v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (81,601,000) $ (34,495,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 500,000 249,000
Interest income and accretion of discount on marketable debt securities, net 891,000 (342,000)
Stock-based compensation 29,944,000 13,676,000
Deferred income tax expense (credit) 2,000 (4,734,000)
Other 9,000 0
Change in operating assets and liabilities, net of effect of acquisitions:    
Prepaid expenses and other current assets (10,798,000) (4,013,000)
Accounts receivable 517,000 0
Other assets (17,513,000) (21,000)
Accounts payable 3,263,000 (2,456,000)
Accrued expenses and other 9,343,000 1,390,000
Operating lease right-of-use assets and liabilities 33,000 32,000
Other liabilities (49,000) 0
Net cash used in operating activities (65,459,000) (30,714,000)
Cash flows from investing activities:    
Purchases of property, plant and equipment (126,901,000) (1,209,000)
Purchases of marketable debt securities (1,176,421,000) (346,604,000)
Proceeds from redemptions of marketable debt securities 432,827,000 68,017,000
Payment for acquisition of businesses, net of cash acquired 25,736,000 900,000
Other investments (16,500,000) 0
Net cash used in investing activities (912,731,000) (280,696,000)
Cash flows from financing activities:    
Payment of taxes from common stock withheld (75,000) (1,595,000)
Proceeds from exercise of stock options 1,597,000 1,348,000
Payment of offering costs and deferred issuance costs 0 (304,000)
Payment of finance lease liability (750,000) 0
Payment of debt (1,367,000) 0
Proceeds from sale of common stock, net of offering costs 1,851,944,000 441,600,000
Net cash provided by financing activities 1,851,349,000 441,049,000
Net increase in cash, cash equivalents and restricted cash 873,159,000 129,639,000
Cash, cash equivalents and restricted cash - beginning of period 788,445,000 97,132,000
Cash, cash equivalents and restricted cash - end of period 1,661,604,000 226,771,000
Cash, cash equivalents, and restricted cash    
Cash and cash equivalents 1,644,704,000 226,771,000
Restricted cash 8,400,000 0
Restricted cash, noncurrent portion 8,500,000 0
Total cash, cash equivalents, and restricted cash 1,661,604,000 226,771,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 54,000 0
Cash paid for income taxes 0 660,000
Supplemental noncash investing and financing activities:    
Issuance of common stock in connection with acquisition of business 0 27,408,000
Assumed liabilities in connection with acquisition of businesses 3,585,000 287,000
Purchases of property, plant and equipment in accounts payable and accrued expense and other 9,008,000 1,509,000
Offering costs included in accounts payable 0 1,132,000
Offering costs included in accrued expense and other 0 62,000
Holdback liabilities in connection with the acquisition of businesses 4,066,000 0
Contingent consideration in connection with the acquisition of business 3,110,000 0
Settlement of accounts payable in connection with acquisition of businesses $ 564,000 $ 0