v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (206,031) $ (161,376)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash interest expense on liabilities related to revenue participation right purchase agreements 18,816 14,104
Stock-based compensation expense 30,394 23,549
Non-cash lease expense 1,585 1,230
Depreciation of property and equipment 3,378 2,300
Change in fair value of derivative liabilities (1,500) 400
Change in fair value of liabilities related to RPI Transactions 1,600 (3,900)
Realized gain on investment, net (61) 0
Interest receivable and amortization on investments (1,874) (6,174)
Non-cash interest expense related to debt 8,455 3,453
Changes in operating assets and liabilities:    
Accounts receivable 10,937 14,638
Prepaid and other assets 2,057 (376)
Inventories (3,567) 0
Accounts payable 1,519 (4,576)
Deferred revenue 41 0
Accrued and other liabilities (6,213) (14,367)
Operating lease liabilities (1,039) (2,143)
Other non-current liabilities (3,954) 1,621
Net cash used in operating activities (145,457) (131,617)
Cash flows from investing activities:    
Purchases of investments (106,516) (159,105)
Investment in non-marketable equity security 0 (5,000)
Maturities of investments 257,938 275,725
Purchases of property and equipment (5,930) (5,664)
Net cash provided by investing activities 145,492 105,956
Cash flows from financing activities:    
Repayment of finance lease liabilities 0 (202)
Repayment of term loans (2,735) (2,682)
Proceeds from issuance of common stock under equity incentive and stock purchase plans 11,346 7,651
Taxes paid related to net share settlement of equity awards (841) (13)
Net cash provided by financing activities 7,770 4,754
Effect of exchange rate changes on cash (483) (270)
Net (decrease) increase in cash, cash equivalents, and restricted cash 7,322 (21,177)
Cash, cash equivalents, and restricted cash, beginning of period 125,632 95,232
Cash, cash equivalents, and restricted cash, end of period 132,954 74,055
Supplemental cash flow disclosures:    
Cash paid for interest 1,585 9,647
Non-cash investing and financing activities:    
Right-of-use assets recognized in exchange for operating lease obligations 170 3,501
Amounts unpaid for purchases of property and equipment $ 4,186 $ 1,494