v3.26.1
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 $ (404,793) $ (295,746)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash interest expense on liabilities related to revenue participation right purchase agreements 38,993 27,311
Stock-based compensation expense 66,105 51,084
Non-cash lease expense 3,210 2,566
Depreciation of property and equipment 7,009 4,585
Change in fair value of derivative liabilities (400) (2,600)
Change in fair value of liabilities related to RPI Transactions (800) 10,700
Realized gain on investment, net (121) (16)
Interest receivable and amortization on investments (6,226) (10,206)
Non-cash interest expense related to debt 17,186 8,783
Changes in operating assets and liabilities:    
Accounts receivable (6,668) 8,240
Prepaid and other assets (2,786) (5,013)
Inventories (5,823) 0
Accounts payable 1,549 (3,626)
Deferred revenue 41 (51,026)
Accrued and other liabilities (966) (382)
Operating lease liabilities (3,742) (4,466)
Other non-current liabilities (7,065) (41)
Net cash used in operating activities (305,297) (259,853)
Cash flows from investing activities:    
Purchases of investments (833,781) (382,071)
Investment in non-marketable equity security 0 (5,000)
Maturities of investments 482,539 549,725
Sales of investments 0 5,992
Purchases of property and equipment (10,264) (9,809)
Net cash (used in) provided by investing activities (361,506) 158,837
Cash flows from financing activities:    
Repayment of finance lease liabilities 0 (204)
Repayment of term loans (6,329) (5,378)
Payments of royalty obligations (214) 0
Proceeds from RPI Transactions 0 75,000
Proceeds from issuance of common stock related to at-the-market offering, net of issuance costs 760,149 0
Proceeds from issuance of common stock under equity incentive and stock purchase plans 49,348 14,396
Taxes paid related to net share settlement of equity awards (2,327) (527)
Net cash provided by financing activities 800,627 83,287
Effect of exchange rate changes on cash (1,078) (952)
Net (decrease) increase in cash, cash equivalents, and restricted cash 132,746 (18,681)
Cash, cash equivalents, and restricted cash, beginning of period 125,632 95,232
Cash, cash equivalents, and restricted cash, end of period 258,378 76,551
Supplemental cash flow disclosures:    
Cash paid for interest 12,194 10,253
Non-cash investing and financing activities:    
Right-of-use assets recognized in exchange for operating lease obligations 170 3,501
Amounts unpaid for purchases of property and equipment 113 2,830
Conversion of 2026 Notes $ 21,067 $ 0