v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (67,342) $ (64,788)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 17,670 17,190
Depreciation and amortization 7,614 7,860
Net accretion of discounts on marketable debt securities (1,321) (2,427)
Net realized gain on investments (16)  
Non-cash interest expense 9,740 2,490
Other non-cash adjustments 14 12
Changes in operating assets and liabilities    
Accounts receivable (78,465) (790)
Prepaid expenses 23 (1,709)
Other current assets 972 (5,593)
Operating lease right-of-use assets 3,379 3,306
Other assets (1,289) 2,121
Accounts payable (4,939) (1,117)
Accrued expenses and other current liabilities (15,563) (2,567)
Deferred revenue (4,109) 37,666
Operating lease liabilities (4,640) (4,396)
Other liabilities (152) (2,971)
Net cash used in operating activities (138,424) (15,713)
Cash flows from investing activities    
Purchases of marketable debt securities (9,839) (230,298)
Maturities of marketable debt securities 136,882 136,020
Sales of marketable debt securities 11,465  
Purchases of property and equipment (1,995) (1,415)
Net cash provided by (used in) investing activities 136,513 (95,693)
Cash flows from financing activities    
Proceeds from exercise of stock options 197 228
Taxes paid related to net settlement of stock-based awards (828) (510)
Proceeds from issuance of common stock under employee stock purchase plan 648 307
Proceeds from sales of common stock under at-the-market offering program, net of commissions 19,499  
Expenses related to at-the-market offering program (403) (259)
Proceeds from issuance of royalty bond and warrants, net of transaction costs   144,526
Repayments under royalty monetization liabilities, net of interest (15,181) (10,854)
Net cash provided by financing activities 3,932 133,438
Net increase in cash and cash equivalents and restricted cash 2,021 22,032
Cash and cash equivalents and restricted cash    
Beginning of period 36,496 59,556
End of period 38,517 81,588
Supplemental disclosures of non-cash investing and financing information    
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities 131 215
Issuance costs related to equity offerings and warrants in accounts payable and accrued expenses and other current liabilities $ 198 $ 108