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 $ (184,235) $ (101,648)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 42,454 28,982
Net accretion on marketable securities (6,990) (6,815)
Change in fair value of related party revenue share liability 7,470 0
Other non-cash 130 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 134 (1,681)
Other assets (10,961) (3,076)
Accounts payable 8,117 (1,871)
Accrued expenses and other liabilities 12,462 8,862
Net cash used in operating activities (131,419) (77,247)
Cash flows from investing activities:    
Purchases of marketable securities (435,251) (371,849)
Proceeds from maturities of marketable securities 538,146 181,286
Net cash provided by (used in) investing activities 102,895 (190,563)
Cash flows from financing activities:    
Proceeds from issuance of common stock 10,309 10,745
Payments of equity issuance costs (6) 0
Payments of insurance costs financed by a third-party 0 (622)
Net cash provided by financing activities 10,303 10,123
Net decrease in cash and cash equivalents (18,221) (257,687)
Cash and cash equivalents at beginning of period 145,691 335,387
Cash and cash equivalents at end of period 127,470 77,700
Supplemental disclosure of noncash investing and financing information:    
Operating lease right-of-use asset $ 798 $ 0