v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (79,241) $ (26,135)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 10,565 7,883
Depreciation and amortization 239 217
Amortization of discount of marketable securities 811 (2,082)
Amortization of debt issuance costs and exit fee of long-term debt 345 312
Change in deferred taxes 828 995
Changes in operating assets and liabilities:    
Tax incentive receivable (3,614) (4,283)
Prepaid expenses and other assets 3,535 (2,676)
Operating leases, net 53 65
Accounts payable 3,263 (2,095)
Accrued expenses and other liabilities (9,015) (29,550)
Other, net 7 103
Net cash used in operating activities (72,224) (57,246)
Cash flows from investing activities:    
Purchases of investments in marketable securities (75,539) (297,476)
Proceeds from maturities of investments in marketable securities 118,246 75,088
Net cash (used in) provided by investing activities 42,707 (222,388)
Cash flows from financing activities:    
Proceeds from issuance of shares under ATM program, net of issuance costs 0 6,109
Proceeds from option exercises 34,121 1,763
Payment of employee withholding taxes related to withheld shares for stock based compensation plans (3,654) (4,390)
Other, net 0 (396)
Net cash provided by financing activities 30,467 3,086
Effect of exchange rate on cash and cash equivalents 182 (1,517)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,132 (278,065)
Cash, cash equivalents, and restricted cash at beginning of period 61,953 383,221
Cash, cash equivalents, and restricted cash at end of period 63,085 105,156
Supplemental disclosure:    
Interest paid 2,404 1,681
Operating lease payments reducing operating lease liabilities $ 417 $ 408