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 loss $ (267,843) $ (419,824)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,625 4,224
Non-cash share-based compensation 47,450 73,874
Issuance of common shares as payment under license and other agreements 858 4,844
Change in fair value of forward contract and derivative liabilities 0 (7,314)
Change in fair value of notes payable 17,650 1,190
Other non-cash items, net (1,357) (4,247)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets 20,087 (11,781)
Accounts payable 471 1,599
Accrued expenses and other current and non-current liabilities (56,958) 24,375
Net cash used in operating activities (235,017) (333,060)
Cash flows from investing activities:    
Proceeds from maturities of marketable securities 110,000 330,000
Purchases of marketable securities (49,512) (178,144)
Purchases of property and equipment (454) (694)
Other investing activities 0 (1,829)
Net cash provided by investing activities 60,034 149,333
Cash flows from financing activities:    
Proceeds from issuance of notes payable 0 250,000
Proceeds from issuance of common shares 178,884 0
Payment of issuance costs 0 (1,247)
Proceeds from issuance of common shares under 2022 Equity Incentive Plan 3,928 1,446
Other financing activities, net 0 0
Net cash provided by financing activities 182,812 250,199
Effects of exchange rates on cash, cash equivalents, and restricted cash 19 (17)
Net increase in cash, cash equivalents, and restricted cash 7,848 66,455
Cash, cash equivalents, and restricted cash at beginning of period 232,779 102,542
Cash, cash equivalents, and restricted cash at end of period $ 240,627 $ 168,997