CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (215,406)	$ (184,754)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	632	810
Amortization of debt discount and debt issuance costs	143	462
Loss on disposal of property and equipment	3	0
Equity-based compensation	37,907	37,846
Accretion of investment securities	(305)	(3,296)
Non-cash operating lease expense	3,059	2,533
Loss on extinguishment of debt	3,337	0
Unrealized foreign currency exchange rate losses	1,253	0
Change in operating assets and liabilities:
Prepaid expenses and other current assets	2,489	(10,053)
Other assets	1,785	(19)
Accounts payable	665	(8,991)
Accrued expenses	14,903	13,053
Operating lease liabilities	(2,873)	(3,207)
Net cash used in operating activities	(152,408)	(155,616)
Cash flows from investing activities:
Purchases of property and equipment	(69)	(486)
Purchases of marketable securities	(68,266)	(79,292)
Sales and maturities of marketable securities	57,500	199,798
Net cash provided by (used in) investing activities	(10,835)	120,020
Cash flows from financing activities:
Proceeds from stock option exercises	16,826	8,126
Proceeds from pre-funded and common warrant exercises	7,148	3,367
Proceeds from sale of common shares, net	160,774	0
Proceeds from debt facility	197,729	0
Payment of debt issuance costs	(2,515)	0
Proceeds from debt refinancing	0	24,668
Payment of long-term debt	(103,058)	(25,520)
Other	0	2
Net cash provided by financing activities	276,904	10,643
Net increase (decrease) in cash, cash equivalents and restricted cash	113,661	(24,953)
Effect of exchange rate on cash, cash equivalents and restricted cash	(97)	0
Cash, cash equivalents and restricted cash, beginning of period	327,334	180,285
Cash, cash equivalents and restricted cash, end of period	440,898	155,332
Supplemental disclosure for non-cash items:
Debt issuance costs in accrued expenses	463	0
Property and equipment purchases in accounts payable & accrued expenses	27	0
Right-of-use assets obtained in exchange for operating lease liabilities	1,297	0
Supplemental cash flow information:
Cash paid for interest	$ 4,398	$ 2,755

The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

Name:	us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	duration

- References

No definition available.