v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash flows from operating activities:    
Net loss $ (179,302) $ (104,621)
Adjustments to reconcile net loss to cash flows used in operating activities:    
Depreciation of property and equipment 1,326 1,035
Gain on sale of equity investment (1,302) 0
Amortization of debt discount and premium and discount on available-for-sale marketable securities (968) (2,934)
Stock-based compensation 22,036 14,696
Deferred income tax 0 (90)
Changes in operating assets and liabilities:    
Accounts receivable and other current assets 14,292 3,248
Other assets (3,423) (62)
Inventory (69) (373)
Accounts payable and accrued expenses 4,559 1,504
Right-of-use assets and operating lease liabilities (35) 543
Deferred revenue 0 (28,637)
Other noncurrent liabilities (11) (18)
Net cash (used in) provided by operating activities (142,897) (115,709)
Cash flows from investing activities:    
Purchases of marketable securities (9,949) (93,368)
Sales and maturities of marketable securities 145,000 182,725
Proceeds from sale of equity investment 1,302 0
Purchases of property and equipment (2,197) (1,496)
Net cash (used in) provided by investing activities 134,156 87,861
Cash flows from financing activities:    
Proceeds from issuance of stock 19,622 0
Payment of equity issue costs (389) (291)
Net settlement of stock units to satisfy statutory tax withholding (3,482) (1,237)
Proceeds from exercise of stock options and employee stock purchase plan 1,684 866
Principal payments on finance lease obligations (57) (51)
Net cash (used in) provided by financing activities 17,378 (713)
Net (decrease) increase in cash, cash equivalents and restricted cash 8,637 (28,561)
Cash, cash equivalents and restricted cash at beginning of period 101,971 99,854
Cash, cash equivalents and restricted cash at end of period 110,608 71,293
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Cash and cash equivalents 110,458 71,143
Restricted cash 150 150
Total cash, cash equivalents and restricted cash at end of period 110,608 71,293
Supplemental disclosure of non-cash investing and financing activities:    
Lease liability arising from obtaining right-of-use assets 600 903
Property and equipment additions in accounts payable and accrued expenses 120 43
Stock issuance costs in accounts payable and accrued expenses $ 20 $ 20