company's total net product revenue. As of September 30, 2025, two customers accounted for 91.7% of the accounts receivable balance, with these individual customers representing 68.5% and 23.2% of the accounts receivable balance. No other individual customers account for more than 10.0% of net product revenue or accounts receivable. The Company monitors the financial condition of its customers so that it can appropriately respond to changes in their creditworthiness. To date, the Company has not experienced any losses with respect to the collection of its accounts receivable. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. The Company is dependent on third-party manufacturers to supply products for commercial and research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company is currently evaluating the effect of this update on its financial statements.

Share-based Compensation - Summary of The Unvested Common Stock (Detail) - Unvested Common Stock [Member]	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested Common Stock, Beginning balance \| shares	82,281
Vested \| shares	(81,546)
Number of Shares, Forfeited \| shares	(735)
Number of Shares, Unvested Common Stock, Ending balance \| shares	0
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 16
Vested \| $ / shares	16
Forfeiture \| $ / shares	16
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Additional Information) (Details)	9 Months Ended
Segment Reporting (Additional Information) (Details)	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

15.

Subsequent Event

On October 7, 2025, the board of directors and compensation committee of the board of directors, or the Compensation Committee, approved an option repricing, or the Repricing, of the outstanding stock options held by certain then-current directors and employees, including the Company’s named executive officers, or Eligible Participants, to be effective on the second full business day following the filing of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, or the Effective Date. As permitted under the terms of the Company’s equity plans, the exercise price of each outstanding stock option with an exercise price per share of $8.00 or greater held by the directors and employees providing services as of the Effective Date will be reduced to an amount equal to the closing price of the Company’s common stock on the Effective Date, or the New Exercise Price. The board of directors approved the Repricing, upon the recommendation of the Compensation Committee, in order to retain and motivate key contributors of the Company without incurring dilution resulting from significant additional equity grants to the Company’s employees or significant additional cash expenditures resulting from cash compensation.

In order to exercise the repriced options at the New Exercise Price, Eligible Participants are required to remain in service with the Company through the Retention Period (as defined herein). The “Retention Period” begins on the Effective Date and ends on the earlier of (i) the one-year anniversary of the Effective Date; or (ii) a Corporate Transaction (as defined in the 2021 Plan). However, if the Retention Period is not satisfied, the Eligible Participant will be required to pay to the Company an additional amount equal to the difference between the New Exercise Price and the prior exercise price of the corresponding option upon exercise of the option; provided that the additional premium payment will not be required if the Eligible Participant’s service to the Company is terminated by reason of death or Disability (as defined in the 2021 Plan).

The Company is currently evaluating the effect of the Repricing and, at this time, cannot reasonably estimate the impact on its financial statements.

Inventory (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Inventory Disclosure [Abstract]
Other expenses	$ 0	$ 0	$ 0	$ 0

Inventory

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	—	$	—
Work-in-process		6,005		2,448
Finished goods		1,056		873
Total inventory	$	7,061	$	3,321

The Company began capitalizing inventory for OJEMDA upon approval by the U.S. Food and Drug Administration, or FDA, in April 2024. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to research and development expense in the period incurred.

Inventory is comprised of work-in-process and finished goods, and includes costs related to third-party contract manufacturing, packaging, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method. Raw and intermediate materials that may be used for either research and development or commercial purposes where the intended use is not yet known are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used or otherwise allocated for research and development, it is expensed as research and development in the period that determination is made.

The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded within cost of product and license revenue. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded as a cost of product and license revenue in the statements of operations. There were no expenses recorded for excess inventory or other impairments during the three and nine months ended September 30, 2025 and 2024.

Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory [Line Items]
Raw materials	$ 0	$ 0
Work-in-process	6,005	2,448
Finished goods	1,056	873
Total inventory	$ 7,061	$ 3,321

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Aug. 31, 2024	Jun. 30, 2024 ft²	Apr. 30, 2022 ft²
Lessee, Lease, Description [Line Items]
Operating lease term						7 years 4 months 24 days
Amortization of operating right-of-use assets			$ 202,000	$ 332,000
Operating lease payments			$ 4,400,000
Weighted average remaining lease term	6 years		6 years
Weighted average discount rate percent	12.90%		12.90%
Research And Development Agreements
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable	$ 0		$ 0		$ 0
Indemnification Agreement
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable	0		0		$ 0
Purchase Commitments
Lessee, Lease, Description [Line Items]
Aggregate amount of future minimum purchase obligations	10,600,000		10,600,000
Purchases under the purchase obligation			3,500,000	2,000,000
Brisbane, California
Lessee, Lease, Description [Line Items]
Sublease agreement area \| ft²							19,000	12,000
Security deposit	86,000		86,000
Lease For Corporate Office Facility
Lessee, Lease, Description [Line Items]
Amortization of operating right-of-use assets	$ 100,000	$ 200,000	500,000	400,000
Operating lease payments			$ 200,000	$ 400,000

Recurring Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement recurring basis, asset, transfers, net	$ 0	$ 0
Unrealized losses twelve months or greater	$ 0	$ 0

Intangible Assets (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 800	$ 600	$ 2,315	$ 884

- 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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-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Share-based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted (Detail) - 2021 Equity Incentive Plan	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		6 years 1 month 6 days
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days		6 years 8 months 12 days	6 years 8 months 12 days
Expected volatility	74.96%	68.72%	75.07%	70.57%
Risk-free interest rate	4.05%	4.40%	4.48%	4.47%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years		5 years 3 months 18 days	5 years 3 months 18 days
Expected volatility	69.44%	68.46%	68.30%	68.27%
Risk-free interest rate	3.77%	3.43%	3.77%	3.43%

- Definition

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

+ References

+ Details

Segment Reporting - Schedule of Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

External Costs [Abstract]

Third-party CRO, CMO and other third-party clinical trial costs

^[1]

$ 19,131

$ 19,405

$ 62,038

$ 61,497

License agreement related payments

4,000

60,000

Other research and development costs

1,930

1,907

5,952

6,421

Employee related expenses

10,358

12,251

35,197

37,961

Total research and development expenses

$ 31,419

$ 33,563

$ 107,187

$ 165,879

[1]	Costs incurred under agreements with third-party CROs, CMOs, and other third parties that conduct clinical activities on the Company's behalf.

Commitments and Contingencies - Summary of Future Lease Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2025 (Remaining)	$ 194
2026	527
2027	543
2028	492
2029	711
Thereafter	1,981
Total future minimum lease payments	4,448
Less: Imputed interest	(1,555)
Present value of operating lease liabilities	2,893
Less: current portion of operating lease liabilities	(161)	$ (10)
Operating lease liabilities	$ 2,732	$ 2,592

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

The Company did not record an income tax provision for the three and nine months ended September 30, 2025 as it generated tax losses during each of the periods. For the three months ended September 30, 2024, the Company recognized an income tax benefit of $0.9 million on pre-tax book income for the period, resulting in an effective tax rate of (2.4)%. For the nine months ended September 30, 2024, the Company recognized income tax expense of $0.7 million on a pre-tax book loss for the period, resulting in an effective tax rate of (2.3)%. The primary reconciling items between the federal statutory rate of 21.0% for the three and nine months ended September 30, 2024 and the Company’s overall effective tax rate of (2.4)% and (2.3)%, respectively, was the effect of equity compensation, generation of tax credits, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets.

A valuation allowance is established when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company continues to establish a valuation allowance against the full amount of its net deferred tax assets since it is more likely than not that benefits will not be realized, including those benefits created in the current year. This assessment is based on the Company's historical cumulative losses, which provide strong objective evidence that cannot be overcome with projections of income, as well as the fact that the Company expects continuing losses in the future.

In July 2025, the United States government passed the One Big Beautiful Bill Act into law. This legislation includes significant tax law changes with various effective dates, which may have an impact on the Company's business. The enactment of the One Big Beautiful Bill Act did not have a material impact on the Company's effective tax rate for the three and nine months ended September 30, 2025. The Company will continue to monitor the impact of this Act in future periods.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Condensed Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Income (Loss)	$ (19,726)	$ 37,037	$ (86,044)	$ (29,782)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	161	16	(15)	(15)
Total comprehensive (loss) income	$ (19,565)	$ 37,053	$ (86,059)	$ (29,797)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss

Share-based compensation expense recorded in the accompanying condensed statements of operations is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development expense	$	2,991	$	3,816	$	10,830	$	13,178
Selling, general and administrative expense		6,570		7,738		22,490		24,050
Total share-based compensation expense	$	9,561	$	11,554	$	33,320	$	37,228

Summary of The Unvested Common Stock

The following table provides a summary of the unvested common stock awards activity during the nine months ended September 30, 2025.


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2024		82,281		$	16.00
Vested		(81,546	)	$	16.00
Forfeiture		(735	)	$	16.00
Unvested common stock as of September 30, 2025		—		$	—

Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted

The Company used the Black-Scholes option pricing model to estimate the fair value of stock option awards granted with the following assumptions:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Expected term (in years)	6.0 - 6.1	6.1	5.3 - 6.7	5.3 - 6.7
Expected volatility	69.44% - 74.96%	68.46% - 68.72%	68.30% - 75.07%	68.27% - 70.57%
Risk-free interest rate	3.77% - 4.05%	3.43% - 4.40%	3.77% - 4.48%	3.43% - 4.47%
Expected dividend yield	—	—	—	—

2021 Equity Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table provides a summary of stock option activity during the nine months ended September 30, 2025.


	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		12,127,435		$	16.50
Granted		2,998,300		$	10.40
Exercised		—		$	—			$	—
Forfeiture		(1,064,191	)	$	15.92
Outstanding at September 30, 2025		14,061,544		$	15.24	$	7.20	$	240
Vested and expected to vest at September 30, 2025		14,061,544		$	15.24	$	7.20	$	240
Exercisable at September 30, 2025		9,172,219		$	16.42	$	6.40	$	8

Summary of Restricted Stock Units Activity

The following table provides a summary of restricted stock units activity under the 2021 Plan during the nine months ended September 30, 2025:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2024		1,774,287		$	15.58
Granted		1,957,300		$	10.40
Vested		(728,173	)	$	14.73
Forfeiture		(244,853	)	$	14.45
Unvested restricted stock units at September 30, 2025		2,758,561		$	12.23

- 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 Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net Income (Loss)	$ (86,044)	$ (29,782)
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in-process research and development asset	0	55,000
Share-based compensation expense	33,320	37,228
Depreciation expense	275	54
Accretion of discounts on short-term investments, net	(12,523)	(3,566)
Amortization of intangible assets	2,315	884
Amortization of operating right-of-use asset	202	332
Loss from sale of property and equipment	71	0
Gain from sale of priority review voucher	0	(108,000)
Changes in operating assets and liabilities:
Accounts receivable, net	(2,821)	(8,695)
Inventory	(3,632)	(2,683)
Prepaid expenses and other current assets	(1,227)	(2,326)
Deposits and other long-term assets	(196)	97
Accounts payable	2,516	441
Accrued expenses and other current liabilities	(22,415)	8,665
Deferred revenue	483	4,523
Operating lease liability	68	(277)
Net cash used in operating activities	(89,608)	(48,105)
Cash flows from investing activities
Cash paid for purchase of short-term investments	(637,863)	(383,395)
Proceeds from maturity of short-term investments	648,820	307,482
Proceeds from sale of short-term investments	0	79,409
Cash paid for acquired intangible assets	(3,500)	(17,100)
Proceeds from sale of priority review voucher	0	108,000
Cash paid for acquired in-process research and development assets	0	(55,000)
Cash paid for purchase of property and equipment	(320)	(750)
Proceeds from sale of property and equipment	32	0
Net cash provided by investing activities	7,169	38,646
Cash flows from financing activities
Proceeds from issuance of common stock in connection with private placement, net of placement agent fees and offering costs	0	178,177
Proceeds from issuance of prefunded warrants to purchase common stock, net of issuance costs	0	20,941
Proceeds from issuance of common stock upon stock option exercises	0	1,349
Proceeds from issuance of common stock upon Employee Stock Purchase Plan purchase	748	973
Cash provided by financing activities	748	201,440
Net (decrease) increase in cash and cash equivalents	(81,691)	191,981
Cash and cash equivalents, beginning of period	124,968	230,784
Cash and cash equivalents, end of period	43,277	422,765
Supplemental disclosure of cash flow information:
Income taxes paid	5,316	883
Supplemental disclosures of noncash activities:
Cash not yet paid for acquired intangible asset	2,000	0
Right-of-use asset obtained in exchange for new operating lease liabilities	230	2,554
Deferred offering costs not yet paid	$ 0	$ 66

Common Stock

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Common Stock

Pursuant to its certificate of incorporation, the Company is authorized to issue 500.0 million shares of common stock at a par value of $0.0001 per share. As of September 30, 2025, 102,675,502 shares of common stock were issued and outstanding.

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


	September 30, 2025
Common stock options issued and outstanding		14,061,544
Common stock available for future grants		4,968,021
Common stock available for ESPP		3,305,854
Restricted stock units issued and outstanding		2,758,561
Pre-funded warrants		827,586
Total		25,921,566

2024 Private Placement

In July 2024, the Company entered into a securities purchase agreement with certain institutional and accredited investors, or the PIPE Investors, pursuant to which the Company agreed to sell and issue to the PIPE Investors in a private placement, or the Private Placement, an aggregate of (i) 10,551,718 shares of the Company’s common stock, par value $0.0001 per share, at a purchase price of $14.50 per share and (ii) 1,517,241 pre-funded warrants, or the Pre-Funded Warrants, to purchase up to an aggregate of 1,517,241 shares of the Company's common stock, or the Warrant Shares, at a purchase price of $14.4999 per Pre-Funded Warrant. Each Pre-Funded Warrant has an exercise price of $0.0001 per Warrant Share.

The Pre-Funded Warrants are exercisable at any time after their original issuance at the option of each holder, in such holder’s discretion, by (i) payment in full in immediately available funds for the number of shares of common stock purchased upon such exercise or (ii) a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the Pre-Funded Warrant. A holder will not be entitled to exercise any portion of any Pre-Funded Warrant if the holder’s ownership of the Company’s common stock would exceed 9.99% following such exercise.

In the event of certain fundamental transactions, the holders of the Pre-Funded Warrants will be entitled to receive upon exercise of the Pre-Funded Warrants the kind of amounts of securities, cash or other property that the holders would have received had they exercised the Pre-Funded Warrants immediately prior to such fundamental transaction without regard to any limitations on exercise contained in the Pre-Funded Warrants.

The Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The Pre-Funded Warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, such Pre-Funded Warrants do not provide any guarantee of value or return. The Company valued the Pre-Funded Warrants at issuance, concluding that their sales price approximated their fair value, and allocated net proceeds from the Private Placement proportionately to the Company's common stock and Pre-Funded Warrants.

The Private Placement closed on August 1, 2024, and the Company received net proceeds of $166.5 million, after deducting placement agent fees, offering costs, and other expenses, of which $145.6 million was allocated to the common stock and $20.9 million was allocated to the Pre-Funded Warrants. The net proceeds were recorded as a component of additional paid-in capital.

Investment agreement with Ipsen Biopharmaceuticals, Inc.

In July 2024, the Company entered into the Ipsen License Agreement, pursuant to which, the Company licensed to Ipsen, on an exclusive basis, the right to commercialize tovorafenib in all territories outside the United States and agreed to provide certain research and development and manufacturing services. Under the terms of the Ipsen License Agreement, (i) Ipsen paid the Company an upfront license fee in the amount of $70.8 million in August 2024 and (ii) the Investor, a fully-owned United States affiliate of Ipsen, purchased 2,341,495 shares of the Company’s common stock in a private placement for $40.0 million, at a price per share representing a 17.0% premium to the VWAP of the Company’s common stock as traded on The Nasdaq Stock Market LLC for the ten consecutive trading days prior to and including the date of the Revenue Release, and the ten consecutive trading days following the Revenue Release, in accordance with the terms set forth in an investment agreement by and between the Company and the Investor dated July 23, 2024. The Company valued the shares at issuance at $32.6 million, concluding that the Company's common stock price as traded on The Nasdaq Stock Market LLC on the closing date of the transaction approximated fair value, which was recorded as a component of additional paid-in capital.

At-The-Market Offering

The Company has entered into an equity distribution agreement, or the Equity Distribution Agreement, with Piper Sandler & Co. and JonesTrading Institutional Services LLC, as sales agents, relating to the issuance and sale of shares of the Company’s

common stock for an aggregate offering price of up to $250.0 million under an at-the-market offering program, or the ATM. The Company has no obligation to sell any shares and could at any time suspend solicitations and offers under the ATM. No shares of the Company’s common stock have been sold under the ATM as of September 30, 2025.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income - basic and diluted	$ (19,726)	$ (30,322)	$ (35,996)	$ 37,037	$ (4,407)	$ (62,412)	$ (86,044)	$ (29,782)
Weighted average shares outstanding - basic	103,381,315			96,623,123			103,056,046	90,164,895
Effect of dilutive securities:
Weighted average shares outstanding - diluted	103,381,315			96,937,759			103,056,046	90,164,895
Net (loss) income per share - basic	$ (0.19)			$ 0.38			$ (0.83)	$ (0.33)
Net (loss) income per share - diluted	$ (0.19)			$ 0.38			$ (0.83)	$ (0.33)
Employee Stock Option
Effect of dilutive securities:
Effect of dilutive securities	0			57,455			0	0
Restricted Stock Units [Member]
Effect of dilutive securities:
Effect of dilutive securities	0			107,935			0	0
Restricted stock awards [Member]
Effect of dilutive securities:
Effect of dilutive securities	0			149,246			0	0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies - Additional Information (Detail) - Concentration of Credit Risk and Other Risks and Uncertainties [Member]	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
One Customer [Member] \| Revenue Benchmark [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable	74.00%	66.40%
One Customer [Member] \| Accounts Receivable [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		68.50%
Two Customer [Member] \| Revenue Benchmark [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable	24.60%	31.90%
Two Customer [Member] \| Accounts Receivable [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		23.20%
Other Individual Customer [Member] \| Net Product Revenue and Accounts Receivable [Member] \| Maximum [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		10.00%
Individual Customer [Member] \| Revenue Benchmark [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable	98.60%	98.30%
Individual Customer [Member] \| Accounts Receivable [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		91.70%

Condensed Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue:
Total revenues	$ 39,795	$ 93,761	$ 104,464	$ 101,953
Cost and operating expenses:
Cost of product and license revenue	4,480	1,590	11,129	2,297
Research and development	31,419	33,563	107,187	165,879
Selling, general and administrative	28,147	28,972	86,440	85,715
Total cost and operating expenses	64,046	64,125	204,756	253,891
Loss from operations	(24,251)	29,636	(100,292)	(151,938)
Non-operating income:
Gain from sale of priority review voucher	0	0	0	108,000
Investment income, net	4,559	5,322	14,324	13,649
Other expense, net	(34)	1,197	(76)	1,177
Total non-operating income, net	4,525	6,519	14,248	122,826
Loss before income taxes	(19,726)	36,155	(86,044)	(29,112)
Income tax expense	0	882	0	(670)
Net loss	$ (19,726)	$ 37,037	$ (86,044)	$ (29,782)
Net loss per share - basic	$ (0.19)	$ 0.38	$ (0.83)	$ (0.33)
Net (loss) income per share - diluted	$ (0.19)	$ 0.38	$ (0.83)	$ (0.33)
Weighted-average number of common shares used in net loss per share - basic	103,381,315	96,623,123	103,056,046	90,164,895
Weighted-average number of common shares used in net loss per share - diluted	103,381,315	96,937,759	103,056,046	90,164,895
Product revenue, net [Member]
Revenue:
Total revenues	$ 38,522	$ 20,070	$ 102,587	$ 28,262
License revenue [Member]
Revenue:
Total revenues	$ 1,273	$ 73,691	$ 1,877	$ 73,691

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

14.

Segment Reporting

The Company views its operations and manages its business in one operating and one reportable segment, which includes all activities dedicated to developing and commercializing targeted therapies for people of all ages with life-threatening diseases. The determination of a single operating segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker, or CODM. The Company’s CODM is its Chief Executive Officer, who reviews and evaluates net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Our CODM does not evaluate the operating segment using asset or liability information. The operating segment derives all net product revenues from the sales of OJEMDA in the United States through contractual arrangements with its specialty pharmacy and specialty distributor customers. All the Company’s assets are located in the United States.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
External costs:
Third-party CRO, CMO and other third-party clinical trial costs (1)	$	19,131	$	19,405	$	62,038	$	61,497
License agreement related payments		—		—		4,000		60,000
Other research and development costs		1,930		1,907		5,952		6,421
Internal costs:
Employee related expenses		10,358		12,251		35,197		37,961
Total research and development expenses	$	31,419	$	33,563	$	107,187	$	165,879

(1) Costs incurred under agreements with third-party CROs, CMOs, and other third parties that conduct clinical activities on the Company's behalf.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Registrant Name	DAY ONE BIOPHARMACEUTICALS, INC.
Entity Central Index Key	0001845337
Securities Act File Number	001-40431
Entity Tax Identification Number	83-2415215
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address, Address Line One	1800 Sierra Point Parkway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Brisbane
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94005
City Area Code	650
Local Phone Number	484-0899
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DAWN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		102,675,502

Recurring Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	17,686	$	—	$	—	$	17,686
U.S. treasury securities		—		199,768		—		199,768
U.S. government agency securities		—		208,535		—		208,535
Total assets measured at fair value	$	17,686	$	408,303	$	—	$	425,989


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	16,728	$	—	$	—	$	16,728
U.S. treasury securities		—		311,487		—		311,487
U.S. government agency securities		—		183,375		—		183,375
Total assets measured at fair value	$	16,728	$	494,862	$	—	$	511,590

The Company's money market funds are classified as Level 1 because they are measured using observable inputs from active markets for identical assets.

The Company's U.S. treasury securities and U.S. government agency securities are classified as Level 2 because they are measured with inputs that are either directly or indirectly observable for the asset which include quoted prices for similar assets in active markets and quoted prices for identical or similar assets in markets that are not active.

There were no assets or liabilities classified as Level 3 as of September 30, 2025 and December 31, 2024.

There were no transfers between Level 1, Level 2 or Level 3 categories during the periods presented.


	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	17,686	$	—	$	—		$	17,686
U.S. government agency securities		—		—		—			—
Total cash equivalents		17,686		—		—			17,686

Short-term investments
U.S. government agency securities		208,516		41		(22	)		208,535
U.S. treasury securities		199,717		61		(10	)		199,768
Total short-term investments	$	408,233	$	102	$	(32	)	$	408,303


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	16,728	$	—	$	—		$	16,728
U.S. government agency securities		75,163		—		—			75,163
U.S. treasury securities		12,947		—		—			12,947
Total cash equivalents		104,838		—		—			104,838

Short-term investments
U.S. government agency securities		108,210		13		(11	)		108,212
U.S. treasury securities		298,457		85		(2	)		298,540
Total short-term investments	$	406,667	$	98	$	(13	)	$	406,752

The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands):


	September 30, 2025
	Amortized Cost		Fair Value
Mature in one year or less	$	425,919	$	425,989
Total	$	425,919	$	425,989


	December 31, 2024
	Amortized Cost		Fair Value
Mature in one year or less	$	511,505	$	511,590
Total	$	511,505	$	511,590

The Company regularly reviews the changes to the rating of its securities and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of September 30, 2025 and December 31, 2024, there were no securities that were in an unrealized loss position for more than 12 months. As of September 30, 2025, the unrealized losses on the Company’s short-term investments were primarily caused by interest rate changes. The Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment with the contractual cash flows of these investments guaranteed by the issuer. No allowance for credit losses has been recorded since it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost basis.

- 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
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-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
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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-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
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-Name Accounting Standards Codification
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-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-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

Inventory (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Summary of Inventory

Inventory consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	—	$	—
Work-in-process		6,005		2,448
Finished goods		1,056		873
Total inventory	$	7,061	$	3,321

Balance Sheet Items

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Items

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid research and development expenses	$	9,816	$	8,216
Prepaid insurance		1,285		830
Other prepaid expenses and other assets		3,532		4,367
Total prepaid expenses and other current assets	$	14,633	$	13,413

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued research and development expenses	$	19,832	$	18,760
Accrued payroll related expenses		8,972		13,943
Accrued rebates		8,298		4,518
Accrued professional service expenses		5,794		3,758
Accrued milestone payment		—		20,000
Accrued royalties		1,921		1,443
Accrued federal and state payables		—		4,966
Other accrued expenses and other current liabilities		3,393		1,237
Total accrued expenses and other current liabilities	$	48,210	$	68,625