v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 75,620 $ (130,253)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization of property and equipment 3,172 4,491
Amortization of finance lease right of use asset 1,077 1,077
Stock-based compensation 15,912 21,188
Accretion of discount on investments, net (1,663) (4,287)
Gain from sale of PRV, net (178,190) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,998) 200
Accounts payable and accrued expenses (1,050) 2,863
Operating lease liabilities and right of use assets, net (56) 22
Finance lease liability 0 25
Other liabilities 69 (80)
Net cash used in operating activities (85,007) (104,754)
Investing activities:    
Proceeds from sale of PRV, net 178,190 0
Purchases of investments (63,531) (192,620)
Proceeds from maturities of investments 117,250 166,760
Purchases of property and equipment (101) (414)
Net cash provided by (used in) investing activities 231,808 (26,274)
Financing activities:    
Issuance of common stock pursuant to exercise of stock options 152  
Return of related party short-swing profits 0 215
Finance lease liability (3) 0
Net cash provided by financing activities 149 215
Net change in cash, cash equivalents and restricted cash 146,950 (130,813)
Cash, cash equivalents and restricted cash at beginning of period 78,898 164,997
Cash, cash equivalents and restricted cash at end of period 225,848 34,184
Supplemental disclosure of non-cash financing and investing activities:    
Accrued purchases of property and equipment, ending balance $ 75 $ 173