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 $ (33,065) $ (9,810)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 163 124
Interest income and accretion of discount on marketable debt securities, net (138) (312)
Stock-based compensation 15,586 2,311
Deferred income taxes 0 (4,734)
Change in operating assets and liabilities, net of effect of acquisition:    
Prepaid and other current assets 8,749 336
Other assets 5 (17)
Accounts payable (61) (1,755)
Accrued expenses and other (9,132) 1,606
Operating lease right-of-use assets and liabilities 26 8
Net cash used in operating activities (17,867) (12,243)
Cash flows from investing activities:    
Purchases of property, plant and equipment (32,810) (332)
Purchases of marketable debt securities (451,678) (29,887)
Proceeds from redemptions of marketable debt securities 130,454 37,183
Payment for acquisition of business, net of cash acquired 0 (900)
Purchase of other investments (5,000) 0
Net cash (used in) provided by investing activities (359,034) 6,064
Cash flows from financing activities:    
Payment of taxes from common stock withheld (75) (1,595)
Proceeds from exercise of stock options 737 720
Proceeds from sale of common stock, net of offering costs 1,181,897 0
Net cash provided by (used in) financing activities 1,182,559 (875)
Net increase (decrease) in cash and cash equivalents 805,658 (7,054)
Cash and cash equivalents - beginning of year 788,445 97,132
Cash and cash equivalents - end of period 1,594,103 90,078
Supplemental noncash investing and financing activities:    
Issuance of common stock in connection with acquisition of business 0 27,408
Assumed liabilities in connection with acquisition of business 0 287
Purchases of property, plant and equipment in accounts payable and accrued expense and other $ 20,656 $ 0