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 before noncontrolling interest $ (89,057) $ (74,917)
Adjustments to reconcile net loss before noncontrolling interest to net cash flows used in operating activities:    
Depreciation and amortization 3,336 3,065
Equity-based compensation 10,539 12,957
Gain on marketable securities, net (669) (1,942)
Loss on lease disposition 0 143
Loss on disposal of equipment 0 464
Changes in operating assets and liabilities    
Interest receivable 171 672
Prepaid and other assets 2,287 7,202
Accounts payable and accrued expenses (8,665) (8,126)
Income taxes payable 0 (526)
Net cash flows used in operating activities (82,058) (61,008)
Cash flows from investing activities    
Purchases of marketable securities (76,789) (98,138)
Sales and maturities of marketable securities 132,040 149,239
Purchase of equipment and facility expansion (7,618) (4,247)
Net cash flows provided by investing activities 47,633 46,854
Cash flows from financing activities    
Proceeds from sales of Class A ordinary shares, net of offering costs 7 0
Payments on finance leases (8) (26)
Exercise of stock options 757 0
Net cash flows (used in) provided by financing activities 756 (26)
Net change in cash and cash equivalents (33,669) (14,180)
Cash, beginning of period 108,537 99,120
Cash, end of period 74,868 84,940
Supplemental disclosure of non-cash investing and financing activities:    
Right of use assets obtained in exchange for lease obligations 0 2,005
Exchange of Class B common stock 125,024 5,253
Exchange of Class B common stock 125,025 5,252
Impact of equity transactions and compensation on redeemable noncontrolling interest 39,885 7,756
Equipment and facility expansion included in accounts payable and accrued expenses $ 71 $ 395