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 loss $ (1,606,155) $ (58,643)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,862 1,812
Non-cash lease expense 5,480 2,483
Stock-based compensation 3,777 5,874
Change in fair value of warrant liabilities 1,299,922 0
Interest amortization on marketable securities (22) (1,126)
Loss on sale of property and equipment 3,303 0
Acquisition of in-process research and development 222,592 0
Changes in operating assets and liabilities:    
Operating lease liabilities (2,327) (1,840)
Prepaid expenses and other current assets 2,632 (690)
Accounts payable, accrued liabilities and other current liabilities (277) (1,931)
Other assets 1,963 1,749
Net cash used in operating activities (66,250) (52,312)
Cash flows from investing activities    
Purchases of marketable securities 0 (9,914)
Proceeds from maturities of marketable securities 0 107,000
Purchases of property and equipment (383) (123)
Proceeds from sales of property and equipment 799 0
Net cash provided by investing activities 416 96,963
Cash flows from financing activities    
Payment of issuance costs related to private placement (551) 0
Proceeds from the issuance of pre-funded warrants 175,000 0
Proceeds from the issuance of common stock from at-the-market sales agreement, net of issuance costs 0 186
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards (87) (233)
Proceeds from stock option exercises and the issuance of shares under ESPP 97 112
Net cash provided by financing activities 174,459 65
Net increase in cash, cash equivalents and restricted cash equivalents 108,625 44,716
Cash, cash equivalents and restricted cash equivalents, beginning of period 84,362 33,773
Cash, cash equivalents and restricted cash equivalents, end of period 192,987 78,489
Supplemental disclosure of non-cash activities    
Financing costs associated with the sale of pre-funded warrants included in accounts payable and accrued expenses 643 0
Unpaid license payments included in accounts payable and accrued expenses $ 45,000 $ 0