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 $ (248,700) $ (212,411)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 54,561 46,602
Depreciation and amortization 2,233 1,884
Noncash lease expense 1,386 1,605
Accretion of purchase discounts and amortization of premiums on investment securities, net (4,243) (9,090)
Loss on disposal of property and equipment 20 42
Changes in operating assets and liabilities:    
Trade accounts receivable (11,365) 0
Inventory (1,267) 0
Prepaid expenses and other assets (7,487) (11,325)
Accounts payable and accrued expenses, compensation and related expenses, and other liabilities (2,772) 11,160
Deferred revenue 88 (984)
Operating lease liabilities (1,350) (1,786)
Net cash used in operating activities (218,896) (174,303)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of investment securities (709,639) (574,081)
Proceeds from sales and maturities of investment securities 484,914 530,514
Purchases of property and equipment (1,341) (4,441)
Net cash used in investing activities (226,066) (48,008)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of commissions 380,514 0
Offering costs related to issuance of common stock (578) 0
Proceeds from exercise of stock options and shares issued under ESPP 18,864 11,492
Net cash provided by financing activities 398,800 11,492
Net change in cash, cash equivalents and restricted cash (46,162) (210,819)
Exchange rate changes in cash, cash equivalents and restricted cash 124 0
Cash, cash equivalents and restricted cash - beginning of period 102,336 265,845
Cash, cash equivalents and restricted cash - end of period 56,298 55,026
COMPONENTS OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 55,498 53,726
Restricted cash 800 1,300
Cash, cash equivalents and restricted cash at end of period 56,298 55,026
NONCASH INVESTING AND FINANCING ACTIVITIES    
Stock options exercised receivable 56 369
Amounts accrued for purchases of property and equipment 358 87
Amounts accrued for offering costs 165 0
Stock held in trust $ 1,151 $ 112