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 $ (857,382) $ (20,538)
Reconciliation of net loss to net cash (used in) provided by operating activities:    
Stock-based compensation 66,775 34,271
Depreciation and amortization 13,810 12,108
Amortization of debt discount and offering costs 1,112 860
Unrealized foreign exchange loss (gain) 1,994 (1,270)
Non-cash lease expense 1,145 826
Inventory reserves and firm commitment losses 0 2,349
Fair value of common stock issued in connection with asset acquisition 415,271 0
Debt conversion inducement expense 11,678 0
Change in fair value of holdback liabilities 11,160 0
Other (577) (674)
Change in operating assets and liabilities:    
Accounts receivable (26,630) (25,901)
Prepaid and other current assets (7,714) (7,114)
Inventory (1,525) (5,007)
Other assets (10,631) (1,342)
Accounts payable, accrued expenses and other liabilities 38,183 22,314
Holdback liabilities 71,529 0
Operating lease liabilities (1,213) (803)
Net cash (used in) provided by operating activities (273,015) 10,079
Investing activities    
Purchase of investments (195,612) (65,063)
Proceeds from maturities of investments 59,739 42,497
Purchase of property and equipment (687) (167)
Payments made for additions to intangible assets (35,000) 0
Net cash used in investing activities (171,560) (22,733)
Financing activities    
Proceeds from issuance of convertible notes, net of issuance costs 672,435 0
Exchange and repurchase of 2029 convertible notes (474,365) 0
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of issuance costs 259,948 0
Proceeds from issuance of common stock pursuant to equity plans 23,499 15,047
Net cash provided by financing activities 481,517 15,047
Effect of exchange rate on cash, cash equivalents and restricted cash (2,645) 3,281
Net increase in cash, cash equivalents and restricted cash 34,297 5,674
Cash, cash equivalents and restricted cash at beginning of period 298,165 222,928
Cash, cash equivalents and restricted cash at end of period 332,462 228,602
Supplemental disclosure of cash flow information:    
Operating cash flows paid for operating lease 1,683 1,147
Cash paid for interest 6,703 6,325
Cash paid for income taxes 1,127 1,647
Net operating liabilities, excluding cash acquired, assumed in connection with asset acquisition 9,561 0
Non-cash operating, investing and financing activities:    
Reduction in additional paid-in capital related to the exchange and repurchase of notes maturing in 2029 558,901 0
Shares issued in connection with the exchange and repurchase of convertible notes maturing in 2029 329,089 0
Right-of-use assets obtained in exchange for lease liabilities 4,472 1,673
Decrease in ROU assets and lease liabilities due to lease modification 0 649
Stock option exercise proceeds receivable 795 0
Accrued deferred debt offering costs 389 0
Stock-based compensation capitalized to inventory 403 302
Conversion of convertible notes, net into shares of common stock $ 1 $ 9