v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (94,318) $ (108,330)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,605 5,528
Amortization of investment discount (premiums) (2,763) (3,849)
Amortization of debt discount 35 0
Stock-based compensation expense 19,044 26,682
Change in operating lease right-of-use assets 2,532 2,649
Change in fair value of derivative liabilities (2,500) (3,200)
Change in fair value of contingent consideration liabilities (514) 27
Change in fair value of non-controlling equity investments (16) 2,081
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (31,861) 49
Accounts payable 2,216 3,793
Accrued expenses and other liabilities (16,258) (18,458)
Operating lease liabilities (3,494) (3,297)
Deferred revenue (6,355) (7,470)
Other long-term liabilities 134 (89)
Net cash provided by (used in) operating activities (128,513) (103,884)
Investing activities    
Purchases of property and equipment (2,232) (3,065)
Purchases of marketable securities (153,792) (339,169)
Maturities of marketable securities 181,293 217,145
Net cash provided by (used in) investing activities 25,269 (125,089)
Financing activities    
Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs 0 471,159
Proceeds from issuances of stock under ESPP 1,510 1,501
Proceeds from exercise of stock options 2,025 719
Proceeds from the issuance of debt, net of fees paid to lender 93,886 0
Payments of debt issuance costs (813) 0
Net cash provided by (used in) financing activities 96,608 473,379
Net change in cash, cash equivalents and restricted cash (6,636) 244,406
Cash, cash equivalents and restricted cash—beginning of period 301,620 290,111
Cash, cash equivalents and restricted cash—end of period 294,984 534,517
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions in accounts payable and accrued expenses 1,391 1,455
Equity issuance costs in accounts payable and accrued expenses $ 0 $ 641