v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (299,410) $ (226,219)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 28,057 23,543
Depreciation and amortization expense 1,110 1,005
Non-cash lease expense 206 32
Non-cash interest expense 167 2
Accretion of premium on marketable securities (504) (1,079)
Gain on sale of marketable securities (39) (14)
Loss on disposal of property and equipment 30 95
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (23,363) 2,795
Other non-current assets 4,379 0
Accounts payable and other liabilities 14,159 (756)
Net cash used in operating activities (275,208) (200,596)
Cash flows from investing activities:    
Purchases of property and equipment (1,735) (1,041)
Purchases of marketable securities (107,064) (106,903)
Maturities of marketable securities 58,190 107,708
Sales of marketable securities 43,422 8,468
Net cash (used in) provided by investing activities (7,187) 8,232
Cash flows from financing activities:    
Proceeds from exercise of stock options 2,048 2,560
Proceeds from issuance of long-term debt, net of issuance costs paid 49,450 98,802
Proceeds from vendor financing arrangement 18,034 0
Repayments under vendor financing arrangement (3,904) 0
Payment of debt issuance costs (30) 0
Payment of issuance costs from public offering of common stock (424) 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 65,174 242,015
Net (decrease) increase in cash, cash equivalents and restricted cash (217,221) 49,651
Cash, cash equivalents and restricted cash, beginning of period 895,740 437,391
Cash, cash equivalents and restricted cash, end of period 678,519 487,042
Supplemental disclosures of cash flow information:    
Cash paid for interest 11,460 0
Right-of-use assets acquired under operating leases 1,580 0
Debt issuance costs included in accounts payable or accrued expenses 56 506
Proceeds from employee stock option exercises in other receivables 155 823
Purchase of property and equipment in accounts payable $ 0 $ 364