v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities          
Net loss     $ (1,098,187) $ (461,203)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock-based compensation expense     154,299 53,914  
Depreciation and amortization     4,795 3,984  
Change in fair value of warrant liability $ 151,031 $ 4,578 166,819 2,139  
Non-cash interest expense on liabilities related to sale of future royalties     35,096 866  
Non-cash interest expense on convertible senior notes     880 0  
Net amortization of premium or discount on marketable securities     (7,556) (17,560)  
Amortization of operating lease right-of-use asset     4,240 3,534  
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets     (41,011) (935)  
Accounts payable     21,888 491  
Accrued expenses and other current liabilities     39,044 12,369  
Operating lease liability     (4,208) (3,056)  
Long-term deposits     (18,306) (4,472)  
Other prepaid and noncurrent assets     283 (12,036)  
Other noncurrent liabilities     440 5,773  
Net cash used in operating activities     (741,484) (416,192)  
Cash flows from investing activities          
Purchases of marketable securities     (2,248,094) (1,039,327)  
Maturities of marketable securities     765,863 1,061,986  
Sales of marketable securities     0 6,384  
Purchases of property and equipment     (3,824) (10,716)  
Net cash provided by (used in) investing activities     (1,486,055) 18,327  
Cash flows from financing activities          
Proceeds from issuance of common stock, net of issuance costs     1,651,355 0  
Proceeds from the sale of future royalties, net of issuance costs     245,000 250,000  
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs     226,730 0  
Proceeds from issuance of convertible senior notes, net     487,068 0  
Proceeds from issuance of common stock under equity incentive plans     41,053 2,828  
Proceeds from issuance of common stock related to employee stock purchase plan     8,473 4,644  
Proceeds from exercise of warrants     293 1  
Deferred offering costs     (743) (16)  
Net cash provided by financing activities     2,659,229 257,457  
Net increase (decrease) in cash, cash equivalents and restricted cash     431,690 (140,408)  
Cash, cash equivalents and restricted cash - beginning of period     388,603 546,762 $ 546,762
Cash, cash equivalents and restricted cash - end of period 820,293 406,354 820,293 406,354 388,603
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets          
Cash and cash equivalents 815,435 402,438 815,435 402,438 $ 383,745
Restricted cash 4,858 3,916 4,858 3,916  
Cash, cash equivalents and restricted cash - end of period $ 820,293 $ 406,354 820,293 406,354  
Supplemental disclosure of non-cash investing and financing activities          
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities     3,781 2,907  
Unpaid issuance costs on the liability related to the sale of future royalties     0 5,785  
Unpaid issuance costs on convertible senior notes     $ 745 $ 0