0001819790-26-000019 | 10-K | XBRL Viewer | Tarsus Pharmaceuticals INC

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SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Feb. 02, 2026	Oct. 31, 2024	Dec. 31, 2025
Subsequent Event [Line Items]
Upfront payment received		$ 2,500
Event-Based Development Milestone
Subsequent Event [Line Items]
Contractual milestone payment net sales			$ 3,000
Commercial Sales Milestone Payments
Subsequent Event [Line Items]
Contractual milestone payment net sales			$ 102,000
Subsequent Event \| Anterior In-License Agreement
Subsequent Event [Line Items]
Upfront payment received	$ 2,000
Subsequent Event \| Anterior In-License Agreement \| Event-Based Development Milestone
Subsequent Event [Line Items]
Contractual milestone payment net sales	2,500
Subsequent Event \| Anterior In-License Agreement \| Commercial Sales Milestone Payments
Subsequent Event [Line Items]
Maximum milestone payments	$ 92,000

BALANCE SHEET ACCOUNT DETAIL - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued product sales deductions	$ 68,439	$ 33,122
Other liabilities	22,179	18,320
Accrued royalty payable	9,100	3,320
Income tax payable, current	1,811	0
Operating lease liability, current	$ 0	$ 608
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 101,529	$ 55,370

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities:
Net loss	$ (66,418)	$ (115,554)	$ (135,893)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	855	685	744
Amortization of intangible assets	961	540	133
Amortization/accretion of debt-related costs	593	482	385
Stock-based compensation	41,720	27,818	19,830
Loss on debt extinguishment	0	1,944	0
Non-cash lease expense	682	635	541
Net amortization/accretion on marketable securities	(5,482)	(4,213)	(3,163)
Realized/unrealized loss (gain) on equity investments	0	591	(259)
Change in fair value of equity warrants issued by licensee	0	201	(117)
Changes in operating assets and liabilities:
Accounts receivable, net	(38,297)	(30,139)	(16,621)
Inventory	(1,751)	(2,046)	(3,107)
Other receivables	(754)	(206)	2,490
Prepaid expenses	1,716	(7,019)	(2,889)
Other non-current assets	(527)	572	(718)
Accounts payable	6,906	2,544	4,537
Accrued payroll and benefits	1,956	2,578	7,726
Other accrued liabilities	45,389	37,793	8,703
Other long-term liabilities	0	(233)	185
Net cash used in operating activities	(12,451)	(83,027)	(117,493)
Cash Flows From Investing Activities:
Proceeds from sales and maturities of marketable securities	361,800	73,000	174,770
Purchases of marketable securities	(393,186)	(262,628)	(28,664)
Purchases of long-term investments	(870)	(3,000)	0
Intangible asset additions	0	(5,000)	(4,000)
Purchases of property and equipment	(9,859)	(1,567)	(1,502)
Net cash (used in) provided by investing activities	(42,115)	(199,195)	140,604
Cash Flows From Financing Activities:
Proceeds from issuance of pre-funded warrants, net of paid issuance costs	0	9,365	0
Proceeds from exercise of stock options	6,280	5,609	592
Proceeds from sale of common stock under employee stock purchase plan	2,337	1,795	985
Proceeds from long-term debt	0	75,000	10,000
Payment of debt issuance costs	0	(3,523)	0
Payments for debt extinguishment	0	(31,877)	0
Net cash provided by financing activities	143,388	154,656	130,176
Net increase (decrease) in cash, cash equivalents and restricted cash	88,822	(127,566)	153,287
Cash, cash equivalents and restricted cash at beginning of period	97,381	224,947	71,660
Cash, cash equivalents and restricted cash at end of period	186,203	97,381	224,947
Supplemental Disclosures From Noncash, Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	10,209	384	1,846
Operating lease modification	0	1,078	0
Interest expense paid in cash	8,342	7,662	2,880
Additions of property and equipment included within accounts payable and other accrued liabilities	1,531	99	134
Offering costs included within accounts payable	0	21	0
Common Stock
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	134,771	98,287	99,355
2023 ATM Prospectus
Cash Flows From Financing Activities:
Proceeds from issuance of common stock, net of paid issuance costs	$ 0	$ 0	$ 19,244

COMMITMENTS & CONTINGENCIES - In-License Agreements (Details) - USD ($) $ in Millions	1 Months Ended					12 Months Ended			31 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Aug. 31, 2023	Dec. 31, 2022	Jan. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 2.5
Event-Based Development Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales						$ 3.0
Commercial Sales Milestone Payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales						102.0
Elanco \| Sales-Based Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales		$ 100.0
License agreement \| Commercial and sales milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments						77.0
License agreement \| Elanco
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received					$ 1.0
Future cash payments						2.0
Maximum milestone payments						70.0
Royalty expense						24.6	$ 9.0	$ 0.7
License agreement \| Elanco \| Clinical milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales				$ 0.5					$ 4.0
Maximum milestone payments						$ 4.0
License agreement \| Elanco \| Commercial and sales milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales			$ 4.0
License agreement \| Elanco \| Sales-Based Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contractual milestone payment net sales		$ 5.0

CREDIT FACILITY AGREEMENTS - Summary of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense for long-term debt	$ 8,342	$ 7,367	$ 2,961
Accretion of end of term charge	0	80	264
Amortization of debt issuance costs	593	402	121
Total interest expense	$ 8,935	$ 7,849	$ 3,346

STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY

2020 and 2016 Equity Incentive Plans

The Company’s Board of Directors and stockholders adopted and approved the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) in October 2020. The 2020 Plan replaced the Company’s 2016 Equity Incentive Plan that was earlier adopted in December 2016 (the “2016 Plan”, collectively the “2020 and 2016 Plans”). However, awards outstanding under the 2016 Plan will continue to be governed by its original terms. The number of shares of the Company’s common stock that were initially available for issuance under the 2020 Plan equaled the initial sum of 9,000,000 shares plus 2,432,980 shares that were then available for issuance under the 2016 Plan. The 2020 Plan provides for the following types of awards: incentive and non-statutory stock options, stock appreciation rights, restricted shares, and restricted stock units.

The number of shares of common stock reserved for issuance under the 2020 Plan are increased automatically on the first business day of each fiscal year, commencing in 2021 and ending in 2030, by a number equal to the lesser of: (i) 4% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. In general, to the extent that any awards under the 2020 Plan are forfeited, terminate, expire or lapse without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2020 Plan, those shares will again become available for issuance under the 2020 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to any award.

Employee Stock Purchase Plan

Under the terms of the Company’s 2020 Employee Stock Purchase Plan (“ESPP”), eligible employees can purchase common stock through scheduled payroll deductions. The purchase price is equal to the closing price of the Company’s common stock on the first or last day of the offering period (whichever is less), minus a 15% discount. To determine the value of ESPP expense to be recognized during each offering period, the Black-Scholes option-pricing model is used, in combination with the discounted employee price. A participant may purchase a maximum of 3,000 shares of common stock during a six-month offering period, not to exceed $25,000 at full market value on the offering date during each ESPP year.

Pursuant to the terms of the ESPP, the number of shares of common stock reserved for issuance under the ESPP are increased automatically on the first business day of each fiscal year, commencing in 2021 and ending in 2040, by an amount equal to the lesser of (i) one percent of the total number of shares of common stock outstanding on the last day of the year, (ii) 2.5 million shares, or (iii) a number determined by the Board of Directors.

Common Stock Outstanding and Reserves for Future Issuance

As of December 31, 2025, the Company had 42.6 million shares of common stock issued and outstanding, which excludes 312,500 of pre-funded warrants that remained exercisable at period end and are reserved for future issuance. As of December 31, 2024 the Company had 38.3 million shares of common stock issued and outstanding. Common stockholders have onevote for each share of common stock held and are entitled to receive dividends declared by the Company’s Board of Directors when legally available for distribution, then-subject to the dividend rights of the holders of preferred stock. For the years ended December 31, 2025, 2024, and 2023, nodividends were declared.

The Company’s total shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 ESPP are summarized below:


	December 31,
	2025	2024
Pre-funded warrants to purchase common stock	312,500	312,500
Equity award plans:
Common stock awards reserved for future issuance under the 2020 and 2016 Plans	7,044,164	7,204,677
Common stock awards reserved for future issuance under the ESPP	2,796,609	2,765,942
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans	5,231,125	5,007,908
Restricted stock units issued and outstanding (unvested) under the 2020 Plan	1,756,329	1,915,281
Performance stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan	724,793	—
Total shares of common stock reserved	17,865,520	17,206,308

- Definition

The entire disclosure for equity.

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+ Details

SEGMENT REPORTING - Schedule of Operating Financial Results of Therapeutics Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 451,360	$ 182,953	$ 17,447
Operating expenses:
Research and development	64,322	53,386	50,312
Total operating expenses	522,329	303,522	160,605
Loss from operations before other income (expense)	(70,969)	(120,569)	(143,158)
Net loss	(66,418)	(115,554)	(135,893)
Reportable Segment
Revenues:
Total revenues	451,360	182,953	17,447
Operating expenses:
Research and development	64,322	53,386	50,312
Selling and marketing	267,684	140,482	63,301
General and administrative	159,639	96,828	45,399
Total operating expenses	522,329	303,522	160,605
Loss from operations before other income (expense)	(70,969)	(120,569)	(143,158)
Other reconciling items	4,551	5,015	7,265
Net loss	(66,418)	(115,554)	(135,893)
Product sales, net
Revenues:
Total revenues	451,360	180,059	14,729
Operating expenses:
Cost of sales	30,684	12,826	1,593
Product sales, net \| Reportable Segment
Revenues:
Total revenues	451,360	180,059	14,729
Operating expenses:
Cost of sales	30,684	12,826	1,593
License fees and collaboration revenue
Revenues:
Total revenues	0	2,894	2,718
License fees and collaboration revenue \| Reportable Segment
Revenues:
Total revenues	$ 0	$ 2,894	$ 2,718

EMPLOYEE BENEFIT PLAN	12 Months Ended
EMPLOYEE BENEFIT PLAN	Dec. 31, 2025
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLAN The Company has a 401(k) tax-deferred savings plan which permits participants to make contributions by salary deduction pursuant to Section 401(k) of the IRC. The Company has elected to make discretionary matching contributions of 5% of employee contributions up to a maximum annual compensation limit of $350,000. For the years ended December 31, 2025, 2024, and 2023, the Company’s matching contributions were $3.7 million, $2.2 million, and $1.1 million, respectively, as reported in the accompanying Statements of Operations and Comprehensive Loss.

COMMITMENTS & CONTINGENCIES - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Cash paid for operating leases	$ 858	$ 799	$ 884
Remaining lease term (years)	9 years 10 months 24 days	9 months 18 days	3 years 1 month 6 days
Discount rate	11.40%	11.00%	10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES - Gross Product Sales and Accounts Receivable Net (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Major Customers \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk	74.00%	61.00%	99.00%
Major Customers \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	80.00%	69.00%
Customer A \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk	63.00%	47.00%	13.00%
Customer A \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	52.00%	55.00%
Customer B \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk	11.00%
Customer B \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	14.00%
Customer C \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk		14.00%	24.00%
Customer C \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	14.00%
Customer D \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk			37.00%
Customer D \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk		14.00%
Customer E \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk			14.00%
Customer F \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk			11.00%

BALANCE SHEET ACCOUNT DETAIL - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 855,000	$ 685,000	$ 744,000
Amortization expense	961,000	540,000	133,000
Impairments of intangible assets	$ 0	$ 0	$ 0
Intangible Assets, Milestone Payment
Property, Plant and Equipment [Line Items]
Remaining useful life (in years)	7 years 8 months 12 days
Initial useful life (in years)	10 years

- 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.

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+ Details

STOCK-BASED COMPENSATION - Unrecognized Stock Based Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized Compensation Expense ($)	$ 27,002
Average Remaining Vesting Period (Years)	2 years 3 months 3 days
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized Compensation Expense ($)	$ 43,214
Average Remaining Vesting Period (Years)	2 years 8 months 8 days
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized Compensation Expense ($)	$ 23,218
Average Remaining Vesting Period (Years)	2 years

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	129,350		—		—		129,350
Commercial paper	—		39,040		—		39,040
Corporate debt securities	—		70,186		—		70,186
Government-related debt securities	—		4,998		—		4,998

Total assets measured at fair value	$	303,044	$	114,224	$	—	$	417,268

(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	103,314		—		—		103,314
Commercial paper	—		21,795		—		21,795
Corporate debt securities	—		46,644		—		46,644
Government-related debt securities	—		29,801		—		29,801
Total assets measured at fair value	$	193,136	$	98,240	$	—	$	291,376

(1) This balance includes cash requirements settled on a nightly basis.

Money Market Funds and U.S. Treasury Securities

Money market funds and U.S. Treasury securities are highly liquid investments and are actively traded with readily-available market prices that are publicly observable and independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

Commercial Paper, Corporate Debt Securities, and Government-Related Debt Securities

Commercial paper, corporate debt securities and government-related debt securities were valued using Level 2 inputs that utilized industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. The Company reviews trading activity and pricing for these investments as of each measurement date.

The fair value and amortized cost of cash equivalents, and available-for-sale investments by major security type are presented in the following table:


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	9,946		1		—		9,947


Total cash equivalents	$	183,640	$	1	$	—	$	183,641

Marketable securities:
U.S. Treasury securities	$	119,194	$	209	$	—	$	119,403
Commercial paper	39,022		26		(8)		39,040
Corporate debt securities	70,032		154		—		70,186
Government-related debt securities	4,999		—		(1)		4,998
Total marketable securities	$	233,247	$	389	$	(9)	$	233,627

(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	4,996		1		—		4,997


Total cash equivalents	$	94,818	$	1	$	—	$	94,819

Marketable securities:
U.S. Treasury securities	$	98,247	$	72	$	(2)	$	98,317
Commercial paper	21,757		38		—		21,795
Corporate debt securities	46,570		84		(10)		46,644
Government-related securities	29,805		12		(16)		29,801
Total marketable securities	$	196,379	$	206	$	(28)	$	196,557

(1) This balance includes cash requirements settled on a nightly basis.

As of December 31, 2025 and 2024, a majority of the Company’s debt securities had a maturity of 12 months or less. As of December 31, 2025, twenty debt securities had a contractual maturity between one and two years, with an estimated fair market value of $46.9 million and amortized cost of $46.8 million. As of December 31, 2024, eight debt securities had a contractual maturity between one and two years, with estimated fair market value of $19.0 million and amortized cost of $19.0 million.

As of December 31, 2025 and 2024, the Company had seven and ten debt securities, respectively, in a continuous gross unrealized loss position for less than one year. As of December 31, 2025 and 2024, unrealized credit losses on these securities were not material. Further, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did not recognize any other-than-temporary impairment losses.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

COMMITMENTS & CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Cost

The components of total lease expense for the Company’s lease agreements are as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease expense	$	1,490	$	835	$	705
Variable lease expense	645		472		391
Total lease expense	$	2,135	$	1,307	$	1,096

Other information related to the Company’s lease agreements are as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for operating leases	$	858		$	799		$	884
Remaining lease term (years)	9.9			0.8			3.1
Discount rate	11.4		%	11.0		%	10.0		%

Schedule of Future Contractual Lease Payments

The below table summarizes as of December 31, 2025 the (i) minimum lease payments over the next five years and thereafter, (ii) lease arrangement imputed interest, and (iii) present value of future lease payments, as follows:


	Amounts
2026	$	2,021
2027	2,625
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	28,398
(Less): Imputed interest	(11,956)
(Less): Tenant improvement allowance	(5,843)
Present value of operating lease payments	$	10,599
Operating lease liability, current	—
Operating lease liability, non-current	10,599
Total operating lease liability	$	10,599

FAIR VALUE MEASUREMENTS - Estimated Fair Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash equivalents:
Amortized cost	$ 183,640	$ 94,818
Unrealized gains	1	1
Estimated fair value	183,641	94,819
Marketable securities:
Amortized cost	233,247	196,379
Unrealized gains	389	206
Unrealized losses	(9)	(28)
Estimated fair value	233,627	196,557
Money market funds
Cash equivalents:
Amortized cost	173,694	89,822
Estimated fair value	173,694	89,822
U.S. Treasury securities
Cash equivalents:
Amortized cost	9,946	4,996
Unrealized gains	1	1
Estimated fair value	9,947	4,997
Marketable securities:
Amortized cost	119,194	98,247
Unrealized gains	209	72
Unrealized losses	0	(2)
Estimated fair value	119,403	98,317
Commercial paper
Marketable securities:
Amortized cost	39,022	21,757
Unrealized gains	26	38
Unrealized losses	(8)	0
Estimated fair value	39,040	21,795
Corporate debt securities
Marketable securities:
Amortized cost	70,032	46,570
Unrealized gains	154	84
Unrealized losses	0	(10)
Estimated fair value	70,186	46,644
Government-related debt securities
Marketable securities:
Amortized cost	4,999	29,805
Unrealized gains	0	12
Unrealized losses	(1)	(16)
Estimated fair value	$ 4,998	$ 29,801

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Operating Financial Results of Therapeutics Segment

The following table provides the operating financial results of the therapeutics segment:


	Year Ended December 31,
	2025		2024		2023
Revenues:
Product sales, net	$	451,360	$	180,059	$	14,729
License fees and collaboration revenue	—		2,894		2,718
Total revenues	451,360		182,953		17,447
Operating expenses:
Cost of sales	30,684		12,826		1,593

Research and development	64,322		53,386		50,312
Selling and marketing	267,684		140,482		63,301
General and administrative	159,639		96,828		45,399
Total operating expenses	522,329		303,522		160,605
Loss from operations	(70,969)		(120,569)		(143,158)
Other reconciling items(1)	4,551		5,015		7,265
Net loss	$	(66,418)	$	(115,554)	$	(135,893)

Other segment disclosures:
Interest income	$	15,747	$	15,014	$	10,337
Interest expense	$	(8,935)	$	(7,849)	$	(3,346)
Depreciation and amortization expense	$	1,816	$	1,225	$	877
(1) Other reconciling items primarily includes interest income, interest expense, and provision for income taxes. For the year ended December 31, 2024, other reconciling items also included loss on debt extinguishment.

INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
US federal statutory tax rate	$ (13,487)	$ (24,266)	$ (28,538)
State and local income taxes, net of federal income tax effect	1,626	0	0
Research and development tax credits	1,162	(237)	(2,321)
Share-based payment awards	(3,177)	(1,290)	579
Executive compensation	4,231	2,679	1,691
Other	306	(1)	209
Changes in valuation allowances	11,398	23,115	28,380
Effective tax rate	$ 2,059	$ 0	$ 0
Percent
US federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	(2.50%)	0.00%	0.00%
Research and development tax credits	(1.80%)	0.20%	1.70%
Share-based payment awards	4.90%	1.10%	(0.40%)
Executive compensation	(6.60%)	(2.30%)	(1.20%)
Other	(0.50%)	0.00%	(0.20%)
Changes in valuation allowances	(17.70%)	(20.00%)	(20.90%)
Effective tax rate	(3.20%)	0.00%	0.00%
Income tax paid for federal	$ 100
Income tax paid for state and local	$ 200

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant-date fair value of options that vested during period	$ 14.2	$ 13.5	$ 13.4
Intrinsic value of options exercised	10.1	7.0	1.6
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value of RSUs that vested during period	$ 14.1	$ 7.3	$ 3.7

- Definition

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

+ References

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Issuance costs	$ 9.0	$ 6.7	$ 6.9
Issuance costs, warrants		$ 0.6
2023 ATM Prospectus
Issuance costs			$ 0.8

STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock Details

The Company’s total shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 ESPP are summarized below:


	December 31,
	2025	2024
Pre-funded warrants to purchase common stock	312,500	312,500
Equity award plans:
Common stock awards reserved for future issuance under the 2020 and 2016 Plans	7,044,164	7,204,677
Common stock awards reserved for future issuance under the ESPP	2,796,609	2,765,942
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans	5,231,125	5,007,908
Restricted stock units issued and outstanding (unvested) under the 2020 Plan	1,756,329	1,915,281
Performance stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan	724,793	—
Total shares of common stock reserved	17,865,520	17,206,308

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

CREDIT FACILITY AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Interest Expense

The Company recognized interest expense in the accompanying Statements of Operations and Comprehensive Loss in connection with the Credit Facilities as follows:


	Year Ended December 31,
	2025		2024		2023
Interest expense for long-term debt	$	8,342	$	7,367	$	2,961
Accretion of end of term charge	—		80		264
Amortization of debt issuance costs	593		402		121
Total interest expense	$	8,935	$	7,849	$	3,346

Schedule of Balances of Debt, Debt Issuance Costs, and Accumulated Accretion

The principal balance of the 2024 Credit Facility and related accretion and amortization are reported on a combined basis as long-term debt, net in the accompanying Balance Sheets as follows:


	December 31,
	2025		2024
Long-term debt, gross	$	75,000	$	75,000
Debt issuance costs	(3,523)		(3,523)

Accumulated amortization of debt issuance costs	961		368
Long-term debt, net	$	72,438	$	71,845

INCOME TAXES - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 4,750	$ 3,928	$ 3,393
Additions related to current year positions	242	986	468
Additions related to prior year positions	0	0	67
Decreases related to prior year positions	(713)	(164)	0
Balance at end of year	$ 4,279	$ 4,750	$ 3,928

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 451,360	$ 182,953	$ 17,447
Operating expenses:
Research and development	64,322	53,386	50,312
Selling, general and administrative	427,323	237,310	108,700
Total operating expenses	522,329	303,522	160,605
Loss from operations before other income (expense)	(70,969)	(120,569)	(143,158)
Other income (expense):
Interest income	15,747	15,014	10,337
Interest expense	(8,935)	(7,849)	(3,346)
Loss on debt extinguishment	0	(1,944)	0
Other income (expense), net	(202)	(206)	274
Total other income, net	6,610	5,015	7,265
Loss before income taxes	(64,359)	(115,554)	(135,893)
Provision for income taxes	(2,059)	0	0
Net loss	(66,418)	(115,554)	(135,893)
Unrealized gain (loss) on marketable securities and cash equivalents	202	181	72
Comprehensive loss	$ (66,216)	$ (115,373)	$ (135,821)
Net loss per share, basic (usd per share)	$ (1.59)	$ (3.07)	$ (4.62)
Net loss per share, diluted (usd per share)	$ (1.59)	$ (3.07)	$ (4.62)
Weighted-average shares outstanding, basic (in shares)	41,784,014	37,604,538	29,383,276
Weighted-average shares outstanding, diluted (in shares)	41,784,014	37,604,538	29,383,276
Product sales, net
Revenues:
Total revenues	$ 451,360	$ 180,059	$ 14,729
Operating expenses:
Cost of sales	30,684	12,826	1,593
License fees and collaboration revenue
Revenues:
Total revenues	$ 0	$ 2,894	$ 2,718

BALANCE SHEET ACCOUNT DETAIL (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventory consists of the following:


	December 31,
	2025		2024
Current assets:

Work in progress	$	1,410	$	614
Finished goods	2,962		2,006
Inventory	4,372		2,620
Non-current assets:
Raw materials	2,532		2,533
Inventory, non-current	2,532		2,533
Total inventory	$	6,904	$	5,153

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,
	2025		2024
Furniture and fixtures	$	1,335	$	1,598
Office equipment	930		1,127
Laboratory equipment	345		167
Leasehold improvements (1)	9,925		794
Manufacturing equipment	1,228		604
Property and equipment, at cost	13,763		4,290
(Less): Accumulated depreciation and amortization	(2,098)		(1,976)
Property and equipment, net	$	11,665	$	2,314

(1) This balance represents construction in progress for which no depreciation expense has been recognized.

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	December 31,
	2025		2024
Intangible assets, gross	$	9,000	$	9,000
(Less): Accumulated amortization	(1,634)		(674)
Intangible assets, net	$	7,366	$	8,326

Schedule of Expected Future Amortization Expense

As of December 31, 2025, the expected future amortization expense for the Company’s intangible assets is as follows:


	Amounts
2026	$	961
2027	961
2028	961
2029	961
2030	961
Thereafter	2,561
Total future amortization	$	7,366

Schedule of Accounts Payable and Accrued Liabilities

Other accrued liabilities consists of the following:


	December 31,
	2025		2024
Accrued product sales deductions	$	68,439	$	33,122
Other liabilities	22,179		18,320
Accrued royalty payable	9,100		3,320
Income tax payable, current	1,811		—
Operating lease liability, current	—		608
Other accrued liabilities	$	101,529	$	55,370

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee matching contribution percentage	5.00%
Employee matching contribution, maximum annual compensation limit	$ 350,000
Contributions	$ 3,700	$ 2,200	$ 1,100

COMMITMENTS & CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS & CONTINGENCIES

Lease Agreements

In the ordinary course of business, the Company enters into lease agreements with unaffiliated third parties for its facilities and office equipment. As of December 31, 2025, the Company had two active leases with a combined square footage of 98,807 for office and laboratory suites in Irvine, California.

In December 2024, the Company entered into an agreement to terminate its former facility lease agreements (the “Former Lease”) and concurrently entered into a new lease agreement (the “Current Lease”), both with the same landlord, to relocate its corporate headquarters to another location in Irvine, California under a 10-year lease term. In September 2025, the Company obtained access to the new facility, and commenced the Current Lease; however, the Company’s headquarters have

not yet been relocated. Construction remains in progress on the new facility and the Company plans to relocate its headquarters during 2026. Lease payments under the Current Lease began in November 2025. Base rent under the Current Lease is $2.5 million for the first year and is subject to annual increases of 3% thereafter. Upon commencement of the Current Lease, the Company became entitled to base rent abatement for the first five full calendar months for an aggregate amount of $0.7 million. The Current Lease also provides a tenant improvement allowance, not to exceed approximately $5.8 million, and to be applied toward construction costs of the premises. The tenant improvement allowance must be used within one year of the Current Lease commencement date, after which any unused portion will be forfeited with no further obligation by the landlord. As of December 31, 2025, the landlord had not paid any of the tenant improvement allowance.

Upon execution of the Current Lease, the Company provided the landlord a letter of credit for $2.6 million to serve as a security deposit. Provided that no defaults occur and the Company meets certain financial milestones for certain time periods, the security deposit can subsequently be reduced.

The components of total lease expense for the Company’s lease agreements are as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease expense	$	1,490	$	835	$	705
Variable lease expense	645		472		391
Total lease expense	$	2,135	$	1,307	$	1,096

Other information related to the Company’s lease agreements are as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for operating leases	$	858		$	799		$	884
Remaining lease term (years)	9.9			0.8			3.1
Discount rate	11.4		%	11.0		%	10.0		%


	Amounts
2026	$	2,021
2027	2,625
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	28,398
(Less): Imputed interest	(11,956)
(Less): Tenant improvement allowance	(5,843)
Present value of operating lease payments	$	10,599
Operating lease liability, current	—
Operating lease liability, non-current	10,599
Total operating lease liability	$	10,599

In-License Agreements

Elanco In-License Agreement for Skin and Eye Disease or Conditions in Humans

In January 2019, the Company executed a license agreement with Elanco Tiergesundheit AG (“Elanco”) for exclusive worldwide rights to certain intellectual property for the development and commercialization of lotilaner in the treatment or cure of any eye or skin disease or condition in humans, as amended in June 2022 (the “Eye and Derm Elanco Agreement”). The Company has sole financial responsibility for related development, regulatory, and commercialization activities.

The Company made cash payments to Elanco under the Eye and Derm Elanco Agreement comprised of $1.0 million upfront upon contract execution in January 2019 and a total of $4.0 million for three specified clinical milestone achievements in September 2020, April 2021, and March 2023, which were all recorded in research and development expense in the Statements of Operations and Comprehensive Loss.

In August 2023, a milestone of $4.0 million was achieved and paid to Elanco upon the first commercial sale of XDEMVY in the U.S. and in September 2024, a $5.0 million sales-based milestone obligation to Elanco was triggered for the achievement of reaching $100.0 million in net product sales of XDEMVY. These respective milestone payments were recorded to intangible assets, net in the accompanying Balance Sheets as of December 31, 2025 and 2024.

The Company is obligated to make potential future cash payments to Elanco of $2.0 million under the Eye and Derm Elanco Agreement upon achievement of the last clinical milestone in the treatment of human skin diseases using lotilaner and a maximum of $70.0 million for various commercial and sales threshold milestones for the treatment of human skin diseases and the treatment of blepharitis in humans using lotilaner.

In May 2025, Elanco sold and assigned its rights to receive certain future tiered royalties and commercial milestones under the Eye and Derm Elanco Agreement to an affiliate of Blackstone Private Credit Fund (“Blackstone”). Certain future payments under the Eye and Derm Elanco Agreement will be directed to Blackstone, with no modification to the Company’s obligations or the terms of the underlying agreement. The Company and Elanco amended the Eye and Derm Elanco Agreement to make certain conforming changes.

In addition, the Company is obligated to pay tiered contractual royalties in the mid to high single digits of its product sales, net. If the Company receives certain types of payments from its sublicensees, it will be obligated to pay a variable percentage in the low to mid double-digits of such proceeds, until achievement of the first applicable regulatory approval of a product covered under the license, which occurred in July 2023 with the FDA approval of XDEMVY. The Company’s accrued royalties payable are recorded to cost of sales in the accompanying Statements of Operations and Comprehensive Loss for the years ended December 31, 2025, 2024, and 2023 and other accrued liabilities in the accompanying Balance Sheets as of December 31, 2025 and 2024. Royalty expense during the years ended December 31, 2025, 2024, and 2023 was $24.6 million, $9.0 million, and $0.7 million, respectively.

Elanco In-License Agreement for All Other Diseases or Conditions in Humans

In September 2020, the Company executed a license agreement with Elanco granting it a worldwide license to certain intellectual property for the development and commercialization of lotilaner for the treatment, palliation, prevention, or cure of all other diseases and conditions in humans (i.e., beyond that of the eye or skin), as amended in June 2022 (the “All Human Uses Elanco Agreement”).

The Company made cash payments under the All Human Uses Elanco Agreement of $0.5 million related to a clinical milestone that was triggered in December 2022 upon enrollment of the first patient in the Phase 2a Carpo trial, for the potential treatment of Lyme disease. The Company is required to make potential future cash payments under this agreement upon the achievement of various clinical milestones up to an aggregate maximum of $4.0 million and various commercial and sales threshold milestones for an aggregate maximum of $77.0 million. In addition, the Company will be obligated to pay contractual royalties in the single digits of its product sales, net. If the Company receives certain types of payments from its

sublicensees, it will also be obligated to pay a variable percentage in the low to mid double-digits of such proceeds, until achievement of the first applicable regulatory approval of a product covered under the license.

Other In-License Agreement for All Ophthalmic Uses in Humans

In October 2024, the Company executed a new in-license agreement from a third party for the exclusive worldwide rights to develop, manufacture, and commercialize a compound for all ophthalmic uses (the “In-License Agreement”), and concurrently made an upfront payment of $2.5 million, which was recorded to research and development expense in the accompanying Statements of Operations and Comprehensive Loss for the year ended December 31, 2024. As of December 31, 2025, the Company is obligated to make potential future cash payments under the In-License Agreement of $3.0 million upon the achievement of an event-based development milestone and up to $102.0 million for various commercial and sales threshold milestones. Future annual worldwide net sales of products developed from the compound, developed, manufactured, and commercialized via the In-License Agreement, will also be subject to incremental royalty rates in the range of mid to high single digits.

Employment Agreements

The Company has entered into employment agreements, including severance and change in control agreements, with seven of its executive officers. These agreements provide for the payment of certain benefits upon separation of employment under specified circumstances, such as termination without cause, or termination in connection with a change in control event.

Litigation Contingencies

From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company is currently not aware of any such matters where there is at least a reasonable probability that a material loss, if any, has been or will be incurred for financial statement recognition.

Indemnities and Guarantees

The Company has certain indemnity commitments, under which it may be required to make payments to its officers and directors in relation to certain transactions to the maximum extent permitted under applicable laws. The duration of these indemnities varies, and in certain cases, are indefinite and do not provide for any limitation of maximum payments. The Company has not been obligated to make any such payments to date and no liabilities have been recorded for this contingency in the accompanying Balance Sheets.

COMMITMENTS & CONTINGENCIES - Summary of Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amounts
2026	$ 2,021
2027	2,625
2028	2,704
2029	2,783
2030	2,869
Thereafter	15,396
Total future lease payments, undiscounted	28,398
(Less): Imputed interest	(11,956)
(Less): Tenant improvement allowance	(5,843)
Present value of operating lease payments	10,599
Operating lease liability, current	$ 0	$ 608
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Operating lease liability, non-current	$ 10,599
Total operating lease liability	$ 10,599

BALANCE SHEET ACCOUNT DETAIL - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2026	$ 961
2027	961
2028	961
2029	961
2030	961
Thereafter	2,561
Total future amortization	$ 7,366

BALANCE SHEET ACCOUNT DETAIL - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Intangible assets, gross	$ 9,000	$ 9,000
(Less): Accumulated amortization	(1,634)	(674)
Intangible assets, net	$ 7,366	$ 8,326

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 183,641	$ 94,819
Restricted cash	560	0
Marketable securities	233,627	196,557
Accounts receivable, net	85,057	46,760
Inventory	4,372	2,620
Other receivables	2,052	1,299
Prepaid expenses	13,473	14,650
Total current assets	522,782	356,705
Restricted cash, non-current	2,002	2,562
Inventory, non-current	2,532	2,533
Property and equipment, net	11,665	2,314
Intangible assets, net	7,366	8,326
Operating lease right-of-use assets	10,080	552
Long-term investments	3,870	3,000
Other assets	1,861	999
Total assets	562,158	376,991
Current liabilities:
Accounts payable	16,387	9,419
Accrued payroll and benefits	17,779	15,823
Other accrued liabilities	101,529	55,370
Total current liabilities	135,695	80,612
Long-term debt, net	72,438	71,845
Other long-term liabilities	10,599	0
Total liabilities	218,732	152,457
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 42,553,931 shares issued and outstanding at December 31, 2025; 38,349,826 shares issued and outstanding at December 31, 2024	6	6
Additional paid-in capital	769,667	584,559
Accumulated other comprehensive income (loss)	381	179
Accumulated deficit	(426,628)	(360,210)
Total stockholders’ equity	343,426	224,534
Total liabilities and stockholders’ equity	$ 562,158	$ 376,991

OUT-LICENSE AGREEMENTS	12 Months Ended
OUT-LICENSE AGREEMENTS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OUT-LICENSE AGREEMENTS	OUT-LICENSE AGREEMENTS Out-License of TP-03 Commercial Rights in the China Territory In March 2021, the Company entered into the China Out-License agreement with LianBio for its exclusive development and commercialization rights of TP-03 (lotilaner ophthalmic solution) 0.25% in the China Territory for the treatment of Demodex blepharitis and MGD. Prior to the March 2024 Novation Agreement to GrandPharma discussed in detail below, LianBio was contractually responsible for all clinical development and commercialization activities and costs within the China Territory. The Company assessed this arrangement and identified the following material promises under the arrangement: (i) the exclusive license to research, develop, manufacture, commercialize, make, offer for sale, sell, and import TP-03 in the China Territory; and (ii) the research and development services in the form of clinical study materials for the respective Phase 2b/3 trial (Saturn-1) and Phase 3 (Saturn-2) TP-03 trials. The promises to provide research and development services for Saturn-1 and Saturn-2 clinical trials were evaluated and determined to be distinct promises in the contract and each of the two clinical trials are separate performance obligations apart from the promise to provide the license. The assessment of the initial transaction price for the China Out-License included an analysis of amounts the Company expected to receive, which at contract inception consisted of: (i) a $15.0 million upfront cash payment; (ii) a $10.0 million second cash payment; (iii) a $10.0 million milestone that was determined to be within the control of the Company; and (iv) $1.2 million representing the initial fair value of equity warrants. The Company accounted for each performance obligation as follows: Out-License The Company determined that this license was distinct based on an evaluation of the delivery of the functional license that was in the later stages of development, and it met the criteria for being distinct from the research and development services required under the China Out-License. The Company determined the standalone selling price of this license using a discounted projected sales model and recognized as license fees and collaboration revenue the total allocated transaction price at contract inception, upon delivery of the license. Research and Development Services The standalone selling price of these performance obligations was determined using the adjusted market assessment approach. The Company analyzed costs expected to be incurred for each of the clinical trials through completion to estimate the price that a customer would be willing to pay for these services in order to benefit from the clinical trials. The Company determined that LianBio simultaneously benefited from the research and development services that are satisfied over time, as they were able to request and access the clinical trial data at any point through the trial completion. Therefore, the Company recognized the amounts allocated to the respective research and development performance obligations for the Saturn-1 and Saturn-2 clinical trials within license fees and collaboration revenue as the research and development services were provided using an input method, based on the costs incurred for each clinical trial and the total costs expected to be incurred to satisfy each performance obligation. The Company believes this method most faithfully depicted its performance in transferring the promised services during the expected period of time that each clinical trial was ongoing. The Company monitored the expected completion dates for each clinical trial and updated its estimated time to completion at each reporting period, as necessary. In February 2023, a specified milestone event was triggered based upon the signing of an agreement for which the Company has no ongoing obligations, resulting in $2.5 million recognized as license fees and collaboration revenue in the accompanying Statements of Operations and Comprehensive Loss for the year ended December 31, 2023. In February 2024, LianBio announced its plan to wind down its operations and in March 2024 made a special cash dividend payment to the Company of $0.7 million (equivalent to $4.80 per share). In March 2024, the Company executed an agreement with GrandPharma and LianBio (the “Novation Agreement”) to transition the rights to develop and commercialize TP-03 in China for Demodex blepharitis and MGD from LianBio to GrandPharma. Upon execution of the Novation Agreement, the China Out-License with LianBio was assigned to GrandPharma with a one-time payment of $2.5 million (the “Termination Payment”) made to the Company from LianBio in April 2024. This Termination Payment was recorded as license fees and collaboration revenue in the accompanying Statement of Operations and Comprehensive Loss for the year ended December 31, 2024. The Novation Agreement amended the $15.0 million future development milestone payable on China regulatory approval of the China Out-License with a combined condition of patent issuance related to TP-03 in China. Simultaneous with the execution of the Novation Agreement, the Company entered into a warrant termination agreement (the “Warrant Termination Agreement”) pursuant to which the Company received a cancellation payment of $0.4 million (the “Warrant Cancellation Payment”). This Warrant Cancellation Payment was recorded as license fees and collaboration revenue in the accompanying Statement of Operations and Comprehensive Loss for the year ended December 31, 2024. Through December 31, 2025, the Company received aggregate payments from LianBio totaling $86.1 million, comprised of (i) $15.0 million of initial consideration, (ii) $67.5 million for the achievement of specified milestones, (iii) $2.5 million upon execution of the Novation Agreement, (iv) $0.4 million upon execution of the Warrant Termination Agreement, and (v) $0.7 million related to a special cash dividend. As of December 31, 2025, the Company is eligible to receive further consideration from GrandPharma upon the achievement of additional TP-03 events, including: (i) additional regulatory approval and/or patent issuance milestones of up to an aggregate of $20.0 million; (ii) China-based TP-03 sales threshold milestone payments of up to an aggregate of $100.0 million; and (iii) tiered low-to-high-teen royalties for China Territory TP-03 product sales. The variable consideration related to the remaining milestone payments was fully constrained as of December 31, 2025.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Use of Estimates

The accompanying Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and with the rules and regulations of the SEC. Certain prior year amounts have been reclassified to conform to the current year presentation on the Balance Sheets to separately present accounts payable and other accrued liabilities. Certain other immaterial prior year amounts have been aggregated to conform with the current year presentation in the Statements of Operations and Comprehensive Loss. The preparation of financial statements in conformity with GAAP and with the rules and regulations of the SEC requires management to make informed estimates and assumptions that affect the amounts reported in these accompanying Financial Statements and Notes. These estimates and assumptions are based upon historical experience, knowledge of current events and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources and involve judgments with respect to numerous factors that are difficult to predict and may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. On an ongoing basis, management evaluates its estimates including those related to the recognition of revenue, clinical trial accruals, contract manufacturing accruals, expected demand for inventory, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates and assumptions used in the preparation of the accompanying Financial Statements under different assumptions and conditions.

The Company’s Financial Statements as of and for the year ended December 31, 2025 reflect the Company’s estimates of the impact of the macroeconomic and geopolitical environment, including the impact of inflation, interest rates, and foreign exchange rate fluctuations. The duration and the scope of these conditions cannot be predicted; therefore, the extent to which these conditions will directly or indirectly impact the Company’s business, results of operations and financial condition, is uncertain. The Company is not aware of any specific event or circumstance that would require an update to its

estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the issuance date of the accompanying Financial Statements.

Cash and Cash Equivalents

Cash and cash equivalents consist of bank deposits and highly liquid investments, including money market fund accounts, that are readily convertible into cash without penalty, with original maturities of three months or less from the purchase date. The carrying amounts reported in the accompanying Balance Sheets for cash and cash equivalents are valued at cost, which approximate their fair value.

Restricted Cash

As of December 31, 2025 and 2024, the Company held $2.6 million of restricted cash as collateral for a letter of credit related to the Company’s new office space lease that was executed in December 2024 (see Note 9). Restricted cash that will be held for less than one year is reported in current assets and amounts that will be held for longer than one year are reported in non-current assets on the accompanying Balance Sheets.

Marketable Securities and Long-Term Investments

Marketable securities consist primarily of short-term fixed income investments carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities (see Note 3). Management determines the appropriate classification of its investments in fixed income securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase, including those that have maturity dates beyond one year from the balance sheet date, are classified as current assets on the accompanying Balance Sheets due to their highly liquid nature and availability for use in current operations.

Marketable securities are recorded at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) within the accompanying Statements of Stockholders’ Equity until realized. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. The cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, as well as interest and dividends, are included in interest income. Realized gains and losses as well as credit losses, if any, on marketable securities identified on a specific identification basis are included in other income (expense) in the accompanying Statements of Operations and Comprehensive Loss. The Company evaluates the underlying credit quality and credit ratings of the issuers during the period. To date, the Company has not identified any other-than-temporary declines in fair value of its investments and no credit losses associated with credit risk have occurred or have been recorded. Interest earned on marketable securities is included in interest income within the accompanying Statements of Operations and Comprehensive Loss.

The Company holds a preferred stock investment in a privately-held eye care company that does not meet the criteria for in-substance common stock. Accordingly, the investment is classified within long-term investments in the accompanying Balance Sheets based on the Company’s intent to hold the securities for more than one year. The preferred stock investment is measured under the Accounting Standards Codification 321, Investments— Equity Securities, measurement alternative and is carried at cost, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity financings. The Company evaluates this investment for such observable price changes at each reporting period.

In December 2025, the Company purchased additional preferred stock of the same investee in a subsequent fundraising round that was executed at the same price and pursuant to the same terms as the Company’s initial investment under the Amended Preferred Stock Purchase Agreement. This transaction represented an orderly transaction for similar securities.

Based on this subsequent financing, the Company concluded that there was no change in the observable price of the preferred stock investment as of December 31, 2025 and 2024.

Accounts Receivable, Net

Accounts receivable generally consists of amounts due from the Company’s customers, which includes pharmaceutical wholesalers and specialty pharmacy providers related to product sales of XDEMVY in the U.S. Payment terms are typically 30-60 days following delivery to customers. Accounts receivable are recorded net of discounts, chargebacks, allowances and other adjustments. The Company monitors the financial performance and creditworthiness of its customers so it can properly assess and respond to changes in their credit profile. The Company estimates the allowance for credit losses based on existing contractual payment terms, actual payment patterns of customers and individual customer circumstances. Amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected.

Inventory

Inventories include the costs of material, third-party manufacturing costs, packaging services, and freight-in. Cost is determined on a first-in, first-out basis. Inventory is measured at the lower-of-cost and net realizable value, based on a number of factors including, but not limited to, damage, expiration, or changes in price level.

The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. Product that may be used in clinical development programs are excluded from inventory and the costs are charged to research and development expense in the Statements of Operations and Comprehensive Loss as incurred, as long as they do not have an alternative use. The Company evaluates inventory levels that would be sold within one year. The portion of inventory that is not expected to be sold or used within one year is classified as inventory, non-current in the accompanying Balance Sheets.

Intangible Assets, Net

Intangible assets are measured at fair value as of the acquisition date or, in the case of commercial milestone payments, the date they become due. The evaluation of intangible assets includes assessing the amortization period for which the asset is expected to contribute to the future cash flows of the Company. Intangible assets with finite useful lives are amortized over their estimated useful lives, primarily on a straight-line basis when the Company is unable to reliably estimate the pattern of cash flow.

Long-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset might not be fully recoverable. To do so, the Company compares the carrying value of the intangible asset to the undiscounted net cash flows over its remaining useful life, and if not recoverable, will estimate the fair value of the asset. If the fair value is less than the carrying amount, an impairment loss is recognized in the Statements of Operations and Comprehensive Loss.

Fair Value Measurements

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

The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

•Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date.

•Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public.

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

The carrying amounts for financial instruments consisting of cash, cash equivalents, accounts receivable, net, accounts payable and accrued liabilities approximate fair value due to the short maturities for each. As the long-term debt is subject to variable interest rates that are based on market rates which regularly reset, the Company believes that the carrying value of the long-term debt approximates its fair value.

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value hierarchy during the years presented.

Property and Equipment, Net

Property and equipment, net are stated at historical cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets that range from three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. Construction-in-progress represents capitalized costs of assets being constructed and is not depreciated until the asset is ready for its intended use, at which point it is reclassified to the appropriate asset category and depreciation commences. The Company evaluates the recoverability of its property and equipment, net whenever events or changes in circumstances of the business indicate that the asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the sum of the future undiscounted cash flows the assets are expected to generate over the remaining useful lives of the assets. If a long-lived asset fails a recoverability test, the Company measures the amount by which the carrying value of the asset exceeds its fair value.

Leases

The Company determines if an arrangement is or contains a lease at inception and evaluates each lease agreement to determine whether the lease is an operating or finance lease. Right-of-use assets (“ROU assets”) represent the Company’s right to control an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the initial non-cancelable lease term, unless there is a renewal option that is reasonably certain to be exercised. The Company uses its incremental borrowing rate at the lease commencement date in determining the discount rate utilized to present value the future minimum lease payments since an implicit interest rate in each at-market lease agreement was not determinable. Lease expense for the Company’s operating leases are recognized on a straight-line basis over the lease term.

The Company’s variable lease costs, consisting primarily of real estate taxes, insurance costs, and common area maintenance, are expensed as incurred and excluded from the reported ROU assets and lease liabilities amounts presented in the accompanying Balance Sheets. The current and non-current portion of the operating lease liability are included in other accrued liabilities and other long-term liabilities, respectively, in the accompanying Balance Sheets. Rent expense is allocated to

research and development and general and administrative expenses in the accompanying Statements of Operations and Comprehensive Loss.

Concentration Risk

Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains cash held on deposit at financial institutions in the U.S. These deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) in an amount up to $250,000 for any depositor. To the extent the Company holds cash deposits in amounts that exceed the FDIC insurance limitation, it may incur a loss in the event of a failure of any of the financial institutions where it maintains deposits. The Company invests its excess cash in highly liquid investments, including money market fund accounts, that are readily convertible into cash without penalty.

Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions, but will continue to monitor regularly and adjust, if needed, to mitigate risk, including any ongoing or new events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions. The Company has established guidelines regarding diversification of its investments and their maturities, which are designed to maintain principal and maximize liquidity. To date, the Company has not experienced any losses associated with this credit risk and continues to assess that this exposure is not significant.

Major Customers

The Company periodically enters into agreements with certain limited specialty pharmacies and specialty distributors for the sale of XDEMVY in the U.S. Major customers are defined as customers that individually accounted for greater than 10% of the Company’s revenue. The following table presents each major customer that accounted for more than 10% of the Company’s gross product sales:


	December 31,
	2025		2024		2023
Customer A	63	%	47	%	13	%
Customer B	11	%	*		*
Customer C	*		14	%	24	%
Customer D	*		*		37	%
Customer E	*		*		14	%
Customer F	*		*		11	%
Total gross revenue from major customers	74	%	61	%	99	%

* Represents less than 10% of respective activity.

The Company believes that the concentration of credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms, and the level of credit worthiness of its customers. The following table presents each major customer that accounted for more than 10% of its accounts receivable, net:


	December 31,
	2025		2024
Customer A	52	%	55	%
Customer B	14	%	*
Customer C	14	%	*
Customer D	*		14	%
Total accounts receivable from major customers	80	%	69	%

* Represents less than 10% of respective balance.

Major Suppliers

The Company does not currently own manufacturing facilities and depends on outsourced manufacturing for the production of XDEMVY for commercial use and for the production of its other product candidates for clinical trials. The Company enters into agreements with third-party manufacturers that are approved for the commercial production of XDEMVY and third-party suppliers that are approved for XDEMVY’s active pharmaceutical ingredient. Although there are potential sources of supply other than the Company’s existing manufacturers and suppliers, any new supplier would be required to qualify under applicable regulatory requirements. The loss of certain manufacturers and third-party suppliers could result in a temporary disruption of the Company’s commercialization efforts.

Revenue Recognition

(i) Product Sales, Net

The Company recognizes product sales, net when a customer obtains control of the promised goods or services, which occurs at a point in time, typically upon delivery of the Company’s product to the customer. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as each performance obligation is satisfied.

The Company sells XDEMVY to customers in the U.S., which became available for commercial sale during the third quarter of 2023. These customers include a limited number of specialty pharmacies and distributors who in turn sell it directly to clinics, hospitals, pharmacies and federal healthcare programs. Revenue from product sales is primarily recognized upon physical delivery of the product (when the customer obtains control of the product), in return for agreed-upon consideration. Shipping and handling activities are considered to be fulfillment activities rather than a separate performance obligation and are recorded within selling, general and administrative expenses in the accompanying Statements of Operations and Comprehensive Loss.

Revenues from product sales are recorded at the net sales price, or the transaction price, which may include fixed or variable consideration for (i) invoice discounts for prompt payment and distribution service fees, (ii) commercial and government rebates, chargebacks, discounts and fees, (iii) product returns and (iv) costs of co-pay assistance programs for patients, as well as other incentives. Estimates of variable consideration are calculated based on the actual product sales each reporting period and the nature of the variable consideration related to those sales. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the current contractual and statutory discount rates, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in product sales, net only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates reflect the Company’s best estimate of the amount of consideration to which the Company expects to be entitled based on the terms of the contract. Actual amounts of consideration ultimately received may differ materially from estimates. If actual results in the future vary from estimates, the Company will adjust these estimates, which would affect product sales, net and earnings in the period such variances are adjusted. During the years ended December 31, 2025, 2024, and 2023, the Company did not recognize any revenue related to material changes in product sales, net related to amounts included in accrued liabilities at the beginning of the period.

The Company categorizes product sales deduction estimates as follows:

Distribution Service Fees: The Company engages with wholesalers and specialty pharmacies to distribute its products to end customers. The Company pays the wholesalers and certain specialty pharmacies a fee for services such as: chargeback administration and service level commitments. The Company estimates the amount of distribution services fees to be paid to the customers and adjusts the transaction price with the amount of such estimate at the time of sale to the customer. An accrued liability is recorded for unpaid distribution service fees.

Prompt Pay Discounts: The Company provides its customers with a percentage discount on their invoice if the customers pay within the agreed upon timeframe. The Company expects that its customers will earn prompt pay discounts. The Company estimates the probability of customers paying promptly based on the percentage of discount outlined in the purchase agreement between the two parties, and deducts the full amount of these discounts from gross product sales and accounts receivable at the time revenue is recognized.

Product Returns: The Company’s customers are contractually permitted to return product within the contractual allowable time, both before and after the applicable expiration date. In the initial sales period, the Company estimates its provision for returns based on the Company’s historical experience and adjusts the transaction price at the time of the product sale to the customer. Once sufficient history has been collected for product returns, the Company will utilize that history to inform its returns estimate. Once the product is returned, it is destroyed since it cannot be resold.

Chargebacks: A chargeback is the difference between the Company’s invoice price to the wholesaler and the wholesaler’s customer’s contract price. The wholesaler tracks these sales and charges back the Company for the difference between the negotiated prices paid between the wholesaler’s customers and the wholesaler’s acquisition cost. The Company estimates the percentage of goods sold that are eligible for chargeback and adjusts the transaction price and accounts receivable at the time of sale of the product to the customer.

Co-payment Assistance: Patients who meet certain eligibility requirements may receive co-payment assistance funded by the Company. The Company records contra-revenue for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. An accrued liability is recorded on unredeemed co-payment assistance related to products for which control has been transferred to the customer.

Rebates: The Company accrues rebates for contractually agreed-upon discounts with commercial payers and mandated discounts under government programs such as the Medicaid Drug Rebate Program, Medicare Part D Prescription Drug Program, and other government health care programs in the U.S. The Company’s estimates for expected utilization of commercial payer rebates are based on data received from its customers. The estimates for rebates under government programs are based on statutory discount rates and expected utilization as well as historical data the Company has accumulated since product launch. The Company calculates the accruals for commercial and government rebates based on various assumptions, including payer mix, with actual rebates potentially requiring accrual adjustments affecting product sales, net. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current period’s activity, plus an accrual balance for known prior periods’ unpaid rebates. If actual rebates vary from estimates, the Company may need to adjust accruals, which would affect product sales, net in the period of adjustment. An accrued liability is recorded for unpaid rebates related to product for which control has transferred to the customer.

(ii) License Fees and Collaboration Revenue

China Out-License

License fees and collaboration revenue in the accompanying Statements of Operations and Comprehensive Loss have historically been related to the China Out-License that allows the third-party licensee to market the Company’s TP-03 product candidate (representing functional intellectual property) in the People’s Republic of China, Hong Kong, Macau, and Taiwan (the “China Territory”)— see Note 10. The accounting and reporting of revenue for out-license arrangements requires significant judgment for: (a) identification of the number of performance obligations within the contract; (b) the contract’s transaction price for allocation (including variable consideration); (c) the stand-alone selling price for each identified performance obligation; and (d) the timing and amount of revenue recognition in each period.

The China Out-License was analyzed under GAAP to determine whether the promised goods or services are distinct or must be accounted for as part of a combined performance obligation. In making these assessments, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own, and/or whether the required expertise is readily available. If the license is not distinct, the license is combined with other promised goods or services as a combined performance obligation for revenue recognition.

The China Out-License included the following forms of consideration: (i) non-refundable upfront license payment; (ii) equity-based consideration; (iii) sales-based royalties; (iv) sales-based threshold milestones; (v) one-time payment for executing a drug supply agreement; (vi) development milestone payments; (vii) regulatory milestone payments and the issuance of a related patent; and (viii) a one-time termination payment to transition the rights to develop and commercialize TP-03 in China for the treatment of Demodex blepharitis and Meibomian Gland Disease (“MGD”) to Xi An Grand Chang An Pharmaceutical Co., Ltd. (“GrandPharma”). Revenue is recognized in proportion to the allocated transaction price when (or as) the respective performance obligation is satisfied. The Company evaluates the progress related to each milestone at each reporting period and, if necessary, adjusts the probability of achievement and related revenue recognition. The measure of progress, and thereby periods over which revenue is recognized, is subject to estimates by management and may change over the course of the agreement.

Contractual Terms for Receipt of Payments

A performance obligation is a promise in a contract to transfer a distinct good or service and is the unit of accounting. A contract’s transaction price is allocated among each distinct performance obligation based on relative standalone selling price and recognized when, or as, the applicable performance obligation is satisfied.

The contractual terms that establish the Company’s right to collect specified amounts from its customers and that require contemporaneous evaluation and documentation under GAAP for the corresponding timing and amount of revenue recognition, are as follows:

Upfront License Fees: The Company determines whether non-refundable license fee consideration is recognized at the time of contract execution (i.e., when the license is transferred to the customer and the customer is able to use and benefit from the license) or over the actual (or implied) contractual period of the China Out-License. The Company also evaluates whether it has any other requirements to provide substantive services that are inseparable from the performance obligation of the license transfer to determine whether any combined performance obligation is satisfied over time or at a point in time. Upfront payments may require deferral of revenue recognition to a future period until the Company performs obligations under these arrangements.

Development Milestones: The Company utilizes the most likely amount method to estimate the amount of consideration to which it will be entitled for achievement of development milestones as these represent variable consideration. For those payments based on development milestones (e.g., patient dosing in a clinical study or the achievement of statistically significant clinical results), the Company assesses the probability that the milestone will be achieved, including its ability to control the timing or likelihood of achievement, and any associated revenue constraint. Given the high degree of uncertainty around the occurrence of these events, the Company determines the milestone and other contingent amounts to be constrained until the uncertainty associated with these payments is resolved. At each reporting period, the Company re-evaluates this associated revenue recognition constraint. Any resulting adjustments are recorded to revenue on a cumulative catch-up basis, and reflected in the financial statements in the period of adjustment.

Regulatory Milestones: The Company utilizes the most likely amount method to estimate the consideration to which it will be entitled and recognizes revenue in the period regulatory approval occurs (the performance obligation is satisfied) as these represent variable consideration. Amounts constrained as variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company evaluates whether the milestones are considered probable of being reached and not otherwise constrained. Accordingly, due to the inherent uncertainty of achieving regulatory approval, associated milestones are deemed constrained for revenue recognition until achievement.

Royalties: Under the sales-or-usage-based royalty exception the Company recognizes revenue based on the contractual percentage of the licensee’s sale of products to its customers at the later of (i) the occurrence of the related product sales or (ii) the date upon which the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue from the China Out-License.

Sales Threshold Milestones: Similar to royalties, applying the sales-or-usage-based royalty exception, the Company recognizes revenue from sales threshold milestones at the later of (i) the period the licensee achieves the one-time annual product sales levels in their territories for which the Company is contractually entitled to a specified lump-sum receipt, or (ii) the date upon which the performance obligation to which some or all of the milestone has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any sales threshold milestone revenue from the China Out-License.

The Company re-evaluates the measure of progress to each performance obligation in each reporting period as uncertain events are resolved and other changes in circumstances occur.

Cost of Sales

Cost of sales consists of direct and indirect costs related to the manufacturing and distribution of XDEMVY, including raw materials, third-party manufacturing costs, packaging services, freight-in, third-party royalties payable on the Company’s product sales, net and amortization of capitalized intangible assets associated with XDEMVY. Cost of sales also includes period costs related to certain inventory warehouse and distribution operations and inventory adjustment charges. The Company began capitalizing inventory costs upon FDA approval of XDEMVY in July 2023. Prior to FDA approval of XDEMVY, manufacturing and other inventory costs were recorded to research and development expenses in the Statements of Operations and Comprehensive Loss.

Selling, General and Administrative

Selling, general and administrative costs consist of salaries, benefits, stock-based compensation and other personnel-related costs for the Company’s executive, finance, sales and marketing, and other administrative functions. Selling, general and administrative expenses also include sales and marketing costs, including direct-to-consumer (“DTC”) advertising costs, to support the Company’s commercial launch that started in August 2023, consulting fees, legal services, rent and other facilities costs, patient support functions, the U.S. healthcare reform federal excise fee on Branded Prescription Pharmaceutical Manufacturers and Importers, and other general operating expenses not otherwise classified as research and development expenses.

Research and Development Costs

Research and development costs are expensed as incurred or as certain upfront or milestone payments become contractually due to licensors upon the achievement of clinical or regulatory events. Research and development expenses include internal costs directly attributable to in-development programs, including the costs of salaries, payroll taxes, employee benefit and other personnel-related costs (including stock-based compensation expense), license fees, materials, clinical trial site insurance, supplies and the cost of services provided by outside contractors to conduct nonclinical studies, clinical trials and contract manufacturing activities. All costs associated with research and development are expensed as incurred. The Company accrues these costs based on factors such as estimates of the work completed and in accordance with agreements established with third-party service providers under the service agreements. As it relates to clinical trials, the financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Such payments are evaluated for current or long-term classification based on when they will be realized. The Company’s objective is to reflect the appropriate expense in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the trial as measured by patient progression and the timing of various aspects of the trial taking into consideration discussions with applicable personnel and outside service providers. The clinical trial accrual is dependent in part upon the timely and accurate reporting of progress and efforts incurred from contract research organizations (“CROs”), contract manufacturers and other third-party vendors. Although estimates are expected to be materially consistent with actual amounts incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed can vary and may result in changes in estimates in any particular period. The Company makes significant judgments and estimates in determining the accrued liabilities balance at each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. To date, there have been no material differences between estimates of such expenses and the amounts actually incurred.

The Company has entered into, and may continue to enter into, license agreements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expense in the Statements of Operations and Comprehensive Loss when paid or become payable, provided there is no alternative future use of rights in other research and development projects.

Stock-Based Compensation

The Company recognizes stock-based compensation expense for equity awards granted to employees, consultants, and members of its Board of Directors. Stock option awards are at an exercise price of not less than 100% of the fair market value of common stock on the respective date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards as of the date of grant. The fair value of restricted stock units is representative of the closing market price of the Company’s common stock on the date preceding the award grant-date.

Stock awards granted typically have one to four-year service conditions and a contractual term of 10 years. Any performance conditions for vesting are explicitly stated in each award agreement and are associated with clinical, business development, or operational milestones. For stock-based awards that vest subject to the satisfaction of a service requirement, the related expense is recognized on a straight-line basis over each award’s actual or implied vesting period. For stock-based awards that vest subject to a performance condition, the Company will recognize compensation expense when performance conditions are achieved or when the Company determines it is probable the performance conditions will be achieved by the end of the requisite service period. Compensation expense will be recognized on a cumulative catch-up basis in the period of achievement, and on a straight-line basis thereafter until the end of the requisite service period. The expense recognized for awards is based on the grant date fair value of a unit multiplied by the number of units expected to be earned with respect to the related performance conditions. Depending on the outcome of these performance goals, a recipient may ultimately earn a number of units greater or less than the number of units expected to be earned. Shares of the Company’s common stock are issued on a one-for-one basis for each performance unit earned. In general, performance unit awards vest at the end of the performance period. At each reporting period, the Company reassesses the probability of the achievement of the performance vesting conditions. As applicable, the Company reverses previously recognized expense for unvested awards in the same period of forfeiture.

The measurement of the fair value of stock option awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including (i) the expected term of the stock option until its exercise by the recipient, (ii) stock price volatility over the expected term, (iii) the prevailing risk-free interest rate over the expected term, and (iv) expected dividend payments over the expected term.

All stock-based compensation expense is reported in the accompanying Statements of Operations and Comprehensive Loss within cost of sales, research and development expense or selling, general and administrative expense, based upon the assigned department of the award recipient. The measurement of the fair value of stock option awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including:

Fair Value of Common Stock — The fair value of the Company’s common stock is based on the closing quoted market price of its common stock as reported by the Nasdaq Global Select Market on the date of the option grant.

Expected Term — The Company’s expected term represents the period that the Company’s stock option awards are expected to be outstanding. Management estimates the expected term of awarded stock options utilizing the simplified method to determine the expected term since the Company does not have sufficient exercise history. The simplified method results in an expected term of 6.25 years based on the mid-point between the vesting date and the end of the contractual term.

Expected Volatility — Prior to 2023, the Company did not have sufficient trading history for its common stock to use its own historical volatility. Management estimated the expected volatility based on a designated peer-group of publicly-traded companies for a look-back period (from the date of grant) that corresponded with the expected term of the awarded stock option. Beginning in January 2023, the Company began using its own historical stock price for expected volatility.

Risk-Free Interest Rate — The Company estimates the risk-free interest rate based upon the U.S. Department of Treasury yield curve in effect at award grant date for the time period that corresponds with the expected term of the awarded stock option.

Dividend Yield — The Company’s expected dividend yield is zero because it has never paid cash dividends and does not expect to for the foreseeable future.

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carry forwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain due to the Company’s historical operating performance and recorded cumulative net losses in prior fiscal periods. A valuation allowance is recorded to reduce deferred tax assets, because based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If or when the Company were to determine that deferred tax assets are realizable, an adjustment to the corresponding valuation allowance would increase the net income in the period that such determination was made.

The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential revisions and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known.

Interest and penalties related to unrecognized tax benefits, if any, are recorded as a component of income tax expense.

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method and if-converted method as applicable.

Due to net losses in all periods presented, all otherwise potentially dilutive securities are antidilutive, and accordingly, the reported basic net loss per share equals diluted net loss per share.

Comprehensive Loss

Comprehensive loss represents (i) net loss for the periods presented, and (ii) unrealized gains or losses on debt securities included in the Company’s reported marketable securities and cash equivalents.

Recently Issued or Effective Accounting Standards

Recently issued or effective accounting pronouncements that impact, or may have an impact, on the Company’s financial statements are discussed below. Outside of the pronouncements below, other recent accounting pronouncements not disclosed in these Financial Statements have been determined by the Company’s management to have no impact, or an immaterial impact, on its current financial position, results of operations, or cash flows.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and a disaggregation of income taxes paid, net of refunds. The standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The Company adopted ASU 2023-09 retrospectively during the year ended December 31, 2025. Refer to Note 12 for the related income tax disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 improves the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) included within income statement expense captions. The standard is effective for the Company beginning with its Annual Report on Form 10-K for the year ending 2027. Early adoption is permitted. ASU 2024-03 should be applied prospectively. Retrospective adoption is permitted. The Company is currently assessing the impact this standard will have on its financial statements.

BALANCE SHEET ACCOUNT DETAIL

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET ACCOUNT DETAIL

The composition of selected captions within the accompanying Balance Sheets are summarized below:

Inventory

Inventory consists of the following:


	December 31,
	2025		2024
Current assets:

Work in progress	$	1,410	$	614
Finished goods	2,962		2,006
Inventory	4,372		2,620
Non-current assets:
Raw materials	2,532		2,533
Inventory, non-current	2,532		2,533
Total inventory	$	6,904	$	5,153

Property and Equipment, Net

Property and equipment, net consists of the following:


	December 31,
	2025		2024
Furniture and fixtures	$	1,335	$	1,598
Office equipment	930		1,127
Laboratory equipment	345		167
Leasehold improvements (1)	9,925		794
Manufacturing equipment	1,228		604
Property and equipment, at cost	13,763		4,290
(Less): Accumulated depreciation and amortization	(2,098)		(1,976)
Property and equipment, net	$	11,665	$	2,314

(1) This balance represents construction in progress for which no depreciation expense has been recognized.

Depreciation expense for the years ended December 31, 2025, 2024, and 2023 was $0.9 million, $0.7 million, and $0.7 million, respectively. There were no impairments recognized during the years ended December 31, 2025, 2024, and 2023.

Intangible Assets

Intangible assets, net consists of the following:


	December 31,
	2025		2024
Intangible assets, gross	$	9,000	$	9,000
(Less): Accumulated amortization	(1,634)		(674)
Intangible assets, net	$	7,366	$	8,326

Intangible assets are amortized to cost of sales over the remaining useful life of 7.7 years as of December 31, 2025, with an initial useful life of 10 years from the date of first commercial sale (see Note 9). Amortization expense for the years ended December 31, 2025, 2024, and 2023 were $1.0 million, $0.5 million and $0.1 million, respectively. There have been no impairments of intangible assets for the years ended December 31, 2025, 2024, and 2023.

As of December 31, 2025, the expected future amortization expense for the Company’s intangible assets is as follows:


	Amounts
2026	$	961
2027	961
2028	961
2029	961
2030	961
Thereafter	2,561
Total future amortization	$	7,366

Other Accrued Liabilities

Other accrued liabilities consists of the following:


	December 31,
	2025		2024
Accrued product sales deductions	$	68,439	$	33,122
Other liabilities	22,179		18,320
Accrued royalty payable	9,100		3,320
Income tax payable, current	1,811		—
Operating lease liability, current	—		608
Other accrued liabilities	$	101,529	$	55,370

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Equity Investment in Privately-Held Eye Care Company In April 2024, the Company participated in an equity financing round of an early clinical-stage private eye care company. Pursuant to the terms of a Preferred Stock Purchase Agreement, the Company purchased $3.0 million of preferred stock. In December 2025, pursuant to the terms of an Amended Preferred Stock Purchase Agreement, the Company purchased an additional $0.9 million of preferred stock, resulting in a total investment of $3.9 million and representing a small minority equity interest in this private company. Dr. Azamian, the Company’s CEO and Chair of the Board, and Dr. Link, a member of the Company’s Board of Directors, serve on the board of this private company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Beginning balance (in shares)	5,007,908
Granted (in shares)	583,236
Exercised (in shares)	(307,192)
Forfeited (in shares)	(52,827)
Ending balance (in shares)	5,231,125	5,007,908
Vested (in shares)	3,868,858
Unvested (in shares)	1,362,267
Weighted-Average Exercise Price/Share ($)
Beginning balance (usd per share)	$ 19.29
Granted (usd per share)	45.78
Exercised (usd per share)	20.64
Forfeited (usd per share)	24.66
Ending balance (usd per share)	22.11	$ 19.29
Vested (usd per share)	17.76
Unvested (usd per share)	$ 34.46
Weighted-Average Remaining Contractual Term (Years)
Outstanding	6 years 3 months 3 days	6 years 10 months 28 days
Vested	5 years 6 months 7 days
Unvested	8 years 4 months 6 days
Aggregate Intrinsic Value ($)
Outstanding	$ 312,647	$ 180,669
Vested	248,052
Unvested	$ 64,594

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

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


	Year Ended December 31,
	2025		2024		2023
Net loss	$	(66,418)	$	(115,554)	$	(135,893)
Weighted-average shares — basic and diluted(1)	41,784,014		37,604,538		29,383,276
Net loss per share — basic and diluted	$	(1.59)	$	(3.07)	$	(4.62)
(1) Weighted-average shares outstanding includes pre-funded warrants issued on March 5, 2024.

The following outstanding and potentially dilutive securities were excluded from the calculation of diluted net loss per share because their impact under the treasury stock method and if-converted method would have been anti-dilutive for each period presented:


	Year Ended December 31,
	2025	2024	2023
Stock options, unexercised — vested and unvested	5,231,125	5,007,908	4,760,366
Restricted stock units — unvested	1,756,329	1,915,281	1,708,725
Total	6,987,454	6,923,189	6,469,091

OUT-LICENSE AGREEMENTS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2023	Mar. 31, 2021
LianBio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Special cash dividends paid		$ 0.7	$ 0.7
Special cash dividend (in usd per share)		$ 4.80
LianBio \| License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment					$ 15.0
Additional cash payment					10.0
Amortized cost					1.2
Revenue recognized	$ 2.5		86.1
Proceeds from warrant cancellation payment		$ 0.4
Upfront payment received			15.0
LianBio \| License agreement \| Milestone Determined by the Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved					$ 10.0
LianBio \| License agreement \| Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			67.5
Revenue recognized				$ 2.5
LianBio \| License agreement \| Upon Execution of the Novation Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			2.5
LianBio \| License agreement \| Upon Execution of Warrant Termination Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments to be achieved			0.4
GrandPharma \| License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments			100.0
GrandPharma \| License agreement \| Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments			$ 20.0

STOCK-BASED COMPENSATION - Equity Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 41,720	$ 27,818	$ 19,830
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	13,816	15,182	13,032
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	17,676	11,800	6,508
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	9,232	0	0
Employee stock purchase plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 996	$ 836	$ 290

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company manages business activities on an aggregated basis and operates in one reportable segment: therapeutics. The therapeutics segment derives revenue primarily through sales of XDEMVY to specialty pharmacies and distributors in the U.S, who in turn sell it directly to clinics, hospitals, pharmacies and federal healthcare programs. The segment also generates license fees and collaboration revenue related to the China Out-License (see Note 10). The accounting policies of the therapeutics segment are the same as those described in the summary of significant accounting policies (see Note 2).

The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer (“CEO”). The CODM uses net loss, as reported in the accompanying Statements of Operations and Comprehensive Loss, to assess performance of the therapeutics segment and in deciding whether to allocate resources into the therapeutics segment or outside the segment, such as for acquisitions or new in-license agreements. The CODM uses net loss to regularly monitor budget versus actual results which are used in assessing performance of the segment and in establishing management’s compensation. The CODM does not review assets in evaluating the results of the therapeutics segment, and therefore, such information is not presented.

The following table provides the operating financial results of the therapeutics segment:


	Year Ended December 31,
	2025		2024		2023
Revenues:
Product sales, net	$	451,360	$	180,059	$	14,729
License fees and collaboration revenue	—		2,894		2,718
Total revenues	451,360		182,953		17,447
Operating expenses:
Cost of sales	30,684		12,826		1,593

Research and development	64,322		53,386		50,312
Selling and marketing	267,684		140,482		63,301
General and administrative	159,639		96,828		45,399
Total operating expenses	522,329		303,522		160,605
Loss from operations	(70,969)		(120,569)		(143,158)
Other reconciling items(1)	4,551		5,015		7,265
Net loss	$	(66,418)	$	(115,554)	$	(135,893)

Other segment disclosures:
Interest income	$	15,747	$	15,014	$	10,337
Interest expense	$	(8,935)	$	(7,849)	$	(3,346)
Depreciation and amortization expense	$	1,816	$	1,225	$	877
(1) Other reconciling items primarily includes interest income, interest expense, and provision for income taxes. For the year ended December 31, 2024, other reconciling items also included loss on debt extinguishment.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) security contract	Dec. 31, 2024 USD ($) security contract
Debt Securities, Available-for-Sale [Line Items]
Number of securities with contractual maturity between one and five years \| security	20	8
Corporate debt securities	$ 233,627	$ 196,557
Amortized cost	$ 233,247	$ 196,379
Number of available-for-sale debt securities in gross unrealized loss position for less than one year \| contract	7	10
Available-for-sale Debt Securities, Contractual Maturity Greater Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Corporate debt securities	$ 46,900	$ 19,000
Amortized cost	$ 46,800	$ 19,000
Minimum \| Available-for-sale Debt Securities, Contractual Maturity Greater Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Contractual maturity	1 year	1 year
Maximum \| Available-for-sale Debt Securities, Contractual Maturity Greater Than 12 Months
Debt Securities, Available-for-Sale [Line Items]
Contractual maturity	2 years	2 years

- Definition

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

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- Definition

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+ Details

CREDIT FACILITY AGREEMENTS - Balances of Debt, Debt Issuance Costs, and Accumulated Accretion (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt, gross	$ 75,000	$ 75,000
Debt issuance costs	(3,523)	(3,523)
Accumulated amortization of debt issuance costs	961	368
Long-term debt, net	$ 72,438	$ 71,845

- Definition

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

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+ Details

CREDIT FACILITY AGREEMENTS

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

CREDIT FACILITY AGREEMENTS

In April 2024, the Company executed the 2024 Credit Facility with Pharmakon with maturity in April 2029. The 2024 Credit Facility is collateralized by substantially all of the Company’s presently existing and subsequently acquired assets. Upon execution, the Company made a $75.0 million draw from the initial tranche of the 2024 Credit Facility, a portion of which was utilized to repay all outstanding indebtedness on the Credit Facility with Hercules and SVB (the “2022 Credit Facility”), resulting in total net proceeds of $39.6 million. The 2024 Credit Facility provided for three potential additional term loan tranches in principal amounts up to $25.0 million, $50.0 million, and $50.0 million, respectively, subject to customary conditions to funding and, in the case of the last two tranches, achieving minimum net product sales milestones, which were met. The Company did not draw on any of the three additional tranches of $25.0 million, $50.0 million and $50.0 million, respectively, each of which expired on December 31, 2024, June 30, 2025 and December 31, 2025.

Under the 2024 Credit Facility, the outstanding principal draws accrue interest at a floating rate based upon the secured overnight financing rate (“SOFR”), plus a margin of 6.75% per annum. The SOFR is subject to a 3.75% floor. At the extinguishment date of the 2022 Credit Facility, the outstanding principal was accruing interest at the aggregate cap of 11.45%.

The Company was required to pay a specified fee upon the earlier of (i) February 2, 2027 or (ii) the date the Company prepays, in full or in part, the outstanding principal balance of the 2022 Credit Facility (“End of Term Charge”). Upon the signing of the 2024 Credit Facility, the End of Term Charge of $1.4 million was paid in full in April 2024, which was derived by multiplying 4.75% by the $30.0 million outstanding principal balance. Prior to being paid, the End of Term Charge was accreted to interest expense over the expected maturity date. The Company recognized a loss on debt extinguishment of $1.9 million in the Statement of Operations and Comprehensive Loss for the year ended December 31, 2024.

As of December 31, 2025, 2024 and 2023, the effective interest rates for the full term of the Credit Facilities was 11.99%, 12.61%, and 11.96%, respectively. The Company recognized interest expense in the accompanying Statements of Operations and Comprehensive Loss in connection with the Credit Facilities as follows:


	Year Ended December 31,
	2025		2024		2023
Interest expense for long-term debt	$	8,342	$	7,367	$	2,961
Accretion of end of term charge	—		80		264
Amortization of debt issuance costs	593		402		121
Total interest expense	$	8,935	$	7,849	$	3,346

The carrying value of the 2024 Credit Facility consists of principal outstanding less legal and administrative issuance costs that were recorded as a debt discount to the long-term debt, net and will continue to be accreted to interest expense using the effective interest method during its term. The principal balance of the 2024 Credit Facility and related accretion and amortization are reported on a combined basis as long-term debt, net in the accompanying Balance Sheets as follows:


	December 31,
	2025		2024
Long-term debt, gross	$	75,000	$	75,000
Debt issuance costs	(3,523)		(3,523)

Accumulated amortization of debt issuance costs	961		368
Long-term debt, net	$	72,438	$	71,845

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Seshadri Neervannan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	In December 2025, Dr. Azamian, adopted a new Rule 10b5-1 trading plan. The plan provides for the sale of up to 60,000 shares of common stock held by Dr. Azamian between March 24, 2026 and March 24, 2027. On November 13, 2025, Seshadri Neervannan, our Chief Operating Officer, adopted a Rule 10b5-1 trading plan to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale of up to 18,027 shares of common stock held by Dr. Neervannan between March 4, 2026 and March 16, 2026.
Name	Seshadri Neervannan
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 13, 2025
Expiration Date	March 16, 2026
Arrangement Duration	123 days
Aggregate Available	18,027
Dr. Azamian [Member]
Trading Arrangements, by Individual
Name	Dr. Azamian
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2025
Expiration Date	March 24, 2027
Arrangement Duration	448 days
Aggregate Available	60,000

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	As of December 31, 2025, we’ve continued to maintain a set of comprehensive cybersecurity and data protection policies and procedures. Our employees and contractors receive regular cybersecurity awareness trainings, including specific topics related to social engineering and email frauds. We have capable employees and consultants with significant expertise and certifications in cybersecurity related to our industry. We invest in advanced technologies for continuous cybersecurity monitoring across our information technology environment which are designed to prevent, detect, and minimize cybersecurity attacks, as well as alert management of such attacks. Our information technology general controls are established based on recognized industry standards and cover areas such as risk management, data backup, and disaster recovery. We have implemented processes to monitor security threats and vulnerabilities and respond to all cybersecurity incidents affecting us, including prompt escalation and communication of major security incidents to senior business leadership and our Board of Directors. We conduct cybersecurity penetration testing annually to identify and remediate cybersecurity gaps. We also perform cybersecurity assessments of all our third-party providers who have access to our information technology systems and data. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the Head of Information Technology (“IT”) who reports to our Chief Financial Officer, to manage the risk assessment and mitigation process. We have a dedicated IT resource with expertise in cybersecurity and risk management who is dedicated to working with our internal IT team on cybersecurity risk management. We also engage other consultants and other third parties in connection with our risk assessment and mitigation processes. These service providers assist with the design and implementation of our cybersecurity policies and procedures, as well as monitor and test our safeguards. We require each third-party service provider to certify that it has the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our company.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We continue to make substantial investments to augment the capabilities of our people, processes, and technologies in order to address our cybersecurity risks. Our cybersecurity risks, and the controls designed to mitigate those risks, are integrated into our overall risk management governance and are reviewed quarterly by our Board of Directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors and Audit Committee are responsible for overseeing our cybersecurity risk management and strategy.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors and Audit Committee are responsible for overseeing our cybersecurity risk management and strategy. Our Head of IT provides periodic briefings to the Audit Committee including our cybersecurity risks and activities, any potential cybersecurity incidents and related responses, cybersecurity systems testing and, activities of third parties. Our Audit Committee regularly meets with our Chief Financial Officer and Head of IT about the Company’s ongoing compliance and risk management and reports to the Board of Directors regularly. Cybersecurity Threat Disclosure To date, we are not aware of any cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Head of IT provides periodic briefings to the Audit Committee including our cybersecurity risks and activities, any potential cybersecurity incidents and related responses, cybersecurity systems testing and, activities of third parties. Our Audit Committee regularly meets with our Chief Financial Officer and Head of IT about the Company’s ongoing compliance and risk management and reports to the Board of Directors regularly.
Cybersecurity Risk Role of Management [Text Block]	Our Head of IT provides periodic briefings to the Audit Committee including our cybersecurity risks and activities, any potential cybersecurity incidents and related responses, cybersecurity systems testing and, activities of third parties. Our Audit Committee regularly meets with our Chief Financial Officer and Head of IT about the Company’s ongoing compliance and risk management and reports to the Board of Directors regularly.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board of Directors and Audit Committee are responsible for overseeing our cybersecurity risk management and strategy. Our Head of IT provides periodic briefings to the Audit Committee including our cybersecurity risks and activities, any potential cybersecurity incidents and related responses, cybersecurity systems testing and, activities of third parties. Our Audit Committee regularly meets with our Chief Financial Officer and Head of IT about the Company’s ongoing compliance and risk management and reports to the Board of Directors regularly.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We have a dedicated IT resource with expertise in cybersecurity and risk management who is dedicated to working with our internal IT team on cybersecurity risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board of Directors and Audit Committee are responsible for overseeing our cybersecurity risk management and strategy. Our Head of IT provides periodic briefings to the Audit Committee including our cybersecurity risks and activities, any potential cybersecurity incidents and related responses, cybersecurity systems testing and, activities of third parties. Our Audit Committee regularly meets with our Chief Financial Officer and Head of IT about the Company’s ongoing compliance and risk management and reports to the Board of Directors regularly. Cybersecurity Threat Disclosure To date, we are not aware of any cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

STOCKHOLDERS’ EQUITY - Additional Information (Details)	12 Months Ended
STOCKHOLDERS’ EQUITY - Additional Information (Details)	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares	Oct. 08, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, issued (in shares)	42,553,931	38,349,826
Common stock, outstanding (in shares)	42,553,931	38,349,826
Pre-funded warrants reserved for future issuance (in shares)	312,500
Common stock votes \| vote	1
Common stock dividends declared (usd per share) \| $ / shares	$ 0	$ 0	$ 0
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance, increase percentage	1.00%
ESPP discount percentage from market price, beginning of purchase period	15.00%
ESPP, maximum number of shares available for purchase by employee (shares)	3,000
Offering period	6 months
ESPP, maximum number of shares available for purchase \| $	$ 25,000
Common stock reserved for future issuance, annual increase (shares)	2,500,000
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (shares)				9,000,000
Common stock reserved for issuance, increase percentage	4.00%
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (shares)				2,432,980

COMMITMENTS & CONTINGENCIES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 1,490	$ 835	$ 705
Variable lease expense	645	472	391
Total lease expense	$ 2,135	$ 1,307	$ 1,096

SEGMENT REPORTING - Other Segment Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 15,747	$ 15,014	$ 10,337
Interest expense	(8,935)	(7,849)	(3,346)
Reportable Segment
Segment Reporting Information [Line Items]
Interest income	15,747	15,014	10,337
Interest expense	(8,935)	(7,849)	(3,346)
Depreciation and amortization expense	$ 1,816	$ 1,225	$ 877

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

COMMITMENTS & CONTINGENCIES - Employment Agreements (Details)	Dec. 31, 2025 contract
Commitments and Contingencies Disclosure [Abstract]
Number of employment arrangements with executive officers	7

STOCK-BASED COMPENSATION - Schedule of Performance Stock Unit Activity (Details) - Performance stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	724,793
Outstanding, ending balance (in shares) \| shares	724,793
Weighted-Average Grant Date Fair Value ($)
Outstanding, beginning balance (usd per share) \| $ / shares	$ 0
Granted (usd per share) \| $ / shares	44.77
Outstanding, ending balance (usd per share) \| $ / shares	$ 44.77

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted cash	$ 2.6	$ 2.6
Advertising expense	$ 121.2	$ 29.8	$ 9.4
Fair market value of common stock (as a percent)	100.00%
Expected term (in years)	6 years 3 months
Expected dividend yield	0.00%
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	10 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Useful lives of assets (in years)	3 years
Minimum \| 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period for full vesting (in years)	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Useful lives of assets (in years)	5 years
Maximum \| 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period for full vesting (in years)	4 years

COMMITMENTS & CONTINGENCIES - Lease Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) ft² contract	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of leases \| contract	2
Square feet of office space \| ft²	98,807
Lease term	10 years
Base rent expense	$ 2.5
Annual increase in rent		3.00%
Rent abatement		$ 0.7
Tenant improvement allowance		5.8
Security deposit	$ 2.6	$ 2.6

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California
Auditor Firm ID	42

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	129,350		—		—		129,350
Commercial paper	—		39,040		—		39,040
Corporate debt securities	—		70,186		—		70,186
Government-related debt securities	—		4,998		—		4,998

Total assets measured at fair value	$	303,044	$	114,224	$	—	$	417,268

(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	103,314		—		—		103,314
Commercial paper	—		21,795		—		21,795
Corporate debt securities	—		46,644		—		46,644
Government-related debt securities	—		29,801		—		29,801
Total assets measured at fair value	$	193,136	$	98,240	$	—	$	291,376

(1) This balance includes cash requirements settled on a nightly basis.

Schedule of Estimated Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities

The fair value and amortized cost of cash equivalents, and available-for-sale investments by major security type are presented in the following table:


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	173,694	$	—	$	—	$	173,694
U.S. Treasury securities	9,946		1		—		9,947


Total cash equivalents	$	183,640	$	1	$	—	$	183,641

Marketable securities:
U.S. Treasury securities	$	119,194	$	209	$	—	$	119,403
Commercial paper	39,022		26		(8)		39,040
Corporate debt securities	70,032		154		—		70,186
Government-related debt securities	4,999		—		(1)		4,998
Total marketable securities	$	233,247	$	389	$	(9)	$	233,627

(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	4,996		1		—		4,997


Total cash equivalents	$	94,818	$	1	$	—	$	94,819

Marketable securities:
U.S. Treasury securities	$	98,247	$	72	$	(2)	$	98,317
Commercial paper	21,757		38		—		21,795
Corporate debt securities	46,570		84		(10)		46,644
Government-related securities	29,805		12		(16)		29,801
Total marketable securities	$	196,379	$	206	$	(28)	$	196,557

(1) This balance includes cash requirements settled on a nightly basis.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES

Basis of Presentation and Use of Estimates

estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the issuance date of the accompanying Financial Statements.

The accounting policies and estimates that most significantly impact the presented amounts within these accompanying Financial Statements are further described below:

Cash and Cash Equivalents

Restricted Cash

Marketable Securities and Long-Term Investments

Based on this subsequent financing, the Company concluded that there was no change in the observable price of the preferred stock investment as of December 31, 2025 and 2024.

Additionally, at each reporting period, the Company will assess the investment for possible impairment indicators. If the fair value of the preferred stock investment is determined to be less than its carrying value, the Company will recognize an impairment loss through other income (expense) in the Statements of Operations and Comprehensive Loss. During the years ended December 31, 2025 and 2024, there were no identified impairment indicators that resulted in a change to the fair value of the preferred stock investment.

Accounts Receivable, Net

Inventory

Intangible Assets, Net

Fair Value Measurements

The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

•Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date.

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

Property and Equipment, Net

Leases

research and development and general and administrative expenses in the accompanying Statements of Operations and Comprehensive Loss.

Concentration Risk

Credit Risk

Major Customers


	December 31,
	2025		2024		2023
Customer A	63	%	47	%	13	%
Customer B	11	%	*		*
Customer C	*		14	%	24	%
Customer D	*		*		37	%
Customer E	*		*		14	%
Customer F	*		*		11	%
Total gross revenue from major customers	74	%	61	%	99	%

* Represents less than 10% of respective activity.


	December 31,
	2025		2024
Customer A	52	%	55	%
Customer B	14	%	*
Customer C	14	%	*
Customer D	*		14	%
Total accounts receivable from major customers	80	%	69	%

* Represents less than 10% of respective balance.

Major Suppliers

Revenue Recognition

(i) Product Sales, Net

The Company categorizes product sales deduction estimates as follows:

(ii) License Fees and Collaboration Revenue

China Out-License

Contractual Terms for Receipt of Payments

The Company re-evaluates the measure of progress to each performance obligation in each reporting period as uncertain events are resolved and other changes in circumstances occur.

Cost of Sales

Selling, General and Administrative

Research and Development Costs

Stock-Based Compensation

Dividend Yield — The Company’s expected dividend yield is zero because it has never paid cash dividends and does not expect to for the foreseeable future.

Income Taxes

Interest and penalties related to unrecognized tax benefits, if any, are recorded as a component of income tax expense.

Net Loss per Share

Due to net losses in all periods presented, all otherwise potentially dilutive securities are antidilutive, and accordingly, the reported basic net loss per share equals diluted net loss per share.

Comprehensive Loss

Recently Issued or Effective Accounting Standards

INCOME TAXES - Federal and State Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
U.S. federal	$ 0	$ 0	$ 0
State and local	2,059	0	0
Total current income tax provision	2,059	0	0
Deferred:
U.S. federal	0	0	0
State and local	0	0	0
Total deferred income tax provision	0	0	0
Effective tax rate	$ 2,059	$ 0	$ 0

- Definition

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

+ References

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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of loss from operations before income tax provision were as follows:


	Year Ended December 31,
	2025		2024		2023
United States	$	(64,359)	$	(115,554)	$	(135,893)
Total	$	(64,359)	$	(115,554)	$	(135,893)

The U.S. federal, state, and local income tax provision is summarized as follows:


	Year Ended December 31,
	2025		2024		2023
Current:
U.S. federal	$	—	$	—	$	—
State and local	2,059		—		—
Total current income tax provision	2,059		—		—

Deferred:
U.S. federal	—		—		—
State and local	—		—		—
Total deferred income tax provision	—		—		—
Total income tax provision	$	2,059	$	—	$	—

A reconciliation of income taxes was computed by applying the U.S. federal statutory income tax rate in each period to the pretax loss for the years ended December 31, 2025, 2024 and 2023, and adjusted for certain classes of transactions, as summarized below:


	Year Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
US federal statutory tax rate	$	(13,487)	21.0	%	$	(24,266)	21.0	%	$	(28,538)	21.0	%
State and local income taxes, net of federal income tax effect(1)	1,626		(2.5)	%	—		—	%	—		—	%



Research and development tax credits	1,162		(1.8)	%	(237)		0.2	%	(2,321)		1.7	%
Nontaxable or non-deductible items:
Share-based payment awards	(3,177)		4.9	%	(1,290)		1.1	%	579		(0.4)	%
Executive compensation	4,231		(6.6)	%	2,679		(2.3)	%	1,691		(1.2)	%
Other	306		(0.5)	%	(1)		—	%	209		(0.2)	%


Changes in valuation allowances	11,398		(17.7)	%	23,115		(20.0)	%	28,380		(20.9)	%
Effective tax rate	$	2,059	(3.2)	%	$	—	—	%	$	—	—	%

(1) Before the valuation allowance, various states made up the majority (greater than 50 percentage) of the tax effect in this category, including Pennsylvania for 2025; Pennsylvania, California and Massachusetts for 2024; and Tennessee and Pennsylvania for 2023. The cash paid for income taxes (net of refunds) during the year was $0.1 million for federal tax and $0.2 million for state and local taxes.

The tax effects of significant items comprising the Company’s deferred tax assets and liabilities were as follows:


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	41,461	$	33,677
Research and development credit carryforwards	6,986		8,642
Capitalized research and development	7,959		21,734
Charitable contributions	27,692		8,842
Intangible assets	3,575		3,658
Stock-based compensation	6,877		4,760
Accruals	13,638		6,764
Operating lease liability	4,361		151
Other, net	124		169
Total deferred tax assets before valuation allowance	112,673		88,397
(Less): Valuation allowance	(107,935)		(88,043)
Total deferred tax assets	$	4,738	$	354
Deferred tax liabilities, net:
Operating lease right-of-use assets	(4,224)		(137)
Fixed assets	(186)		(217)
Prepaid expenses	(328)		—
Net deferred tax asset	$	—	$	—

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company maintains a valuation allowance against its net deferred tax assets due to the uncertainty that such assets will be realized and evaluates the recoverability of its deferred tax assets on at least an annual basis. The Company has determined that its deferred tax assets, with the exception of amounts supported by the reversal of taxable temporary differences, are not realizable. Consequently, the Company has recorded a valuation allowance on deferred tax assets of $107.9 million and $88.0 million at December 31, 2025 and 2024, respectively.

At December 31, 2025, the Company has U.S. federal, state, and local net operating loss (“NOL”) carryforwards of approximately $176.1 million and $105.9 million, respectively. As a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), for U.S. income tax purposes, NOLs generated prior to December 31, 2017 can be carried forward for up to 20 years, while NOLs generated after December 31, 2017 can be carried forward indefinitely, but are limited to 80% utilization against taxable income. The Company’s total U.S. federal NOL of $176.1 million will not expire but will only be able to offset 80% of future taxable income within each year. The other state and local NOLs will begin to expire in 2033. At December 31, 2025, the Company had U.S. federal and other state research and development tax credits of $6.9 million and $2.2 million, respectively. The Company’s U.S. federal research and development tax credits begin to expire in 2040 unless previously utilized, and the other state and local credit carryforwards do not expire.

The Internal Revenue Code (“IRC”) Sections 382 and 383 limit annual use of NOL and research and development credit carryforwards in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has completed an ownership change analysis, which resulted in some ownership changes. Of the total U.S. federal, state, and local NOLs of $176.1 million and $105.9 million respectively, $174.6 million and $105.0 million are available as of December 31, 2025 to offset future taxable income. The remaining $1.5 million and $0.9 million will become available in future years. If a requisite ownership change occurs in the future, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate.

Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes a tax benefit from an uncertain tax position when it is more-likely-than-not that it will be sustained upon examination by tax authorities. As of December 31, 2025, the Company had gross unrecognized tax benefits of $4.3 million, none of which would affect the effective tax rate if recognized. The Company’s policy is to recognize the interest expense and/or penalties related to income tax matters as a component of income tax expense. The Company had no accrual for interest or penalties in the accompanying Balance Sheets at December 31, 2025 and has not recognized interest and/or penalties in the accompanying Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 or 2024.

The following table summarizes the changes to the gross unrecognized tax benefits:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of year	$	4,750	$	3,928	$	3,393
Additions related to current year positions	242		986		468
Additions related to prior year positions	—		—		67
Decreases related to prior year positions	(713)		(164)		—
Balance at end of year	$	4,279	$	4,750	$	3,928

The Company is subject to taxation in the U.S. Federal jurisdiction and various states. All tax years from inception are subject to examination by federal and state tax authorities. Further, the Company is not currently under examination by any federal, state, or local tax authority.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended						12 Months Ended
	Nov. 21, 2023	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Aug. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (usd per share)			$ 0.0001					$ 0.0001	$ 0.0001
Shares issued in warrant conversion (in shares)								312,500	312,500
Pre-funded warrants reserved for future issuance (in shares)								312,500
Follow-On Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)		2,808,988	2,812,500				5,714,285
Original issue price (usd per share)		$ 44.50	$ 32.00				$ 17.50
Stock issued, net proceeds		$ 134.8	$ 107.7
Shares issued in warrant conversion (in shares)			312,500
Price per warrant (usd per share)			$ 31.9999
Exercise price per warrant (usd per share)			$ 0.0001
Underwriters' Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)		421,348	468,750			355,164
Original issue price (usd per share)		$ 44.50	$ 32.00			$ 17.50
Stock issued, net proceeds						$ 99.3
Underwriter purchase option (in days)		30 days	30 days
2023 Shelf Registration Statement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized consideration					$ 300.0
2023 ATM Prospectus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)				1,000,000				0	0
Stock issued, net proceeds				$ 19.2
Authorized consideration	$ 100.0
Agent fee percentage	3.00%

STOCK-BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 41,720	$ 27,818	$ 19,830
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	697	603	190
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	10,035	6,804	5,833
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 30,988	$ 20,411	$ 13,807

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

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


	Year Ended December 31,
	2025		2024		2023
Net loss	$	(66,418)	$	(115,554)	$	(135,893)
Weighted-average shares — basic and diluted(1)	41,784,014		37,604,538		29,383,276
Net loss per share — basic and diluted	$	(1.59)	$	(3.07)	$	(4.62)
(1) Weighted-average shares outstanding includes pre-funded warrants issued on March 5, 2024.

Schedule of Outstanding Potentially Dilutive Securities


	Year Ended December 31,
	2025	2024	2023
Stock options, unexercised — vested and unvested	5,231,125	5,007,908	4,760,366
Restricted stock units — unvested	1,756,329	1,915,281	1,708,725
Total	6,987,454	6,923,189	6,469,091

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock-Based Compensation Expense

Stock-based compensation expense was recognized in the accompanying Statements of Operations and Comprehensive Loss as follows:


	Year Ended December 31,
	2025		2024		2023
Cost of sales	$	697	$	603	$	190
Research and development	10,035		6,804		5,833
Selling, general and administrative	30,988		20,411		13,807
Total stock-based compensation	$	41,720	$	27,818	$	19,830

Stock-based compensation expense was recognized by equity type as follows:


	Year Ended December 31,
	2025		2024		2023
Stock options	$	13,816	$	15,182	$	13,032
Restricted stock units	17,676		11,800		6,508
Performance stock units	9,232		—		—
Employee stock purchase plan	996		836		290
Total stock-based compensation	$	41,720	$	27,818	$	19,830

As of December 31, 2025, total unrecognized stock-based compensation expense and average remaining vesting period by equity type is as follows:


	Unrecognized Compensation Expense ($)	Average Remaining Vesting Period (Years)
Stock options	27,002	2.26
Restricted stock units	43,214	2.69
Performance stock units	23,218	2.00

The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:

Year Ended December 31,

2025

2024

2023

Exercise price

$39.99 to $79.44

$20.16 to $50.40

$12.48 to $18.78

Risk-free interest rate

3.78% to 4.53%

3.57% to 4.65%

3.38% to 4.83%

Expected volatility

65.8% to 68.6%

69.3% to 71.6%

69.7% to 73.3%

Weighted-average grant-date fair value per stock option

45.78

35.60

15.49

Stock Option Activity

Stock option activity during the year was as follows:


	Number of Shares	Weighted-Average Exercise Price/Share ($)	Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)(1)
Outstanding - December 31, 2024	5,007,908	19.29	6.91	180,669
Granted	583,236	45.78
Exercised	(307,192)	20.64
Forfeited	(52,827)	24.66

Outstanding - December 31, 2025	5,231,125	22.11	6.26	312,647
Vested - December 31, 2025	3,868,858	17.76	5.52	248,052
Unvested - December 31, 2025	1,362,267	34.46	8.35	64,594

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of December 31, 2025.

The total grant-date fair value of options that vested during the years ended December 31, 2025, 2024, and 2023, was $14.2 million, $13.5 million, and $13.4 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was $10.1 million, $7.0 million, and $1.6 million, respectively.

Restricted Stock Unit Activity

Restricted stock unit activity during the year was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding - December 31, 2024	1,915,281	24.41
Granted	568,636	46.51
Vested	(598,256)	23.62
Forfeited	(129,332)	24.47
Outstanding - December 31, 2025	1,756,329	31.83

The total grant-date fair value of restricted stock units that vested during the years ended December 31, 2025, 2024, and 2023, was $14.1 million, $7.3 million, and $3.7 million, respectively.

Performance Stock Unit Activity

During the year ended December 31, 2025, the Company granted certain employees performance stock units. During the third quarter of 2025, the Company began recognizing stock-based compensation expense related to a performance condition that was determined to be probable of achievement.

Performance stock unit activity during the year was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding - December 31, 2024	—	—
Granted	724,793	44.77


Outstanding - December 31, 2025	724,793	44.77

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (66,418)	$ (115,554)	$ (135,893)
Weighted-average shares — basic (in shares)	41,784,014	37,604,538	29,383,276
Weighted-average shares — diluted (in shares)	41,784,014	37,604,538	29,383,276
Net loss per share — basic (usd per share)	$ (1.59)	$ (3.07)	$ (4.62)
Net loss per share — diluted (usd per share)	$ (1.59)	$ (3.07)	$ (4.62)

- Definition

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

+ References

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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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+ Details

- Definition

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

+ References

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+ Details

- Definition

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

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+ Details

BALANCE SHEET ACCOUNT DETAIL - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 13,763	$ 4,290
(Less): Accumulated depreciation and amortization	(2,098)	(1,976)
Property and equipment, net	11,665	2,314
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	1,335	1,598
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	930	1,127
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	345	167
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	9,925	794
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 1,228	$ 604

CREDIT FACILITY AGREEMENTS - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2024 USD ($) contract	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal outstanding		$ 75,000	$ 75,000
Loss on debt extinguishment		$ 0	$ 1,944	$ 0
Line of Credit
Debt Instrument [Line Items]
End of term charge	$ 1,400
End of term charge, interest rate (as a percent)	4.75%
Principal outstanding	$ 30,000
Effective interest rate (as a percent)		11.99%	12.61%	11.96%
Line of Credit \| Prime Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	11.45%
Line of Credit \| Pharmakon Credit Facility, Tranche One
Debt Instrument [Line Items]
Draw on credit facility	$ 75,000
Credit facility, aggregate principal amount	25,000
Line of Credit \| Pharmakon Credit Facility
Debt Instrument [Line Items]
Net proceeds	$ 39,600
Potential additional tranches \| contract	3
Tranches with minimum net sales milestones \| contract	2
Line of Credit \| Pharmakon Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	6.75%
Interest rate floor (as a percent)	3.75%
Line of Credit \| Pharmakon Credit Facility, Tranche Two
Debt Instrument [Line Items]
Credit facility, aggregate principal amount	$ 50,000
Line of Credit \| Pharmakon Credit Facility, Tranche Three
Debt Instrument [Line Items]
Credit facility, aggregate principal amount	$ 50,000

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	42,553,931	38,349,826
Common stock, outstanding (in shares)	42,553,931	38,349,826

RELATED PARTY TRANSACTIONS - Additional Information (Details) - Bobak Azamian - Related Party - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2025	Apr. 30, 2024
Related Party Transaction [Line Items]
Preferred stock purchased	$ 0.9	$ 3.0
Equity investment amount	$ 3.9

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

NET LOSS PER SHARE - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding and potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	6,987,454	6,923,189	6,469,091
Stock options, unexercised — vested and unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding and potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	5,231,125	5,007,908	4,760,366
Restricted stock units — unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding and potentially dilutive securities excluded from computation of diluted net loss per share (in shares)	1,756,329	1,915,281	1,708,725

INCOME TAXES - Tax Effects of Significant Items of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 41,461	$ 33,677
Research and development credit carryforwards	6,986	8,642
Capitalized research and development	7,959	21,734
Charitable contributions	27,692	8,842
Intangible assets	3,575	3,658
Stock-based compensation	6,877	4,760
Accruals	13,638	6,764
Operating lease liability	4,361	151
Other, net	124	169
Total deferred tax assets before valuation allowance	112,673	88,397
(Less): Valuation allowance	(107,935)	(88,043)
Total deferred tax assets	4,738	354
Deferred tax liabilities, net:
Operating lease right-of-use assets	(4,224)	(137)
Fixed assets	(186)	(217)
Prepaid expenses	(328)	0
Net deferred tax asset	$ 0	$ 0

BALANCE SHEET ACCOUNT DETAIL - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Work in progress	$ 1,410	$ 614
Finished goods	2,962	2,006
Inventory	4,372	2,620
Non-current assets:
Raw materials	2,532	2,533
Inventory, non-current	2,532	2,533
Total inventory	$ 6,904	$ 5,153

FAIR VALUE MEASUREMENTS - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents	$ 183,641	$ 94,819
Total assets measured at fair value	417,268	291,376
Money market funds
Assets:
Cash and cash equivalents	173,694	89,822
U.S. Treasury securities
Assets:
Cash and cash equivalents	9,947	4,997
Debt securities, available for sale and cash and cash equivalents	129,350	103,314
Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	39,040	21,795
Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	70,186	46,644
Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	4,998	29,801
Level 1
Assets:
Total assets measured at fair value	303,044	193,136
Level 1 \| Money market funds
Assets:
Cash and cash equivalents	173,694	89,822
Level 1 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	129,350	103,314
Level 1 \| Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 1 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 1 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 2
Assets:
Total assets measured at fair value	114,224	98,240
Level 2 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 2 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 2 \| Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	39,040	21,795
Level 2 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	70,186	46,644
Level 2 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	4,998	29,801
Level 3
Assets:
Total assets measured at fair value	0	0
Level 3 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Level 3 \| U.S. Treasury securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 3 \| Commercial paper
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 3 \| Corporate debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	0	0
Level 3 \| Government-related debt securities
Assets:
Debt securities, available for sale and cash and cash equivalents	$ 0	$ 0

STOCKHOLDERS’ EQUITY - Shares Reserved for Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Pre-funded warrants to purchase common stock (in shares)	312,500	312,500
Common stock awards reserved for future issuance under the 2020 and 2016 Plans (in shares)	7,044,164	7,204,677
Common stock awards reserved for future issuance under the ESPP (in shares)	2,796,609	2,765,942
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans (in shares)	5,231,125	5,007,908
Restricted stock units issued and outstanding (unvested) under the 2020 Plan (in shares)	1,756,329	1,915,281
Performance stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan (in shares)	724,793	0
Total shares of common stock reserved (in shares)	17,865,520	17,206,308

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss From Operations Before Provision for Income Taxes

The components of loss from operations before income tax provision were as follows:


	Year Ended December 31,
	2025		2024		2023
United States	$	(64,359)	$	(115,554)	$	(135,893)
Total	$	(64,359)	$	(115,554)	$	(135,893)

Schedule of Federal and State Income Tax Provision (Benefit)

The U.S. federal, state, and local income tax provision is summarized as follows:


	Year Ended December 31,
	2025		2024		2023
Current:
U.S. federal	$	—	$	—	$	—
State and local	2,059		—		—
Total current income tax provision	2,059		—		—

Deferred:
U.S. federal	—		—		—
State and local	—		—		—
Total deferred income tax provision	—		—		—
Total income tax provision	$	2,059	$	—	$	—

Schedule of Reconciliation of Income Taxes


	Year Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
US federal statutory tax rate	$	(13,487)	21.0	%	$	(24,266)	21.0	%	$	(28,538)	21.0	%
State and local income taxes, net of federal income tax effect(1)	1,626		(2.5)	%	—		—	%	—		—	%



Research and development tax credits	1,162		(1.8)	%	(237)		0.2	%	(2,321)		1.7	%
Nontaxable or non-deductible items:
Share-based payment awards	(3,177)		4.9	%	(1,290)		1.1	%	579		(0.4)	%
Executive compensation	4,231		(6.6)	%	2,679		(2.3)	%	1,691		(1.2)	%
Other	306		(0.5)	%	(1)		—	%	209		(0.2)	%


Changes in valuation allowances	11,398		(17.7)	%	23,115		(20.0)	%	28,380		(20.9)	%
Effective tax rate	$	2,059	(3.2)	%	$	—	—	%	$	—	—	%

Schedule of Tax Effects of Significant Items of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s deferred tax assets and liabilities were as follows:


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	41,461	$	33,677
Research and development credit carryforwards	6,986		8,642
Capitalized research and development	7,959		21,734
Charitable contributions	27,692		8,842
Intangible assets	3,575		3,658
Stock-based compensation	6,877		4,760
Accruals	13,638		6,764
Operating lease liability	4,361		151
Other, net	124		169
Total deferred tax assets before valuation allowance	112,673		88,397
(Less): Valuation allowance	(107,935)		(88,043)
Total deferred tax assets	$	4,738	$	354
Deferred tax liabilities, net:
Operating lease right-of-use assets	(4,224)		(137)
Fixed assets	(186)		(217)
Prepaid expenses	(328)		—
Net deferred tax asset	$	—	$	—

Schedule of Gross Unrecognized Tax Benefits

The following table summarizes the changes to the gross unrecognized tax benefits:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of year	$	4,750	$	3,928	$	3,393
Additions related to current year positions	242		986		468
Additions related to prior year positions	—		—		67
Decreases related to prior year positions	(713)		(164)		—
Balance at end of year	$	4,279	$	4,750	$	3,928

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Major Customer Accounted for Gross Product Sales and Accounts Receivable, Net

The following table presents each major customer that accounted for more than 10% of the Company’s gross product sales:


	December 31,
	2025		2024		2023
Customer A	63	%	47	%	13	%
Customer B	11	%	*		*
Customer C	*		14	%	24	%
Customer D	*		*		37	%
Customer E	*		*		14	%
Customer F	*		*		11	%
Total gross revenue from major customers	74	%	61	%	99	%

* Represents less than 10% of respective activity.


	December 31,
	2025		2024
Customer A	52	%	55	%
Customer B	14	%	*
Customer C	14	%	*
Customer D	*		14	%
Total accounts receivable from major customers	80	%	69	%

* Represents less than 10% of respective balance.

INCOME TAXES - Components of Loss from Operations Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (64,359)	$ (115,554)	$ (135,893)
Loss before income taxes	$ (64,359)	$ (115,554)	$ (135,893)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

INCOME TAXES - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance on deferred tax assets	$ 107,935,000	$ 88,043,000
Net operating loss carryforwards	176,100,000
Unrecognized tax benefits	4,279,000	$ 4,750,000	$ 3,928,000	$ 3,393,000
Unrecognized tax benefits that would affect effective tax rate if recognized	0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	176,100,000
Federal \| Tax Year 2025
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	174,600,000
Federal \| After Tax Year 2025
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	1,500,000
Federal \| Research and development tax credit carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	6,900,000
California
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	105,900,000
California \| Tax Year 2025
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	105,000,000.0
California \| After Tax Year 2025
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	900,000
California \| Research and development tax credit carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 2,200,000

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	2023 ATM Prospectus	Common Stock	Common Stock 2023 ATM Prospectus	Additional Paid-In Capital	Additional Paid-In Capital 2023 ATM Prospectus	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022			26,727,458
Beginning balance at Dec. 31, 2022	$ 192,900		$ 5		$ 301,732		$ (74)	$ (108,763)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(135,893)							(135,893)
Recognition of stock-based compensation expense	19,830				19,830
Issuance of common stock, net of issuance costs (in shares)			6,069,449	1,000,000
Issuance of common stock, net of issuance costs	99,303	$ 19,199			99,303	$ 19,199
Exercise of vested stock options (in shares)			136,310
Exercise of vested stock options	592				592
Issuance of common stock upon the vesting of restricted stock units (in shares)			206,813
Shares issued in connection with the employee stock purchase plan (in shares)			71,160
Shares issued in connection with the employee stock purchase plan	985				985
Other comprehensive (loss) income	72						72
Ending balance (in shares) at Dec. 31, 2023			34,211,190
Ending balance at Dec. 31, 2023	196,988		$ 5		441,641		(2)	(244,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(115,554)							(115,554)
Recognition of stock-based compensation expense	27,818				27,818
Issuance of common stock, net of issuance costs (in shares)			3,281,250
Issuance of common stock, net of issuance costs	98,332		$ 1		98,331
Issuance of pre-funded warrants, net of issuance costs	9,365				9,365
Exercise of vested stock options (in shares)			323,148
Exercise of vested stock options	5,609				5,609
Issuance of common stock upon the vesting of restricted stock units (in shares)			440,746
Shares issued in connection with the employee stock purchase plan (in shares)			93,492
Shares issued in connection with the employee stock purchase plan	1,795				1,795
Other comprehensive (loss) income	$ 181						181
Ending balance (in shares) at Dec. 31, 2024	38,349,826		38,349,826
Ending balance at Dec. 31, 2024	$ 224,534		$ 6		584,559		179	(360,210)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(66,418)							(66,418)
Recognition of stock-based compensation expense	41,720				41,720
Issuance of common stock, net of issuance costs (in shares)			3,230,336
Issuance of common stock, net of issuance costs	$ 134,771				134,771
Exercise of vested stock options (in shares)	307,192		307,192
Exercise of vested stock options	$ 6,280				6,280
Issuance of common stock upon the vesting of restricted stock units (in shares)			598,256
Shares issued in connection with the employee stock purchase plan (in shares)			68,321
Shares issued in connection with the employee stock purchase plan	2,337				2,337
Other comprehensive (loss) income	$ 202						202
Ending balance (in shares) at Dec. 31, 2025	42,553,931		42,553,931
Ending balance at Dec. 31, 2025	$ 343,426		$ 6		$ 769,667		$ 381	$ (426,628)

STOCK-BASED COMPENSATION - Valuation Assumptions of Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate, minimum	3.78%	3.57%	3.38%
Risk-free interest rate, maximum	4.53%	4.65%	4.83%
Expected volatility, minimum	65.80%	69.30%	69.70%
Expected volatility, maximum	68.60%	71.60%	73.30%
Weighted-average grant-date fair value per stock option (usd per share)	$ 45.78	$ 35.60	$ 15.49
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Exercise price (usd per share)	39.99	20.16	12.48
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Exercise price (usd per share)	$ 79.44	$ 50.40	$ 18.78

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation

Stock-based compensation expense was recognized in the accompanying Statements of Operations and Comprehensive Loss as follows:


	Year Ended December 31,
	2025		2024		2023
Cost of sales	$	697	$	603	$	190
Research and development	10,035		6,804		5,833
Selling, general and administrative	30,988		20,411		13,807
Total stock-based compensation	$	41,720	$	27,818	$	19,830

Schedule of Stock-Based Compensation Expenses

Stock-based compensation expense was recognized by equity type as follows:


	Year Ended December 31,
	2025		2024		2023
Stock options	$	13,816	$	15,182	$	13,032
Restricted stock units	17,676		11,800		6,508
Performance stock units	9,232		—		—
Employee stock purchase plan	996		836		290
Total stock-based compensation	$	41,720	$	27,818	$	19,830

As of December 31, 2025, total unrecognized stock-based compensation expense and average remaining vesting period by equity type is as follows:


	Unrecognized Compensation Expense ($)	Average Remaining Vesting Period (Years)
Stock options	27,002	2.26
Restricted stock units	43,214	2.69
Performance stock units	23,218	2.00

Schedule of Valuation Assumptions of Stock Options

The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:

Year Ended December 31,

2025

2024

2023

Exercise price

$39.99 to $79.44

$20.16 to $50.40

$12.48 to $18.78

Risk-free interest rate

3.78% to 4.53%

3.57% to 4.65%

3.38% to 4.83%

Expected volatility

65.8% to 68.6%

69.3% to 71.6%

69.7% to 73.3%

Weighted-average grant-date fair value per stock option

45.78

35.60

15.49

Schedule of Stock Option Activity

Stock option activity during the year was as follows:


	Number of Shares	Weighted-Average Exercise Price/Share ($)	Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($)(1)
Outstanding - December 31, 2024	5,007,908	19.29	6.91	180,669
Granted	583,236	45.78
Exercised	(307,192)	20.64
Forfeited	(52,827)	24.66

Outstanding - December 31, 2025	5,231,125	22.11	6.26	312,647
Vested - December 31, 2025	3,868,858	17.76	5.52	248,052
Unvested - December 31, 2025	1,362,267	34.46	8.35	64,594

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of December 31, 2025.

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity during the year was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding - December 31, 2024	1,915,281	24.41
Granted	568,636	46.51
Vested	(598,256)	23.62
Forfeited	(129,332)	24.47
Outstanding - December 31, 2025	1,756,329	31.83

Schedule of Performance Stock Unit Activity

Performance stock unit activity during the year was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value ($)
Outstanding - December 31, 2024	—	—
Granted	724,793	44.77


Outstanding - December 31, 2025	724,793	44.77

STOCK-BASED COMPENSATION - Restricted Stock Unit Activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	1,915,281
Granted (in shares) \| shares	568,636
Vested (in shares) \| shares	(598,256)
Forfeited (in shares) \| shares	(129,332)
Outstanding, ending balance (in shares) \| shares	1,756,329
Weighted-Average Grant Date Fair Value ($)
Outstanding, beginning balance (usd per share) \| $ / shares	$ 24.41
Granted (usd per share) \| $ / shares	46.51
Vested (usd per share) \| $ / shares	23.62
Forfeited (usd per share) \| $ / shares	24.47
Outstanding, ending balance (usd per share) \| $ / shares	$ 31.83

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 17, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39614
Entity Registrant Name	TARSUS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4717861
Entity Address, Address Line One	15440 Laguna Canyon Road, Suite 160
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	418-1801
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TARS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,700.0
Entity Common Stock, Shares Outstanding		42,557,492
Documents Incorporated by Reference	Portions of the information called for by Part III of this Annual Report on Form 10-K is hereby incorporated by reference to portions of the registrant’s definitive proxy statement for its 2026 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025.
Amendment Flag	false
Entity Central Index Key	0001819790
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS	DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS Description of Business Tarsus Pharmaceuticals, Inc. (“Tarsus” or the “Company”) is a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. The Company launched XDEMVY® (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023, after receiving United States (“U.S.”) Food and Drug Administration (“FDA”) approval in July 2023. Follow-On Public Offerings In August 2023, the Company completed a follow-on public offering under its shelf registration statement on Form S-3 (the “2021 Shelf Registration Statement”) of 5,714,285 shares of common stock at a public offering price of $17.50 per share. In September 2023, the underwriters partially exercised the underwriters’ option to purchase additional shares resulting in the Company’s issuance of an additional 355,164 shares of common stock at the public offering price of $17.50 per share. The aggregate net proceeds received by the Company were $99.3 million, after deducting underwriting discounts, commissions, and other offering-related expenses. In November 2023, the Company filed a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission (“SEC”) on November 21, 2023, (the “2023 Shelf Registration Statement”), which replaced the 2021 Shelf Registration Statement and permits the Company to offer up to $300.0 million of common stock, preferred stock, debt securities and warrants in one or more offerings and in any combination, including in units from time to time. In February 2024, the Company filed an automatic shelf registration on Form S-3 ASR (the “2024 Shelf Registration Statement”). In March 2024, the Company completed an underwritten follow-on public offering under the 2024 Shelf Registration Statement of 2,812,500 shares of the Company’s common stock, par value $0.0001 per share, and, in lieu of common stock to a certain investor, pre-funded warrants to purchase 312,500 shares of its common stock (the “March 2024 Public Offering”). The price to the public was $32.00 per share and $31.9999 per pre-funded warrant, which was the price to the public of each share of common stock sold in the March 2024 Public Offering, minus the $0.0001 exercise price per pre-funded warrant. The pre-funded warrants are exercisable, subject to certain beneficial ownership restrictions, at any time after their original issuance and will not expire; as of December 31, 2025, 312,500 of pre-funded warrants are exercisable. The Company also granted the underwriters a 30-day option to purchase up to 468,750 additional shares of its common stock at the public offering price of $32.00 per share, which the underwriters exercised in full and was completed in March 2024. The aggregate net proceeds received by the Company were $107.7 million, after deducting underwriting discounts, commissions, and other estimated offering-related expenses. In March 2025, the Company completed an underwritten follow-on public offering under the 2024 Shelf Registration Statement, pursuant to which the Company sold 2,808,988 shares of its common stock at a public offering price of $44.50 per share (the “March 2025 Public Offering”). The Company also granted the underwriters a 30-day option to purchase up to 421,348 additional shares of its common stock at the public offering price of $44.50 per share, which the underwriters exercised in full in March 2025. The aggregate net proceeds received by the Company were $134.8 million, after deducting underwriting discounts, commissions, and other estimated offering-related expenses. Open Market Sales Agreement As part of the 2023 Shelf Registration Statement, the Company concurrently filed a sales agreement prospectus covering the sale of up to $100.0 million of common stock pursuant to an Open Market Sale Agreement (the “2023 ATM Prospectus”) with Jefferies LLC (“Jefferies”), which replaced the November 1, 2021 Open Market Sale AgreementTM. Under the terms of the 2023 ATM Prospectus, Jefferies will act as the Company’s sales agent and is entitled to compensation for its services equal to 3% of the gross proceeds of any shares of common stock sold. During the years ended December 31, 2025 and 2024, there were no sales of the Company’s common stock pursuant to the 2023 ATM Prospectus. During the year ended December 31, 2023, the Company sold 1,000,000 shares of common stock under the 2023 ATM Prospectus for net proceeds of $19.2 million, after deducting broker commissions and offering-related expenses. Liquidity The Company has a limited operating history, has accumulated losses and negative cash flows from operations since inception, and, while it has successfully generated revenues from XDEMVY since its launch in August 2023, the revenue and income potential from the Company’s business and market are unproven. The Company has funded its inception-to-date operations through the Initial Public Offering (“IPO”), subsequent follow-on public offerings, and the 2023 ATM Prospectus, as well as from proceeds from product sales, the development and license agreement (the “China Out-License”), and draws on the current loan and security agreement (the “2024 Credit Facility”) with Pharmakon Advisors, LP (“Pharmakon”) and the previous loan and security agreement with Hercules Capital, Inc. (“Hercules”) and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (“SVB”) (collectively, the “Credit Facilities”). The Company estimates that its existing capital resources will be sufficient to meet projected operating expense requirements and other liquidity needs for at least 12 months from the issuance date of the accompanying Financial Statements that have been prepared on a going-concern basis. The Company plans to fund its operations, capital funding and other liquidity needs using existing cash and investments and, to the extent available, cash generated from commercial operations. Management believes the Company could continue to incur operating losses in the future and may be required to raise additional capital to fund its ongoing operations. However, no assurance can be given as to whether financing will be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds as required, it may need to delay, reduce, or terminate some or all of its development programs and clinical trials. The Company may also be required to sell or license its rights to product candidates in certain territories or indications that it would otherwise prefer to develop and commercialize on its own and/or enter into collaborations and other arrangements to address its liquidity needs, which could materially and adversely affect its business and financial prospects, or even its ability to remain a going concern.

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT Other In-License Agreements for All Diagnostic, Prophylactic, and Therapeutic Uses in Humans On February 2, 2026, the Company executed two new in-license agreements from a third party for the exclusive worldwide rights to develop, manufacture, and commercialize several compounds for all diagnostic, prophylactic, and therapeutic uses, except for a specific field carve-out for a small minority of the compounds to be retained by the licensor (collectively, the “February 2026 In-License Agreements”). In aggregate, the Company made an upfront payment of $2.0 million upon execution of the license agreements in February 2026, and is obligated to make potential future cash payments of $2.5 million upon the achievement of event-based development milestones, and up to $92.0 million for various commercial and sales threshold milestones. Future annual worldwide net sales of products developed, manufactured, and commercialized in conjunction with the February 2026 In-License Agreements will also be subject to incremental tiered royalty rates in the mid single digits.