v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ (112,243) $ (477,284)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 19,885 14,610
Depreciation and amortization 666 302
Non-cash lease expense 335 (77)
Non-cash interest on revenue interest financing agreement 266 0
Amortization of debt issuance costs 18 0
Change in fair value of warrant liability 297 324
Amortization of premium on marketable securities (2,809) (5,244)
Realized (gain) loss on marketable securities (2) 6
Net loss on disposal of fixed assets 34 0
Unrealized foreign currency transaction loss (205) 0
Acquired in-process research and development 0 425,070
Change in operating assets and liabilities:    
Accounts receivable 10,029 (117)
Prepaid expenses and other current assets (986) (1,732)
Inventory (552) 0
Interest receivable on marketable securities (414) (192)
Intangible assets (8,000) 0
Other non-current assets 145 (488)
Accounts payable 16,071 (2,791)
Contract liabilities (4,505) (1,391)
Accrued expenses (8,835) (4,022)
Net cash used in operating activities (90,805) (53,026)
Cash flow from investing activities:    
Cash acquired from AnHeart acquisition 0 19,863
Transaction costs related to AnHeart acquisition 0 (7,343)
Purchases of marketable securities (142,378) (221,939)
Proceeds from sale of marketable securities 251,689 251,261
Purchases of property and equipment (253) (27)
Net cash provided by investing activities 109,058 41,815
Cash flow from financing activities:    
Proceeds from borrowings, net of debt issuance costs and debt discounts 48,901 7,035
Proceeds from revenue interest financing agreement 150,000 0
Payments on borrowings (700) (6,322)
Payments Of Debt Issuance Costs (6,607) 0
Proceeds from issuance of Common Stock under ESPP 533 108
Proceeds from exercises of options 1,844 1,948
Net cash provided by financing activities 193,971 2,769
Effect of foreign exchange rate changes on cash and cash equivalents 23 78
Net increase (decrease) in cash and cash equivalents 212,247 (8,364)
Cash and cash equivalents, beginning of the period 35,723 42,649
Cash and cash equivalents, end of the period 247,970 34,285
Non-cash operating activities:    
Right-of-use assets recognized 3,772 0
Non-cash investing activities:    
Issuance of Common Stock related to the AnHeart acquisition 0 89,297
Issuance of convertible preferred stock related to the AnHeart acquisition 0 274,938
Issuance of warrants related to the AnHeart acquisition 0 764
Issuance of replacement awards related to the AnHeart acquisition $ 0 $ 24,818