v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (320,622) $ (140,718)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,947 2,956
Stock-based compensation expense 37,964 30,615
Amortization of operating lease right-of-use assets 2,907 1,918
Net accretion of discounts on investments (3,112) (4,913)
Unrealized foreign exchange loss (gain) 2,201 (6,617)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (8,743) (1,499)
Operating lease right-of-use assets 0 (17,575)
Other assets (16,876) (6,554)
Operating lease liabilities (1,285) 15,999
Accounts payable (269) (29,163)
Accrued compensation (15,018) (14,418)
Accrued contract manufacturing expenses 54,852 8,088
Accrued expenses (15,571) (4,393)
Net cash used in operating activities (280,625) (166,274)
Cash flows from investing activities:    
Purchases of property and equipment (2,107) (5,424)
Purchases of manufacturing facility build-out and equipment construction-in-progress (12,687) (21,327)
Purchases of investments (584,129) (314,485)
Maturities of investments 340,631 438,488
Sales of investments 24,882 26,065
Net cash provided by (used in) investing activities (233,410) 123,317
Cash flows from financing activities:    
Proceeds from issuance of shares through employee equity incentive plans 9,032 6,049
Proceeds from issuance of common stock from follow-on offering, net of issuance costs 601,846 0
Taxes paid related to the net share settlement of equity awards (9,295) (5,290)
Net cash provided by financing activities 601,583 759
Effect of exchange rate changes on cash and cash equivalents (664) 1,172
Net increase (decrease) in cash, cash equivalents and restricted cash 86,884 (41,026)
Cash, cash equivalents and restricted cash, beginning of period 175,425 389,195
Cash, cash equivalents and restricted cash, end of period 262,309 348,169
Cash and cash equivalents 260,843 346,850
Restricted cash 1,466 1,319
Cash, cash equivalents and restricted cash 262,309 348,169
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment recorded in accounts payable and accrued expenses $ 6,343 $ 3,889