v3.26.1
Condensed consolidated statements of cash flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (111,621) $ 89,397
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation 897 923
Amortization and accretion of marketable securities (734) 33
Stock-based compensation expense 19,555 14,351
Reduction in the carrying amount of right of use assets 1,288 1,211
Changes in assets and liabilities:    
Accounts receivable (1,243) 3,753
Prepaid expenses and other current assets (7,501) (10,158)
Accounts payable, accrued liabilities and lease liabilities (13,121) 7,506
Deferred revenue (4,687) (611)
Net cash (used in) provided by operating activities (117,167) 106,405
Cash flows from investing activities:    
Purchases of property and equipment (2,329) (306)
Purchases of marketable securities (45,959) (200,569)
Proceeds from maturity of marketable securities 108,000 66,030
Net cash provided by (used in) investing activities 59,712 (134,845)
Cash flows from financing activities:    
Proceeds from Employee Stock Purchase Plan 465 370
Proceeds from issuance of common stock upon exercise of stock options 5,117 1,558
Proceeds from issuance of common stock in controlled equity offering sales agreements 80,657 0
Net cash provided by financing activities 86,239 1,928
Net increase in cash, cash equivalents and restricted cash 28,784 (26,512)
Cash, cash equivalents and restricted cash—beginning of period 84,941 128,780
Cash, cash equivalents and restricted cash—end of period 113,725 102,268
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Property and equipment included in accrued expense and accounts payable $ 250 $ 51