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 $ (98,592) $ (80,348)
Cash flows from operating activities:    
Depreciation of property and equipment 11,977 8,951
Amortization of intangible assets 1,851 1,851
Amortization of operating lease right-of-use assets 3,610 2,863
Stock-based compensation 24,299 28,993
Other 7,019 70
Changes in operating assets and liabilities:    
Research fees and grants receivable 25,367 (12,524)
Income taxes receivable (8,024) (7,588)
Accounts payable and accrued liabilities (16,621) (7,356)
Deferred revenue 44,129 9,361
Deferred grant income (4,453) (1,681)
Other assets 1,838 13,450
Net cash used in operating activities (7,600) (43,958)
Cash flows from investing activities:    
Purchases of property and equipment (5,963) (24,001)
Purchase of marketable securities (308,184) (291,542)
Proceeds from marketable securities 293,557 303,437
Receipt of grant funding 6,955 6,448
Long-term investments and other assets (105) (18,218)
Net cash used in investing activities (13,740) (23,876)
Cash flows from financing activities:    
Proceeds from deferred government contributions and other 13,585 2,595
Net cash provided by financing activities 13,585 2,595
Effect of exchange rate changes on cash and cash equivalents (468) 1,351
Decrease in cash and cash equivalents (8,223) (63,888)
Cash and cash equivalents and restricted cash, beginning of period 155,249 183,615
Cash and cash equivalents and restricted cash, end of period 147,026 119,727
Restricted cash included in other assets 1,961 2,290
Total cash, cash equivalents, and restricted cash shown on the balance sheet 145,065 117,437
Supplemental disclosure of non-cash investing and financing activities    
Property and equipment in accounts payable 979 12,733
Right-of-use assets obtained in exchange for operating lease obligation $ 0 $ 69,787