v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net loss $ (262,444) $ (224,370)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 53,782 45,451
Lease impairment charge 0 3,855
Depreciation and amortization 6,075 6,281
Premiums and discounts on available-for-sale marketable securities (6,664) (6,834)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,440) (2,039)
Contract asset 0 947
Other long term assets 1 (4,878)
Accounts payable 7,908 (483)
Accrued expenses and other current liabilities 21,121 (6,275)
Deferred revenue (34,365) 23,660
Operating lease right-of-use assets 1,907 2,070
Operating lease liabilities (4,349) (3,713)
Other assets and liabilities 650 184
Net cash used in operating activities (220,818) (166,144)
Investing activities    
Purchase of property and equipment, net (1,222) (1,343)
Purchases of investments (451,576) (509,465)
Maturities of investments 431,634 384,145
Net cash used in investing activities (21,164) (126,663)
Financing activities    
Issuance of common stock and accompanying pre-funded warrants from June 2025 public offering, net of issuance costs of $15.7 million 0 272,671
Issuance of common stock through at-the-market sales agreement, net of issuance costs of $4.5 million 215,392 0
Proceeds from stock option exercises 43,195 12,789
Proceeds from employee stock purchase plan 1,472 1,112
Payments on finance leases (1,305) (1,078)
Net cash provided by financing activities 258,754 285,494
Net increase (decrease) in cash, cash equivalents and restricted cash 16,772 (7,313)
Cash, cash equivalents and restricted cash at beginning of period 362,811 126,050
Cash, cash equivalents and restricted cash at end of period 379,583 118,737
Supplemental disclosure of cash flow activities    
Cash paid for interest 166 237
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 0 1,028
Purchase of property and equipment through finance lease 0 (107)
Cash and cash equivalents 373,374 112,949
Restricted cash 6,209 5,788
Total cash, cash equivalents, and restricted cash $ 379,583 $ 118,737