v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (76,478) $ (81,862)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 15,832 16,765
Depreciation and amortization 443 476
Amortization of discount of marketable securities (2,135) 0
Amortization of debt issuance costs and exit fee of long-term debt 605 0
Change in fair value of financial instruments 0 800
Change in deferred taxes 2,021 1,001
Changes in operating assets and liabilities:    
Tax incentive receivable 6,448 (4,349)
Prepaid expenses and other assets 2,025 1,718
Operating leases, net 128 151
Accounts payable (1,918) (6,434)
Accrued expenses and other liabilities (26,669) (6,132)
Net cash used in operating activities (79,698) (77,866)
Cash flows from investing activities:    
Purchases of investments in marketable securities (380,537) (140,533)
Proceeds from redemption of investments in marketable securities 118,321 101,836
Purchases of property and equipment (126) 0
Net cash used in investing activities (262,342) (38,697)
Cash flows from financing activities:    
Proceeds from option exercises 3,468 1,640
Payment of employee withholding taxes related to withheld shares for stock based compensation plans (4,490) (2,761)
Other, net (396) 0
Net cash provided by financing activities 4,691 115,806
Effect of exchange rate on cash and cash equivalents (1,630) 99
Net decrease in cash and cash equivalents (338,979) (658)
Cash and cash equivalents at beginning of period 383,221 128,030
Cash and cash equivalents at end of period 44,242 127,372
Supplemental disclosure:    
Interest paid 4,302 5,053
Income taxes paid 990 1
Operating lease payments reducing operating lease liabilities 817 801
Underwriter Offering    
Cash flows from financing activities:    
Proceeds from issuance of shares under ATM program, net of issuance costs 0 107,272
ATM Program    
Cash flows from financing activities:    
Proceeds from issuance of shares under ATM program, net of issuance costs $ 6,109 $ 9,655