v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (128,969) $ (101,056)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and accretion on marketable securities (533) (1,714)
Non-cash stock-based compensation 14,633 10,231
Non-cash lease expense 4,786 2,678
Depreciation and amortization 6,497 6,736
Changes in fair value of convertible preferred stock warrant liability 363 0
Changes in operating assets and liabilities:    
Accounts receivable 0 (32)
Prepaid expenses and other current assets (310) (3,094)
Other assets (2,267) 3,288
Accounts payable 1,800 (151)
Operating lease liabilities (3,789) (111)
Other long term liabilities (117) (175)
Accrued expenses and other liabilities (16,888) 419
Deferred revenue (13,538) (18,948)
Net cash used in operating activities (138,332) (101,929)
Investing activities    
Purchase of marketable securities (321,759) (142,508)
Purchases of property and equipment (4,714) (905)
Proceeds from sales and maturities of marketable securities 99,850 201,877
Net cash (used in) provided by investing activities (226,623) 58,464
Financing activities    
Proceeds from issuance of convertible preferred stock, net of issuance costs 0 21,972
Proceeds from issuance of common stock from the initial public offering, net of underwriting discounts, commissions and offering expenses 369,289 0
Contributions from non-controlling interests 7,500 2,750
Proceeds from exercise of stock options 3,631 637
Payments on finance lease obligations (2,108) (5,062)
Net cash provided by financing activities 378,312 20,297
Net increase (decrease) in cash, cash equivalents and restricted cash 13,357 (23,168)
Cash, cash equivalents and restricted cash at beginning of period 126,036 181,831
Cash, cash equivalents and restricted cash at end of period 139,393 158,663
Cash and cash equivalents, end of period 135,359 154,265
Restricted cash and cash equivalents (VIE) 0 359
Long-term restricted cash 4,034 4,039
Supplemental disclosure of noncash investing and financing information:    
Purchase of property and equipment included in the accounts payable and accrued liabilities 2,002 270
Vesting of restricted stock 0 46
Reclassification of warrant liability to equity upon initial public offering 1,568 0
Conversion of convertible preferred stock to common stock $ 811,826 $ 0