v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (199,814) $ (201,309)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Depreciation and amortization 2,713 2,537
Stock-based compensation expense 31,482 26,051
Net accretion of discount on marketable securities (2,271) (3,768)
Loss on disposal of property and equipment 0 5
Non-cash operating lease expense 6,579 6,094
Expense associated with license agreement 25,000 10,000
Realized gain on investments (95) (2)
Changes in operating assets and liabilities:    
Accounts receivable, net (9,535) (877)
Inventory 2,768 (3,232)
Contract assets (4,104) 0
Prepaid expenses and other current and non-current assets (7,344) (3,746)
Accounts payable (1,913) 1,084
Accrued expenses and other current liabilities (10,812) (11,572)
Income taxes payable 0 (871)
Operating lease liabilities (9,036) (8,228)
Other non-current liabilities 150 (779)
Net cash used in operating activities (176,232) (188,613)
Investing activities    
Purchases of marketable securities (299,753) (305,700)
Proceeds from maturities and sales of marketable securities 508,256 508,894
Payments associated with license agreement (25,000) (10,000)
Purchases of property and equipment (1,981) (1,641)
Net cash provided by investing activities 181,522 191,553
Financing activities    
Net proceeds from stock option exercises and employee stock purchase plan 5,227 1,684
Net cash provided by financing activities 5,227 1,684
Net change in cash and cash equivalents 10,517 4,624
Cash and cash equivalents at beginning of the period 89,130 76,247
Cash and cash equivalents at end of the period 99,647 80,871
Supplemental disclosure of non-cash investing and financing transactions    
Additions to property and equipment in accounts payable 186 122
Exchanges of marketable securities 2,229 0
Net cash taxes paid $ 74 $ 1,503