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 $ (130,445) $ (142,195)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 34,945 29,649
Depreciation and amortization 4,052 4,132
Premiums and discounts on available-for-sale marketable securities (5,057) (4,646)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,342) (2,305)
Accounts receivable (20,000) (40,000)
Contract asset 0 947
Other long term assets 1,729 (2,725)
Accounts payable 4,883 (216)
Accrued expenses and other current liabilities 6,282 (6,939)
Deferred revenue (34,365) 26,424
Operating lease right-of-use assets 1,251 1,362
Operating lease liabilities (2,834) (2,416)
Other assets and liabilities (4) (106)
Net cash used in operating activities (142,905) (139,034)
Investing activities    
Purchase of property and equipment, net (907) (1,162)
Purchases of investments (390,921) (141,907)
Maturities of investments 269,033 251,705
Net cash (used in) provided by investing activities (122,795) 108,636
Financing activities    
Issuance of common stock and accompanying pre-funded warrants from June 2025 public offering, net of issuance costs of $13.5 million 0 237,294
Proceeds from stock option exercises 32,577 8,237
Proceeds from employee stock purchase plan 1,472 1,112
Payments on finance leases (861) (659)
Net cash provided by financing activities 33,188 245,984
Net decrease in cash, cash equivalents and restricted cash (232,512) 215,586
Cash, cash equivalents and restricted cash at beginning of period 362,811 126,050
Cash, cash equivalents and restricted cash at end of period 130,299 341,636
Supplemental disclosure of cash flow activities    
Cash paid for interest (120) (154)
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 20 116
Purchase of property and equipment through finance lease 0 1,028
Offering costs included in accrued expenses 0 483
Cash and cash equivalents 124,477 335,816
Restricted cash 5,822 5,820
Total cash, cash equivalents, and restricted cash $ 130,299 $ 341,636