v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended 24 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2025
Cash flows from operating activities          
Net loss $ (359,639) $ (109,963) $ (85,895)    
Adjustments to reconcile net loss to net cash used in operating activities          
(Accretion) amortization of investment premiums (9,284) (17,267) (8,202)    
Amortization of financing costs 56 94 88    
Stock-based compensation 40,818 29,712 16,750    
Amortization of right-of-use assets 431 346 292    
Realized gain on investment (55) (112) 0    
Interest expense related to operating lease liability 10 38 43    
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets (5,199) 446 6,408    
Accrued interest, net of interest receivable on maturity of investments 5,076 1,199 321    
Accounts payable 43,438 2,303 (1,018)    
Accrued expenses 6,168 5,816 (1,816)    
Lease liability (505) (402) (347)    
Net cash used in operating activities (278,685) (87,790) (73,376)    
Cash flows from investing activities          
Purchases of investments (418,037) (1,113,368) (478,303)    
Proceeds from sales and maturities of investments 759,425 560,002 299,217    
Net cash (used in) provided by investing activities 341,388 (553,366) (179,086)    
Cash flows from financing activities          
Public offering, net of offering costs 0 597,094 269,760    
Value of shares withheld related to employee tax withholding 0 (42,101) (7,121)    
Proceeds from warrant and option exercises and stock issuances under employee stock purchase plan 2,491 10,813 6,768    
ATM offering, net of fees 73,948 46,658 1,969    
Net cash provided by financing activities 76,439 612,464 271,376    
Net (decrease) increase in cash and cash equivalents 139,142 (28,692) 18,914    
Cash and cash equivalents beginning of period 26,676 55,516 36,632 $ 55,516 $ 36,632
Effect of exchange rate changes on cash (8) (148) (30)    
Cash and cash equivalents end of period 165,810 26,676 55,516 $ 165,810 $ 165,810
Supplemental disclosure of non-cash investing and financing transactions          
Unpaid deferred public offering and other financing costs 50 50 50    
Right-of-use asset obtained in exchange for lease obligation $ 0 $ 223 $ 0