v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:      
Net loss $ (94,391) $ (73,238)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 34,018 20,931  
Depreciation and amortization expense 386 379  
Amortization of debt issuance costs and discount 449 436  
Amortization and interest accretion related to operating leases 408 56  
Other non-cash items, net (2,440) 0  
Changes in operating assets and liabilities:      
Trade receivables, net (52,880) (7,606)  
Prepaid expenses and other assets (40,649) (9,456)  
Inventory (22,187) (21,173)  
Accounts payable 3,584 (1,543)  
Accrued liabilities 4,287 (530)  
Accrued interest, net of interest received on maturity of investments 1,980 2,853  
Net cash used in operating activities (167,435) (88,891)  
Cash flows from investing activities:      
Purchases of marketable securities (157,829) (130,812)  
Sales and maturities of marketable securities 353,869 294,690  
Purchases of property and equipment, net of disposals (3,849) 0  
Net cash provided by investing activities 192,191 163,878  
Cash flows from financing activities:      
Proceeds from exercise of common stock options 2,329 8,640  
Net cash provided by financing activities 2,329 8,640  
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,320 0  
Net increase in cash, cash equivalents, and restricted cash 28,405 83,627  
Cash, cash equivalents, and restricted cash at beginning of period 203,783 105,019  
Cash, cash equivalents, and restricted cash at end of period 232,188 188,646 $ 105,019
Supplemental disclosure of cash flow information:      
Obtaining an operating lease right-of-use asset in exchange for an operating lease liability 1,672 0 $ 1,300
Purchases of property and equipment in accounts payable $ 2,979 $ 0