v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (224,370) $ (153,106)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 45,451 41,213
Lease Impairment Charge 3,855 4,925
Depreciation and amortization 6,281 5,386
Premiums and discounts on available-for-sale marketable securities (6,834) (10,716)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,039) (5,754)
Accounts receivable 0 15,000
Contract asset 947 2,445
Other non-current assets (4,878) 2,118
Accounts payable (483) 198
Accrued expenses and other current liabilities (6,275) (4,842)
Deferred revenue 23,660 (34,627)
Operating lease right-of-use assets 2,070 1,883
Operating lease liabilities (3,713) 3,048
Other assets and liabilities 184 112
Net cash used in operating activities (166,144) (132,717)
Investing activities    
Purchase of property and equipment, net (1,343) (11,902)
Purchases of investments (509,465) (822,804)
Maturities of investments 384,145 362,061
Net cash used in investing activities (126,663) (472,645)
Financing activities    
Issuance of common stock and accompanying pre-funded warrants from January 2024 public offering, net of issuance costs of $14.9 million 0 301,373
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs of $1.2 million 0 48,740
Issuance of common stock and accompanying pre-funded warrants from August 2024 public offering, net of issuance costs of $12.2 million 0 246,506
Issuance of common stock and accompanying pre-funded warrants from June 2025 public offering, net of issuance costs of $15.7 million 272,671 0
Proceeds from stock option exercises 12,789 9,616
Proceeds from employee stock purchase plan 1,112 1,134
Payments on finance leases (1,078) (1,283)
Net cash provided by financing activities 285,494 606,086
Net increase in cash, cash equivalents and restricted cash (7,313) 724
Cash, cash equivalents and restricted cash at beginning of period 126,050 115,777
Cash, cash equivalents and restricted cash at end of period 118,737 116,501
Supplemental disclosure of cash flow activities    
Cash paid for interest 237 144
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 1,028 744
Purchase of property and equipment through finance lease 107 1,793
Cash and cash equivalents 112,949 110,718
Restricted cash 5,788 5,783
Total cash, cash equivalents, and restricted cash $ 118,737 $ 116,501