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 $ (214,085) $ (344,545)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization 8,599 9,385
Equity-based compensation 33,640 37,819
Other non-cash items, net (4,763) (5,075)
Amortization of debt issuance costs 848 0
Acquired in-process research and development 2,473 96,253
Changes in:    
Accounts receivable 0 25,000
Prepaid expenses and other assets (1,088) (727)
Accounts payable and accrued expenses (18,321) 28,298
Deferred revenue (582) (1,716)
Operating lease assets and liabilities (3,064) (2,421)
Other liabilities, net 3,948 (10,098)
Net cash used in operating activities (192,395) (167,827)
Investing activities:    
Purchases of property, plant and equipment (1,152) (323)
Investment in equity securities (13,343) (9,700)
Purchases of in-process research and development (2,473) (25,000)
Purchases of marketable securities (952,388) (411,111)
Maturities of marketable securities 184,253 397,147
Sales of marketable securities 318,701 99,209
Net cash (used in) provided by investing activities (466,402) 50,222
Financing activities:    
Proceeds from issuance of the Notes 600,000 0
Issuance costs and discounts associated with the Notes (14,650) 0
(Payments) proceeds from issuance of common shares, net of issuance costs (722) 8,494
Proceeds from exercise of options and ESPP contributions, net of issuance costs 14,460 4,352
Net cash provided by financing activities 599,088 12,846
Effect of exchange rate changes on cash (26) 121
Decrease in cash (59,735) (104,638)
Cash, cash equivalents and restricted cash, beginning of period 359,078 309,776
Cash, cash equivalents and restricted cash, end of period 299,343 205,138
Supplemental disclosure of non-cash investing and financing activities    
Equity issuance costs in accounts payable, accrued expenses, and other long-term liabilities 3,935 3,899
Acquired in-process research and development expense related to issuance of common shares $ 0 $ 71,253