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 $ (604,924) $ (307,291)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,949 5,835
Stock-based compensation expense 79,205 67,542
Amortization of operating lease right-of-use assets 5,831 4,028
Net accretion of discounts on investments (4,294) (9,406)
Unrealized foreign exchange loss (gain) 7,374 (32,324)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 4,929 (8,166)
Operating lease right-of-use assets 0 (17,575)
Other assets (69,825) (17,031)
Operating lease liabilities (2,136) 14,635
Accounts payable 31,285 (19,638)
Accrued compensation (9,152) (9,872)
Accrued contract manufacturing expenses 52,036 43,217
Accrued expenses (9,374) (1,394)
Net cash used in operating activities (513,096) (287,440)
Cash flows from investing activities:    
Purchases of property and equipment (6,426) (7,235)
Purchases of manufacturing facility build-out and equipment construction-in-progress (12,942) (29,271)
Purchases of investments (852,806) (663,535)
Maturities of investments 739,095 832,964
Sales of investments 47,388 68,136
Net cash (used in) provided by investing activities (85,691) 201,059
Cash flows from financing activities:    
Proceeds from issuance of shares through employee equity incentive plans 16,793 9,284
Proceeds from issuance of common stock from follow-on offering, net of issuance costs 601,846 0
Taxes paid related to the net share settlement of equity awards (11,355) (6,007)
Net cash provided by financing activities 607,284 3,277
Effect of exchange rate changes on cash and cash equivalents 733 1,972
Net increase (decrease) in cash, cash equivalents and restricted cash 9,230 (81,132)
Cash, cash equivalents and restricted cash, beginning of period 175,425 389,195
Cash, cash equivalents and restricted cash, end of period 184,655 308,063
Cash and cash equivalents 183,190 306,744
Restricted cash 1,465 1,319
Cash, cash equivalents and restricted cash 184,655 308,063
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment recorded in accounts payable and accrued expenses $ 4,659 $ 3,471