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 $ (156,998) $ (147,440)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 864 2,210
Stock compensation expense 19,716 33,825
Impairment of intangible asset 0 2,300
Loss on disposal of property and equipment 0 615
Net amortization of premiums and discounts on investments (1,406) (2,991)
Changes in assets and liabilities:    
Prepaid expenses and other current assets 6,613 1,756
Operating lease assets and liabilities, net 1,013 (5,287)
Accounts payable and accrued expenses 24,188 (4,399)
Deferred revenue 0 (7,679)
Other liabilities 789 (1,381)
Net cash used in operating activities (105,221) (128,471)
Cash flows from investing activities:    
Purchases of property and equipment 0 (410)
Purchases of investments (522,225) (30,899)
Proceeds from maturities and sales of investments 202,100 148,920
Net cash (used in) provided by investing activities (320,125) 117,611
Cash flows from financing activities:    
Proceeds from issuance of common stock via at-the-market offerings, net 159,219 0
Proceeds from issuance of common stock through follow-on offering, net 296,814 0
Proceeds from issuance of common stock through exercise of stock options 5,583 0
Proceeds from issuance of common stock via employee stock purchase plan 901 653
Net cash provided by financing activities 462,517 653
Net increase (decrease) in cash, cash equivalents, and restricted cash 37,171 (10,207)
Cash, cash equivalents and restricted cash at beginning of period 85,354 126,406
Cash, cash equivalents and restricted cash at end of period 122,525 116,199
Supplemental disclosure of non-cash activities:    
Periodic change in additions of property and equipment within current liabilities 0 (35)
Periodic change in costs to obtain license agreement within current liabilities 0 (2,508)
Operating lease assets obtained in exchange for operating lease liabilities $ 0 $ 6,908