v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net loss     $ (159,965) $ (121,435)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation expense $ 400 $ 400 817 606  
Equity-based compensation expense     33,818 22,470  
Amortization of discounts on marketable securities     (3,290) (4,139)  
Non-cash lease expense     1,979 1,778  
Non-cash interest expense     1,580    
Loss on disposal of property and equipment     43    
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets     (8,624) (1,642)  
Other non-current assets     (1,936) (8,359)  
Accounts payable     1,859 4,607  
Operating lease liability     (2,016) (1,985)  
Accrued expenses     8,785 (2,407)  
Net cash used in operating activities     (126,950) (110,506)  
Cash flows from investing activities:          
Purchases of marketable securities     (735,996) (145,580)  
Maturities and sales of marketable securities     318,778 241,772  
(Purchase) sale of property and equipment     6 (5,085)  
Net cash (used in) provided by investing activities     (417,212) 91,107  
Cash flows from financing activities:          
Proceeds from issuance of common stock, net of issuance costs     377,441    
Proceeds from issuance of common stock under the ATM Facility, net of issuance costs     28,934    
Proceeds from exercise of options and employee stock purchase plan purchases     14,059 1,802  
Proceeds from the Revenue Share Agreement (as defined below), net of debt issuance costs     97,750    
Net cash provided by financing activities     518,184 1,802  
Decrease in cash, cash equivalents and restricted cash     (25,978) (17,597)  
Cash, cash equivalents and restricted cash, beginning of period     131,549 142,083 $ 142,083
Cash, cash equivalents and restricted cash, end of period 105,571 124,486 105,571 124,486 131,549
Supplemental disclosures of non-cash activities:          
Operating lease right-of-use asset obtained in exchange for operating lease liability       999  
Issuance of common stock upon exercise of stock options for which proceeds had not yet been received     17    
Unpaid issuance costs related to the revenue share liability     (99)    
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents 105,571 124,192 105,571 124,192  
Restricted cash   294   294  
Total $ 105,571 $ 124,486 $ 105,571 $ 124,486 $ 131,549