v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 2,965 $ (33,194)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 3,723 3,334
Stock-based compensation 7,728 6,278
Change in fair value of earn-out liabilities (6,580) 306
Change in fair value of derivative warrant liabilities (32,705) 483
Accretion of available-for-sale securities (3,396) (1,776)
Amortization of debt issuance costs, commitment fees and accretion of final payment fees   547
Non-cash lease expense 776 784
Changes in operating assets and liabilities:    
Accounts receivable 674 (203)
Prepaid expenses, other current assets and other assets (836) (1,021)
Deferred revenue 5 493
Accounts payable 618 (1,085)
Accrued expenses and operating lease liabilities (2,792) (1,602)
Net cash used in operating activities (29,820) (26,656)
Cash flows from investing activities:    
Purchases of property and equipment (8,214) (7,538)
Purchases of available-for-sale securities (438,518) (75,995)
Maturities of available-for-sale securities 77,000 76,500
Net cash used in investing activities (369,732) (7,033)
Cash flows from financing activities:    
Payments of principal of notes payable 0 (6,199)
Proceeds from sale of common stock through Common Stock Purchase Agreement   12,838
Proceeds from sale of common stock through At-The-Market (ATM) Offerings 346,719 26,833
Proceeds from sale of common stock from Quanta private placement transaction 35,000 0
Payments of offering costs (798) (447)
Net proceeds from tax withholdings on sell-to-cover equity award transactions 6,272 0
Proceeds from issuance of common stock upon exercise of stock options 1,443 68
Proceeds from issuance of common stock upon exercise of warrants 459 0
Net cash provided by financing activities 389,095 33,093
Effects of exchange rate changes on cash and cash equivalents (34) (112)
Net decrease in cash and cash equivalents (10,491) (708)
Cash and cash equivalents - beginning of period 67,674 21,392
Cash and cash equivalents - end of period 57,183 20,684
Supplemental disclosures of other cash flow information:    
Cash paid for interest   1,504
Non-cash investing and financing activities:    
Capitalization of deferred costs to equity upon share issuance 0 132
Purchases of property and equipment recorded in accounts payable 417 739
Purchases of property and equipment recorded in accrued expenses 11 849
Reclassification of earn-out liabilities to additional paid-in capital for vesting of Promote Sponsor Vesting Shares 32,946 0
Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants 274 0
Purchases of offering costs in accounts payable 90 29
Unrealized gain/(loss) on short term investments $ 57 $ (16)