v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Operating activities    
Net loss $ (142,195) $ (90,619)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 29,649 26,309
Lease Impairment Charge 0 4,925
Depreciation and amortization 4,132 3,399
Premiums and discounts on available-for-sale marketable securities (4,646) (7,093)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,305) (2,076)
Accounts receivable (40,000) 15,000
Contract asset 947 2,059
Other long term assets (2,725) 227
Accounts payable (216) 106
Accrued expenses and other current liabilities (6,939) (7,591)
Deferred revenue 26,424 (32,203)
Operating lease right-of-use assets 1,362 1,244
Operating lease liabilities (2,416) 4,149
Other assets and liabilities (106) (363)
Net cash used in operating activities (139,034) (82,527)
Investing activities    
Purchase of property and equipment, net (1,162) (12,091)
Purchases of investments (141,907) (526,860)
Maturities of investments 251,705 223,986
Net cash provided by (used in) investing activities 108,636 (314,965)
Financing activities    
Issuance of common stock and accompanying pre-funded warrants from January 2024 public offering, net of issuance costs of $14.9 million 0 301,373
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs of $1.2 million 0 48,740
Issuance of common stock and accompanying pre-funded warrants from June 2025 public offering, net of issuance costs of $13.5 million 237,294 0
Proceeds from stock option exercises 8,237 4,562
Proceeds from employee stock purchase plan 1,112 1,135
Payments on finance leases (659) (642)
Net cash provided by financing activities 245,984 355,168
Net increase in cash, cash equivalents and restricted cash 215,586 (42,324)
Cash, cash equivalents and restricted cash at beginning of period 126,050 115,777
Cash, cash equivalents and restricted cash at end of period 341,636 73,453
Supplemental disclosure of cash flow activities    
Cash paid for interest 154 90
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 116 853
Purchase of property and equipment through finance lease 1,028 0
Offering costs included in accrued expenses 483 0
Cash and cash equivalents 335,816 67,612
Restricted cash 5,820 5,841
Total cash, cash equivalents, and restricted cash $ 341,636 $ 73,453