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 $ (100,856) $ (78,729)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation 888 1,247
Noncash operating lease expense 1,960 2,030
Stock-based compensation 27,689 13,825
Accretion on marketable securities (2,069) (1,360)
Other, net 3 (57)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (7,491) (461)
Other long-term assets (9) (306)
Accounts payable 1,026 750
Accrued expenses and other liabilities (2,789) (4,988)
Operating lease liabilities (1,578) (1,594)
Deferred revenue   (8,573)
Net cash used in operating activities (83,226) (78,216)
Cash flows from investing activities    
Purchase of property and equipment 22 (675)
Sales and maturities of marketable securities 137,147 119,150
Purchases of marketable securities (573,507) (71,100)
Net cash (used in) provided by investing activities (436,338) 47,375
Cash flows from financing activities    
Proceeds from issuance of common stock and pre-funded warrants 714,818  
Payment of transaction costs (632)  
Proceeds from issuance of common stock under stock plans 38,229 583
Net cash provided by financing activities 752,415 583
Net change in cash, cash equivalents and restricted cash 232,851 (30,258)
Cash, cash equivalents and restricted cash, beginning of period 114,846 72,097
Cash, cash equivalents and restricted cash, end of period 347,697 41,839
Supplemental cash flow information:    
Cash paid for leases 2,895 3,928
Supplemental disclosure of noncash investing and financing activity:    
Purchases of property and equipment included in accounts payable and accrued expenses 140 256
Operating lease liabilities from obtaining right-of-use assets   1,308
Revaluation of right-of-use asset and lease liability upon lease remeasurement   $ 1,199
Deferred financing costs included in accounts payable and accrued expenses $ 577