v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (201,309) $ (177,667)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Depreciation and amortization 2,537 2,941
Stock-based compensation expense 26,051 20,799
Net accretion of discount on marketable securities (3,768) (5,136)
Loss (gain) on disposal of property and equipment 5 (39)
Non-cash operating lease expense 6,094 5,659
Expense associated with license agreement 10,000 0
Realized gain on investments (2) (153)
Changes in operating assets and liabilities:    
Accounts receivable, net (877) (952)
Inventory (3,232) (4,861)
Prepaid expenses and other current and non-current assets (3,746) 486
Accounts payable 1,084 268
Accrued expenses and other current liabilities (11,572) (6,425)
Income taxes payable (871) 0
Operating lease liabilities (8,228) (7,376)
Other non-current liabilities (779) 0
Net cash used in operating activities (188,613) (172,456)
Investing activities    
Purchases of marketable securities (305,700) (348,604)
Proceeds from maturities and sales of marketable securities 508,894 510,669
Payments associated with license agreement (10,000) 0
Purchases of property and equipment (1,641) (299)
Proceeds from sale of equipment 0 40
Net cash provided by investing activities 191,553 161,806
Financing activities    
Net proceeds from stock option exercises and employee stock purchase plan 1,684 6,963
Net cash provided by financing activities 1,684 6,963
Net change in cash and cash equivalents 4,624 (3,687)
Cash and cash equivalents at beginning of the period 76,247 88,205
Cash and cash equivalents at end of the period 80,871 84,518
Supplemental disclosure of non-cash investing and financing transactions    
Additions to property and equipment in accounts payable 122 42
Net cash taxes paid (returned) $ 1,503 $ (603)