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 $ (219,585) $ (32,486)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 28 825
Non-cash lease expense 109 1,310
Stock-based compensation 8,870 1,933
Change in fair value of warrant liabilities 188,360 0
Interest amortization on marketable securities (488) (11)
Loss on sale of property and equipment 0 1
Changes in operating assets and liabilities:    
Operating lease liabilities, net (61) (1,048)
Prepaid expenses and other current assets (6,359) (231)
Accounts payable, accrued liabilities and other current liabilities (9,100) (1,373)
Other assets (20) 14
Net cash used in operating activities (38,246) (31,066)
Cash flows from investing activities    
Purchases of marketable securities (276,500) 0
Proceeds from maturities of marketable securities 13,311 1
Purchases of property and equipment (48) (231)
Net cash used in investing activities (263,237) (230)
Cash flows from financing activities    
Payment of issuance costs related to private placement (127) (551)
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards (2) (55)
Proceeds from issuance of common stock in private placement 74,999 0
Net cash provided by (used in) financing activities 74,870 (606)
Net decrease in cash, cash equivalents and restricted cash equivalents (226,613) (31,902)
Cash, cash equivalents and restricted cash equivalents, beginning of period 396,654 84,362
Cash, cash equivalents and restricted cash equivalents, end of period 170,041 52,460
Supplemental disclosure of non-cash activities    
Purchases of property and equipment in accounts payable and accrued liabilities 12 0
Unrealized (loss) gain on available-for-sale securities (747) 145
Issuance costs related to private placement included in accounts payable and accrued expenses $ 93 $ 0