v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (377,939) $ (246,294)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,658 1,937
Amortization of debt discount and debt issuance costs 423 253
Equity-based compensation 75,600 36,628
Amortization (accretion) of investment securities (3,989) (5,291)
Non-cash operating lease expense 5,262 5,224
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (3,697) (5,770)
Other assets (286) 1,472
Accounts payable 208 6,630
Accrued expenses 8,499 10,533
Operating lease liabilities (5,774) (6,271)
Net cash used in operating activities (300,035) (200,949)
Cash flows from investing activities:    
Purchases of property and equipment (602) (98)
Purchases of marketable securities (98,009) (293,158)
Sales and maturities of marketable securities 317,298 217,200
Net cash provided by (used in) investing activities 218,687 (76,056)
Cash flows from financing activities:    
Proceeds from stock option exercises 23,811 19,114
Proceeds from pre-funded and common warrant exercises 63,788 9,625
Proceeds from sale of common shares and pre-funded warrants to purchase common shares, net 91,660 324,414
Proceeds from debt facility 49,992  
Debt modification payment   (125)
Proceeds from debt refinancing 24,668  
Payment of long-term debt (25,520)  
Net cash provided by financing activities 228,399 353,028
Net increase in cash, cash equivalents and restricted cash 147,051 76,023
Effect of exchange rate on cash, cash equivalents and restricted cash (2)  
Cash, cash equivalents and restricted cash, beginning of period 180,285 104,262
Cash, cash equivalents and restricted cash, end of period 327,334 180,285
Supplemental disclosure for non-cash items:    
Operating lease liability adjustment from rent modification   9,451
Offering costs in accrued expenses   314
Supplemental cash flow information:    
Cash paid for interest $ 6,066 $ 6,617