v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (197,532) $ (235,757)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 30,962 33,546
Loss on extinguishment of debt 0 34,097
Depreciation and amortization 921 942
Amortization of discount of marketable securities (1,802) 0
Change in fair value of financial instruments 0 300
Amortization of debt issuance costs and exit fee of long-term debt 1,155 0
Change in deferred taxes 2,509 2,653
Changes in operating assets and liabilities:    
Tax incentive receivable (7,257) (6,601)
Prepaid expenses and other assets (7,852) 10,219
Operating leases, net 253 298
Accounts payable 50 (4,585)
Accrued expenses and other liabilities (15,216) 22,771
Other, net (8) 62
Net cash used in operating activities (193,817) (142,055)
Cash flows from investing activities:    
Purchases of investments in marketable securities (739,761) (140,533)
Proceeds from maturities of investments in marketable securities 321,601 171,834
Purchase of property and equipment (371) (34)
Net cash provided by (used in) investing activities (418,531) 31,267
Cash flows from financing activities:    
Repayment of debt 0 (110,097)
Proceeds from issuance of debt, net of issuance costs 0 109,335
Payment of employee withholding taxes related to withheld shares for stock based compensation plans (4,791) (5,318)
Proceeds from option exercises 21,362 11,227
Other, net (401) 0
Net cash provided by financing activities 291,528 364,752
Effect of exchange rate on cash, cash equivalents, and restricted cash (448) 1,227
Net (decrease) increase in cash, cash equivalents, and restricted cash (321,268) 255,191
Cash, cash equivalents, and restricted cash at beginning of period 383,221 128,030
Cash, cash equivalents, and restricted cash at end of period 61,953 383,221
Supplemental disclosure:    
Interest paid 9,464 10,085
Income taxes paid 1,331 82
Operating lease payments reducing operating lease liabilities 1,634 1,602
Underwriter Offering    
Cash flows from financing activities:    
Proceeds from issuance of shares, net of issuance costs 269,249 349,950
ATM Program    
Cash flows from financing activities:    
Proceeds from issuance of shares, net of issuance costs $ 6,109 $ 9,655