v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net loss $ (141,660) $ (123,551)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 16,625 14,791
Amortization of premium and accretion of discounts on short-term investments, net (1,641) (5,182)
Depreciation expense 724 465
Non-cash interest expense 217 271
Changes in operating assets and liabilities:    
Accounts receivable, net (642) (2,514)
Inventory (2,072)  
Prepaid expenses and other current assets 3,777 (8,551)
Operating lease right-of-use and other long-term assets 1,025 (2,922)
Accounts payable (2,624) 235
Accrued expenses and other current liabilities (6,557) 1,798
Operating lease liabilities 3,919 65
Other long-term liabilities 313 628
Contract liabilities (19,807) 23,763
Net cash used in operating activities (148,403) (100,704)
Investing Activities    
Maturities of short-term investments 259,998 342,596
Purchases of short-term investments (191,236) (383,314)
Purchases of property and equipment (784) (1,750)
Net cash provided by (used in) investing activities 67,978 (42,468)
Financing Activities    
Proceeds from issuance of stock under equity plans 1,568 658
Net cash provided by financing activities 1,568 658
Net decrease in cash and cash equivalents (78,857) (142,514)
Cash and cash equivalents at beginning of period 149,099 224,462
Cash and cash equivalents at end of period $ 70,242 $ 81,948