v3.26.1
Condensed Consolidated Balance Sheet Components
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Balance Sheet Components Condensed Consolidated Balance Sheet Components
Inventory
Inventory consists of the following (in thousands):
As of
June 30, 2026December 31, 2025
Raw materials$52 $84 
Work-in-progress98,694 35,752 
Finished goods15,035 23,143 
Total inventory$113,781 $58,979 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
As of
June 30, 2026December 31, 2025
Income tax receivable$60,256 $7,450 
Other 32,431 23,583 
Total prepaid expenses and other current assets$92,687 $31,033 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
As of
June 30, 2026December 31, 2025
Construction in progress$48,365 $40,510 
Laboratory equipment36,047 21,603 
Production and manufacturing equipment35,000 28,171 
Leasehold improvements15,491 11,439 
Other3,742 2,037 
Property and equipment, gross138,645 103,760 
Less: accumulated depreciation(19,361)(11,722)
Total property and equipment, net$119,284 $92,038 
Depreciation and amortization expense for the three months ended June 30, 2026 and 2025 was $3.9 million and $1.4 million, respectively, and $7.6 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.
Construction in progress primarily consists of capitalized costs for production equipment related to the Company’s future products. These assets will be placed into service and begin to depreciate when related manufacturing commences. Production and manufacturing equipment included production equipment has been placed into service and are being used in the manufacture of the Company’s released products.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in thousands):
As of
June 30, 2026December 31, 2025
Accrued compensation and benefits$42,254 $46,510 
Accrued software license costs11,068 7,632 
Holdback in connection with acquisitions
6,559 1,559 
Accrued production equipment13,509 13,500 
Other current liabilities36,987 21,479 
Total accrued expenses and other current liabilities$110,377 $90,680 
Supplemental Cash Flow Information
The following table provides supplemental non-cash investing and financing activities (in thousands):
Six Months Ended June 30,
20262025
Right-of-use (“ROU”) assets obtained in exchange for lease obligations$15,980 $20,968 
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities$27,266 $14,159