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 $ (120,854) $ (115,361)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 13,081 13,020
Depreciation and amortization expense 550 502
Non-cash lease expense 116 75
Non-cash interest expense 79 0
Accretion of premium on marketable securities (271) (616)
Gain on sale of marketable securities (30) (6)
Loss on disposal of property and equipment 30 95
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (32,847) 4,999
Other non-current assets 28 0
Accounts payable and other liabilities (4,804) (8,601)
Net cash used in operating activities (144,922) (105,893)
Cash flows from investing activities:    
Purchases of property and equipment (221) (981)
Purchases of marketable securities (64,278) (65,970)
Maturities of marketable securities 33,459 65,439
Sales of marketable securities 28,648 2,970
Net cash used in investing activities (2,392) 1,458
Cash flows from financing activities:    
Proceeds from exercise of stock options 1,311 588
Payment of debt issuance costs (30) 0
Payment of issuance costs from public offering of common stock (424) 0
Proceeds from vendor financing arrangement 6,786 0
Repayments under vendor financing arrangement (579) 0
Proceeds from issuance of common stock in at-the-market offering, net of issuance costs 0 140,653
Net cash provided by financing activities 7,064 141,241
Net increase (decrease) in cash, cash equivalents and restricted cash (140,250) 36,806
Cash, cash equivalents and restricted cash, beginning of period 895,740 437,391
Cash, cash equivalents and restricted cash, end of period 755,490 474,197
Supplemental disclosures of cash flow information:    
Purchase of property and equipment in accounts payable 77 29
Cash paid for interest $ 3,634 $ 0