v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows used in operating activities:    
Net loss $ (144,735) $ (301,743)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 27,645 33,038
Depreciation expense 525 904
Accretion of investment discounts, net (5,526) (9,856)
Inventory impairment and loss on firm purchase commitments 0 118,680
Charge for purchase of IPR&D assets   36,203
Other non-cash items (169) 958
Changes in operating assets and liabilities:    
Accounts receivable, net 359 39,602
Inventories   (9,253)
Interest receivable 24 359
Prepaid expenses and other current assets 5,960 1,998
Operating lease right-of-use assets 1,730 1,954
Deposits and other assets (1,976) 677
Accounts payable 580 (19,102)
Accrued expenses (6,598) (59,810)
Operating lease liabilities (1,162) (2,256)
Net cash used in operating activities (123,343) (167,647)
Cash flows provided by investing activities:    
Purchases of property and equipment (138) (157)
Purchases of IPR&D assets, including transaction costs   (36,203)
Purchases of investments (231,823) (231,986)
Proceeds from maturities of marketable securities 246,000 344,000
Net cash provided by investing activities 14,039 75,654
Cash flows provided by financing activities:    
Proceeds from financings, net of issuance costs 256,313  
Proceeds from exercise of stock options and RSUs vesting 4,077 2,132
Withholding taxes paid on stock-based awards (3,361) (1,784)
Net cash provided by financing activities 257,029 348
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents 1,074 (438)
Net increase (decrease) increase in cash, cash equivalents and restricted cash equivalents 148,799 (92,083)
Cash, cash equivalents and restricted cash equivalents, beginning of year 78,837 170,920
Cash, cash equivalents and restricted cash equivalents, end of year 227,636 78,837
Reconciliation of cash, cash equivalents and restricted cash equivalents:    
Cash and cash equivalents 226,651 77,391
Restricted cash equivalents 985 1,446
Total cash, cash equivalents and restricted cash equivalents: 227,636 $ 78,837
Supplemental disclosure of cash flow information:    
Other assets included in accounts payable and accrued expenses 500  
Right-of-use assets obtained in exchange for new operating lease liabilities $ 5,140