v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (211,561) $ (189,720)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 11,066 11,007
Amortization of investment discount (premiums) (8,467) (12,502)
Stock-based compensation expense 51,049 60,885
Change in operating lease right-of-use assets 5,297 4,755
Change in fair value of derivative liabilities (3,407) (2,600)
Change in fair value of contingent consideration liabilities 55 (1,646)
Change in fair value of non-controlling equity investments (2,334) 10,939
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,827 714
Accounts payable 6,435 3,057
Accrued expenses and other liabilities (8,590) (43,761)
Operating lease liabilities (6,622) (6,241)
Deferred revenue (15,936) (18,182)
Other long-term liabilities (146) 539
Net cash provided by (used in) operating activities (180,334) (182,756)
Investing activities    
Purchases of property and equipment (6,201) (4,399)
Purchases of marketable securities (673,111) (329,714)
Maturities of marketable securities 383,812 368,142
Net cash provided by (used in) investing activities (295,500) 34,029
Financing activities    
Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs 470,513 0
Proceeds from issuances of stock under ESPP 1,501 1,398
Repayment of equipment financings 0 (284)
Proceeds from exercise of stock options 2,474 1,916
Net cash provided by (used in) financing activities 474,488 3,030
Net change in cash, cash equivalents and restricted cash (1,346) (145,697)
Cash, cash equivalents and restricted cash—beginning of period 290,111 444,614
Cash, cash equivalents and restricted cash—end of period 288,765 298,917
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 22
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions in accounts payable and accrued expenses 972 521
Operating lease liabilities arising from obtaining right-of-use assets $ 0 $ (1,273)