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 $ (78,823) $ (22,808)
Non-cash adjustments to reconcile net loss to net cash used operating activities:    
Stock-based compensation expense 10,669 6,680
Depreciation and amortization expense 559 29
Accretion on investments, net of amortization (3,428) (3,884)
Provision for inventory reserve 2,160 0
Changes in operating assets and liabilities:    
Accounts receivable (14,375) 0
Inventories (13,232) 0
Prepaid expenses and other assets (697) 1,564
Donation of equipment 0 30
Accounts payable and accrued liabilities 16,981 4,410
Operating lease right-of-use asset and lease liability, net 92 (10)
Contract liability (240) 0
Net cash and cash equivalents used in operating activities (80,334) (13,989)
Cash flows from investing activities:    
Purchases of short-term investments, available-for-sale (65,723) (151,038)
Maturities of short-term investments, available-for-sale 143,500 130,000
Purchases of property and equipment (142) (121)
Net cash and cash equivalents provided by (used in) investing activities 77,635 (21,159)
Cash flows from financing activities:    
Proceeds from exercise of common stock options and issuance of common stock under the employee stock purchase plan 3,422 803
Net cash and cash equivalents provided by financing activities 3,422 803
Net increase (decrease) in cash and cash equivalents 723 (34,345)
Cash and cash equivalents at beginning of period 50,817 70,971
Cash and cash equivalents at end of period 51,540 36,626
Supplemental cash flow information:    
Intangible assets included in accounts payable and accrued liabilities 5,860 0
Financing liability included in accounts receivable 2,576 0
Right-of-use asset obtained in exchange for operating lease obligations $ 1,630 $ 0