Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification ("ASC") and as amended by Accounting Standards Updates of FASB. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2025, which are included in the Company’s 2025 Annual Report on Form 10-K filed with the SEC on February 26, 2026 (the “2025 Annual Report”). The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the periods ended December 31, 2025 and 2024, included in the 2025 Annual Report. Since the date of those financial statements, there have been no changes to the Company's significant accounting policies.

The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates under different assumptions or conditions.

Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the unaudited condensed consolidated financial statements.

Cash Equivalents

The Company considers all investments with an original maturity date at the time of purchase of three months or less to be cash equivalents. As of June 30, 2026, the Company’s cash equivalents consisted of U.S. government money market funds at high-credit quality and U.S. federally insured financial institutions. The Company’s accounts may, at times, exceed federally insured limits. The Company had cash equivalents of $646.3 million as of June 30, 2026, and $255.3 million as of December 31, 2025.

Short-Term Investments

All investments are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying unaudited balance sheets. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss.

The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in the statements of operations, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive loss. The fair value of the Company's investments was $428.6 million and $153.8 million as of June 30, 2026 and December 31, 2025, respectively.

Net Loss Per Share

Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders (in thousands, except share and per share amounts). As the exercise price of the Company’s pre-funded warrants is $0.001 per share, it was determined to be non-substantive for accounting purposes and the pre-funded warrants were included in the denominator of both basic and diluted loss per share:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss attributable to common shareholders, basic	$	(158,986	)	$	(42,744	)	$	(236,084	)	$	(66,092	)
Change in fair value of the 2022 USD Financing Warrants		—			—			—			(4,771	)
Net loss attributable to common shareholders, diluted	$	(158,986	)	$	(42,744	)	$	(236,084	)	$	(70,863	)
Denominator:
Weighted-average pre-funded warrants used in computing net loss per share attributable to common shareholders, basic		796,060			9,753,775			4,668,681			9,753,775
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic		109,888,660			75,593,902			105,074,381			75,454,764
Total weighted-average shares used in computing net loss per share attributable to common shareholders, basic		110,684,720			85,347,677			109,743,062			85,208,539
Incremental shares from 2022 USD Financing Warrants		—			—			—			1,890,467
Total weighted-average shares used in computing net loss per share attributable to common shareholders, diluted		110,684,720			85,347,677			109,743,062			87,099,006

Net loss per share:
Basic	$	(1.44	)	$	(0.50	)	$	(2.15	)	$	(0.78	)
Diluted	$	(1.44	)	$	(0.50	)	$	(2.15	)	$	(0.81	)

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
2022 USD Financing Warrants		2,628,259		4,949,954		2,628,259		—
Stock options		6,624,927		5,148,374		6,624,927		5,148,374
RSUs		7,860,004		5,960,422		7,860,004		5,960,422
Conversion Shares		166,666		1,010,059		166,666		1,010,059
Estimated ESPP shares		39,270		27,333		39,270		27,333
Total		17,319,126		17,096,142		17,319,126		12,146,188

For the six months ended June 30, 2025, 4,949,954 of 2022 USD Financing Warrants were not included in the table above as they were dilutive.