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 $ (282,392) $ (1,606,155)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 64 2,862
Non-cash lease expense 218 5,480
Stock-based compensation 18,269 3,777
Change in fair value of warrant liabilities 207,657 1,299,922
Interest amortization on marketable securities (913) (22)
Loss on sale of property and equipment 0 3,303
Acquisition of in-process research and development 0 222,592
Changes in operating assets and liabilities:    
Operating lease liabilities, net (123) (2,327)
Prepaid expenses and other current assets (6,081) 2,632
Accounts payable, accrued liabilities and other current liabilities (296) (277)
Other assets (27) 1,963
Net cash used in operating activities (63,624) (66,250)
Cash flows from investing activities    
Purchases of marketable securities (355,500) 0
Proceeds from maturities of marketable securities 55,897 0
Purchases of property and equipment (168) (383)
Proceeds from sales of property and equipment 0 799
Net cash (used in) provided by investing activities (299,771) 416
Cash flows from financing activities    
Payment of issuance costs related to private placements (234) (551)
Proceeds from the issuance of pre-funded warrants 0 175,000
Proceeds from exercise of pre-funded warrants 3 0
Proceeds from stock option exercises and the issuance of shares under ESPP 0 97
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards (4) (87)
Proceeds from issuance of common stock in private placement 74,999 0
Net cash provided by financing activities 74,764 174,459
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (288,631) 108,625
Cash, cash equivalents and restricted cash equivalents, beginning of period 396,654 84,362
Cash, cash equivalents and restricted cash equivalents, end of period 108,023 192,987
Supplemental disclosure of non-cash activities    
Purchases of property and equipment in accounts payable and accrued liabilities 12 0
Unrealized loss on available-for-sale securities (964) 0
Unpaid license payments included in accounts payable and accrued expenses 0 45,000
Issuance costs associated with the sale of pre-funded warrants included in accounts payable and accrued expenses $ 0 $ 643