v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (184,754) $ (115,361)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 810 1,096
Amortization of debt discount and debt issuance costs 462 135
Equity-based compensation 37,846 17,476
Amortization/accretion of investment securities (3,296) (3,236)
Non-cash operating lease expense 2,533 2,893
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (10,053) (526)
Other assets (19) 620
Accounts payable (8,991) (150)
Accrued expenses 12,996 1,456
Operating lease liabilities (3,207) (3,280)
Other liabilities 57 (104)
Net cash used in operating activities (155,616) (98,981)
Cash flows from investing activities:    
Purchases of property and equipment (486) (45)
Purchases of marketable securities (79,292) (68,449)
Sales and maturities of marketable securities 199,798 152,500
Net cash provided by investing activities 120,020 84,006
Cash flows from financing activities:    
Proceeds from pre-funded and common warrant exercises 3,367 6,106
Debt modification payment   (80)
Proceeds from stock option exercises 8,126 466
Proceeds from debt refinancing 24,668  
Payment of long-term debt (25,520)  
Other 2  
Net cash provided by financing activities 10,643 6,492
Net decrease in cash, cash equivalents and restricted cash (24,953) (8,483)
Cash, cash equivalents and restricted cash, beginning of period 180,285 104,262
Cash, cash equivalents and restricted cash, end of period 155,332 95,779
Supplemental disclosure for non-cash items:    
Operating lease liability adjustment from rent modification   9,451
Supplemental cash flow information:    
Cash paid for interest $ 2,755 $ 3,330