v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (397,122) $ (593,267)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,849 7,349
Non-cash share-based compensation 66,074 95,409
Issuance of common shares as payment under license and other agreements 858 4,844
Change in fair value of forward contract and derivative liabilities 0 (11,274)
Change in fair value of notes payable 22,463 12,390
Other non-cash items, net (1,770) (5,409)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets 18,674 (5,284)
Accounts payable 1,891 (538)
Accrued expenses and other current and non-current liabilities (59,785) 17,004
Net cash used in operating activities (341,868) (478,776)
Cash flows from investing activities:    
Proceeds from maturities of marketable securities 140,000 495,000
Purchases of marketable securities (114,662) (178,144)
Purchases of property and equipment (634) (707)
Other investing activities 0 (1,849)
Net cash provided by investing activities 24,704 314,300
Cash flows from financing activities:    
Proceeds from issuance of notes payable 0 250,000
Proceeds from issuance of common shares 178,884 0
Payment of issuance costs 0 (1,247)
Proceeds from issuance of common shares under 2022 Equity Incentive Plan 4,139 1,568
Other financing activities, net 0 0
Net cash provided by financing activities 183,023 250,321
Effects of exchange rates on cash, cash equivalents, and restricted cash 19 (3)
Net (decrease) increase in cash, cash equivalents, and restricted cash (134,122) 85,842
Cash, cash equivalents, and restricted cash at beginning of period 232,779 102,542
Cash, cash equivalents, and restricted cash at end of period $ 98,657 $ 188,384