v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 255,271 $ 122,518
Short-term investments 910,415 759,703
Accounts receivable, net 24,432 17,764
Inventories 380 0
Prepaid expenses and other current assets 17,989 16,990
Total current assets 1,208,487 916,975
Long-term investments 538,317 335,048
Property and equipment, net 78,916 79,194
Operating lease right-of-use assets 72,896 75,979
Inventories, long-term 6,529 0
Other assets 19,406 17,341
Total assets 1,924,551 1,424,537
Current liabilities:    
Accounts payable 20,510 22,337
Accrued liabilities 76,862 83,278
Short-term operating lease liabilities 21,042 19,111
Current portion of convertible and long-term debt 27,358 41,181
Derivative liabilities measured at fair value 30,700 31,100
Deferred revenue 1,653 1,612
Other current liabilities 3,304 3,833
Total current liabilities 181,429 202,452
Term loans, net 248,202 246,384
Convertible notes, net 871,527 869,597
Liabilities related to revenue participation right purchase agreements, net 558,054 520,559
Long-term operating lease liabilities 102,426 107,970
Liabilities related to RPI Transactions measured at fair value 136,400 137,200
Total liabilities 2,098,038 2,084,162
Commitments and contingencies
Stockholders' deficit    
Preferred stock 0 0
Common stock 138 123
Additional paid-in capital 3,721,713 2,826,341
Accumulated other comprehensive (loss) income (3,826) 630
Accumulated deficit (3,891,512) (3,486,719)
Total stockholders' deficit (173,487) (659,625)
Total liabilities and stockholders' deficit $ 1,924,551 $ 1,424,537