v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities:    
Net loss $ (61,715) $ (35,806)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 6,534 5,049
Depreciation and amortization 4,785 5,118
Noncash operating lease cost 258 799
Amortization of discount on short-term investments (2,191) (2,204)
Other 55 (263)
Changes in operating assets and liabilities    
Accounts receivable 1,101 [1] (1,812) [1]
Inventories and other deferred costs (3,495) 504
Prepaid expenses and other assets (1,869) (1,133)
Accounts payable 3,819 [2] 3,721 [2]
Accrued and other current liabilities 4,297 [2] (1,294) [2]
Contract liabilities 1,833 [3] (1,475) [3]
Operating lease liabilities (1,660) (2,000)
Other long-term liabilities   (100)
Net cash used in operating activities (48,248) (30,896)
Cash flows from investing activities:    
Purchases of available-for-sale debt securities (94,195) (108,297)
Proceeds from maturities of available-for-sale debt securities 93,200 84,185
Purchases of property and equipment (6,974) (2,801)
Proceeds from sales of property and equipment 120 [4]  
Net cash used in investing activities (7,849) (26,913)
Cash flows from financing activities:    
Proceeds from sales of common stock under ATM facility, net of commissions 25,503 17,782
Payment of costs related to Tempus and Merck Investment Agreements   (106)
Proceeds from loans   2,587
Repayments of loans and finance lease (1,436) (1,307)
Payments for finance lease buyout (2,125)  
Proceeds from issuance of common stock under equity incentive plans 3,876 804
Net cash provided by financing activities 25,818 19,760
Effect of exchange rates on cash, cash equivalents and restricted cash 2 8
Net change in cash, cash equivalents and restricted cash (30,277) (38,041)
Cash, cash equivalents and restricted cash, beginning of period 126,035 93,205
Cash, cash equivalents and restricted cash, end of period 95,758 55,164
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:    
Cash and cash equivalents 93,968 53,374
Restricted cash, included in other long-term assets 1,790 1,790
Total cash, cash equivalents and restricted cash 95,758 55,164
Supplemental cash flow information:    
Acquisition of property and equipment included in accounts payable and accrued liabilities 1,744 $ 313
Finance lease assets were reclassified to property and equipment upon lease buyout $ 2,246  
[1] Includes a change in related party accounts receivable of $5.0 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.
[2] Includes a change in related party liabilities of $0.3 million and $1.9 million for the six months ended June 30, 2026 and 2025, respectively.
[3] Includes a change in related party contract liabilities of $1.7 million and nil for the six months ended June 30, 2026 and 2025, respectively.
[4] Includes proceeds from a related party of $0.1 million and nil for the six months ended June 30, 2026 and 2025, respectively.