v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (306,672) $ (185,993)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 64,768 44,441
Net accretion on marketable securities (9,177) (9,736)
Change in fair value of related party revenue share liability 27,280 16,600
Other non-cash 229 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 304 (4,783)
Other assets (13,092) (3,287)
Accounts payable 16,785 6,580
Accrued expenses and other liabilities 17,694 13,114
Net cash used in operating activities (201,881) (123,064)
Cash flows from investing activities:    
Purchases of marketable securities (613,723) (712,468)
Proceeds from maturities and sales of marketable securities 770,589 308,999
Net cash provided by (used in) investing activities 156,866 (403,469)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net 15,082 561,200
Payments of equity issuance costs (6) (188)
Payments of insurance costs financed by a third-party 0 (622)
Net cash provided by financing activities 15,076 560,390
Net increase (decrease) in cash and cash equivalents (29,939) 33,857
Cash and cash equivalents at beginning of period 145,691 335,387
Cash and cash equivalents at end of period 115,752 369,244
Supplemental disclosure of noncash investing and financing information:    
Operating lease right-of-use asset 798 0
Equity issuance costs $ 0 $ 237