v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net loss $ (118,556) $ (79,368)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity-based compensation expense 19,261 18,760
Accretion on marketable securities (4,017) (7,031)
Depreciation and amortization 153 153
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 5,259 (2,181)
Accounts payable 779 (938)
Accrued expenses and other liabilities (3,643) (3,933)
Net cash used in operating activities (100,764) (74,538)
Investing activities:    
Maturities of marketable securities 294,572 284,142
Purchase of marketable securities (204,366) (456,298)
Net cash provided by (used in) investing activities 90,206 (172,156)
Financing activities:    
Issuance of common stock and pre-funded warrants, net of issuance costs 0 262,652
Issuance of common stock under equity-based compensation plans 373 4,421
Acquisition of noncontrolling interests 0 (3,792)
Net cash provided by financing activities 373 263,281
Net increase (decrease) in cash and cash equivalents (10,185) 16,587
Cash and cash equivalents at beginning of period 83,005 98,434
Cash and cash equivalents at end of period 72,820 115,021
Non-cash investing and financing activities and supplemental cash flow information    
Cash refunded for income taxes (2,970) (2,274)
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities $ 38 $ 0