v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 135,359 $ 121,650
Marketable securities 322,056 99,848
Restricted cash and cash equivalents (VIE) 0 339
Prepaid expenses and other current assets 12,838 12,528
Total current assets 470,253 234,365
Property and equipment, net 27,305 29,151
Operating lease right-of-use assets 55,074 59,860
Other assets 9,058 6,806
Total assets 561,690 330,182
Current liabilities:    
Accounts payable [1] 5,653 3,837
Accrued expenses and other current liabilities 25,196 42,164
Deferred revenue - current 12,168 21,194
Current portion of finance lease liabilities 3,744 4,311
Operating lease liabilities - current 9,875 10,697
Total current liabilities 56,636 82,203
Non-current liabilities:    
Warrant to purchase convertible preferred stock 0 1,205
Finance lease liabilities, net of current portion 1,366 2,908
Deferred revenue - non-current 0 4,511
Operating lease liabilities - non-current 47,643 50,610
Other long term liabilities 0 116
Total liabilities 105,645 141,553
Commitments and contingencies (Note 15)
Convertible preferred stock 0 811,826
Non-controlling interest 0 (7,232)
Stockholders' equity (deficit):    
Common stock, par value $0.001; 500,000,000 and 200,456,735 shares authorized as of June 30, 2026 and December 31, 2025 respectively; 128,269,428 and 33,116,957 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 128 33
Additional paid-in capital 1,261,040 60,189
Accumulated other comprehensive (loss) income (129) 106
Accumulated deficit (804,994) (676,293)
Total stockholders' equity (deficit) 456,045 (615,965)
Total liabilities, convertible preferred stock, non-controlling interests and stockholders' equity (deficit) $ 561,690 $ 330,182
[1] Includes related party amounts of $0.1 million as of June 30, 2026, and $0.2 million as of December 31, 2025. See Note 14 for details of related party amounts.