v3.25.2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (121,435) $ (65,910)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 606 65
Equity-based compensation expense 22,470 9,884
Amortization of discounts on marketable securities (4,139) (5,750)
Non-cash lease expense 1,778 546
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,642) (2,675)
Other non-current assets (8,359) (67)
Accounts payable 4,607 3,384
Operating lease liability (1,985) (507)
Accrued expenses (2,407) 94
Net cash used in operating activities (110,506) (60,936)
Cash flows from investing activities:    
Purchases of marketable securities (145,580) (352,859)
Maturities of marketable securities 241,772 152,810
Purchases of property and equipment (5,085) (402)
Net cash provided by (used in) investing activities 91,107 (200,451)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 0 449,955
Proceeds from exercise of options and employee stock purchase plan purchases 1,802 415
Net cash provided by financing activities 1,802 450,370
Increase (decrease) in cash, cash equivalents and restricted cash (17,597) 188,983
Cash, cash equivalents and restricted cash, beginning of period 142,083 118,610
Cash, cash equivalents and restricted cash, end of period 124,486 307,593
Supplemental disclosures of non-cash activities:    
Operating lease right-of-use asset obtained in exchange for operating lease liability 999 2,556
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 124,192 307,299
Restricted cash 294 294
Total $ 124,486 $ 307,593