v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 55,335 $ (11,852)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 1,079 860
Stock-based compensation 21,355 52,632
Change in fair value of warrants and amortization of warrants 0 19
Accretion, net of amortization (869) (946)
Change in accrued interest earned (178) 347
Net realized gains on investment securities (30) (437)
Changes in operating assets and liabilities:    
Accrued retrospective premiums (65,739) (43,201)
Prepaid expenses (1,004) (2,078)
Other assets (10,373) (2,084)
Healthcare receivables 21,745 4,646
Unpaid claims 97,640 (16,736)
Accounts payable and accrued expenses (804) (613)
Accrued salaries and benefits 15,118 6,094
Other liabilities (192) 2,464
Net cash provided by (used in) operating activities 133,083 (10,885)
Cash flows from investing activities:    
Purchases of short-term investments, available-for-sale, and held-to-maturity securities (68,088) (59,864)
Proceeds from sales of short-term investments and available-for-sale securities 56,318 79,313
Proceeds from maturities of short-term investments and available-for-sale securities 8,206 25,801
Purchases of property and equipment (1,536) (754)
Net cash (used in) provided by investing activities (5,100) 44,496
Cash flows from financing activities:    
Issuance of common stock, net of early exercise liability 1,682 363
Issuance of common stock under employee stock purchase plan, net of stock issuance costs 551 555
Cash paid for shares withheld related to stock-based compensation (9,680) (22,127)
Repurchases of common stock 0 (18,297)
Net cash used in financing activities (7,447) (39,506)
Net increase (decrease) in cash and cash equivalents 120,536 (5,895)
Cash and cash equivalents, beginning of period 78,301 194,543
Cash and cash equivalents, end of period $ 198,837 $ 188,648