v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net Income (Loss) $ (229,967) $ (176,207) $ (260,491)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation 18,328 18,710 18,298
Stock-based compensation 58,863 60,213 88,556
Non-cash lease impairment expense 1,910 0 0
Net accretion of discount on marketable securities 0 0 (846)
Settlement of derivative contracts 0 355 0
Amortization of operating lease right-of-use asset 7,992 7,996 7,649
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Other Item 20 0 6
Changes in assets and liabilities:      
Prepaid expenses and other current assets (891) (60) 8,451
Other assets 59 (12) 426
Accounts payable 8,070 (9,693) 5,597
Accrued and other current liabilities 9,273 (7,371) (12,907)
Operating lease liability (11,165) (11,250) (8,922)
Long-term deposit 1,500 0 0
Net cash provided by (used in) operating activities (136,008) (117,319) (154,183)
Cash flows from investing activities      
Purchase of property and equipment (506) (375) (41,350)
Deposits on property and equipment 0 (25) (77)
Purchase of marketable securities 0 0 (49,347)
Maturities of marketable securities 0 0 340,000
Settlement of derivative contracts 0 (355) 0
Net cash provided by (used in) investing activities (506) (755) 249,226
Cash flows from financing activities      
Proceeds from public offering, net of underwriting discount 172,960 0 0
Cash in-transit for stock option exercises 5,162 394 60
Proceeds from ESPP 180 107 182
Principal payments of tenant improvement allowance payable 0 0 (211)
Net cash provided by financing activities 178,302 501 31
Net increase (decrease) in cash, cash equivalents and restricted cash 41,788 (117,573) 95,074
Cash, cash equivalents and restricted cash, at beginning of period 174,258 291,831 196,757
Cash, cash equivalents and restricted cash, at end of period 216,046 174,258 291,831
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents 209,862 168,074 285,507
Restricted cash 6,184 6,184 6,324
Total cash, cash equivalents and restricted cash 216,046 174,258 291,831
Supplemental cash flow information:      
Cash paid for interest 0 0 13
Supplemental disclosures of non-cash investing and financing information:      
Purchase of property and equipment under accounts payable and accruals 878 50 0
Reclassification of deposits to property and equipment 0 25 44,300
Unpaid offering costs 303 0 0
Cash in-transit for stock option exercises $ 201 $ 0 $ 0