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 $ (114,603) $ (227,609)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,579 2,716
Loss on joint development (2) 0 3,785
Impairment of inventories 0 134
Issuance of shares for Convertible note interest payment 2,297 0
Change in fair value of warrant liabilities 44,250 93,878
Fair value loss on share subscription liability 0 69,996
Stock-based compensation 17,878 10,588
Amortization of right-of-use assets 1,129 1,830
Amortization of premium and accretion of discount on available-for-sale securities, net (1,024) (795)
Accretion of convertible notes issuance cost 203 0
Changes in operating assets and liabilities:    
Accounts receivable, net (349) (2,709)
Inventories 78 (1,448)
Other current assets 586 2,849
Other noncurrent assets 589 505
Accounts payable 1,992 (1,779)
Accrued liabilities (2,580) (2,940)
Accrued employee costs (9,987) (3,337)
Lease liability (758) (1,932)
Other current liabilities 705 (5,820)
Other noncurrent liabilities 1,472
Net cash used in operating activities (57,015) (60,616)
Cash flows from investing activities:    
Purchase of property, plant and equipment (2,410) (1,825)
Purchase of available-for-sale securities (148,072) (23,369)
Proceeds from maturities of available-for-sale securities 63,966 79,149
Net cash (used in) provided by investing activities (86,516) 53,955
Cash flows from financing activities:    
Proceeds from issuance of common stock 114,999 0
Transaction costs related to issuance of common stock (5,750) 0
Proceeds from equity-related funding in connection with the JDA 5,500 0
Payments of taxes withheld on net settled vesting of restricted stock units 0 (578)
Transaction costs related to issuance of convertible notes (297) 0
Proceeds from exercise of stock options 23 118
Net cash provided by (used in) financing activities 114,475 (460)
Net decrease in cash and cash equivalents (29,056) (7,121)
Beginning cash and cash equivalents 72,291 28,864
Ending cash and cash equivalents 43,235 21,743
Supplemental disclosures of cash flow information:    
Cash paid for interest 0 0
Cash paid for income taxes 101 73
Supplemental disclosures of non-cash investing and financing activities:    
Issuance of shares for Convertible note interest payment 2,297 0
Public offering issuance cost included in accounts payable 445
Right-of-use asset obtained in exchange for lease liability 532 0
Joint development agreement receivable 0 7,500
Share subscription liability 0 8,632
Unpaid property, plant and equipment purchases $ 0 $ 1,206