v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (216,996) $ (210,468)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 11,015 11,066
Amortization of investment discount (premiums) (5,368) (8,467)
Amortization of debt discount 99 0
Stock-based compensation expense 38,322 51,049
Change in operating lease right-of-use assets 5,093 5,297
Change in fair value of derivative liabilities 1,700 (4,500)
Change in fair value of contingent consideration liabilities (309) 55
Change in fair value of non-controlling equity investments (354) (2,334)
Loss (gain) on disposal of property and equipment 44  
Gain on sale of equity method investment (455) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,328) 2,827
Accounts payable 3,430 6,435
Accrued expenses and other liabilities (14,943) (8,590)
Operating lease liabilities (7,023) (6,622)
Deferred revenue (6,659) (15,936)
Other long-term liabilities 123 (146)
Net cash provided by (used in) operating activities (194,609) (180,334)
Investing activities    
Purchases of property and equipment (4,646) (6,201)
Purchases of marketable securities (334,708) (673,111)
Maturities of marketable securities 354,293 383,812
Proceeds from sale of equity method investment 455 0
Net cash provided by (used in) investing activities 15,394 (295,500)
Financing activities    
Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs 0 470,513
Proceeds from issuances of stock under ESPP 1,510 1,501
Proceeds from exercise of stock options 9,548 2,474
Proceeds from the issuance of debt, net of fees paid to lender 93,886 0
Payments of debt issuance costs (813) 0
Net cash provided by (used in) financing activities 104,131 474,488
Net change in cash, cash equivalents and restricted cash (75,084) (1,346)
Cash, cash equivalents and restricted cash—beginning of period 301,620 290,111
Cash, cash equivalents and restricted cash—end of period 226,536 288,765
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,569 0
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions in accounts payable and accrued expenses $ 814 $ 972