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 $ (369,119) $ (2,418,839)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 103 2,864
Non-cash lease expense 329 5,540
Stock-based compensation 28,211 11,806
Transaction costs for issuance of pre-funded warrants 0 643
Change in fair value of warrant liabilities 240,549 2,090,379
Interest amortization on marketable securities (1,378) (33)
Loss on sale of property and equipment 0 3,303
Acquisition of in-process research and development 0 177,377
Changes in operating assets and liabilities:    
Operating lease liabilities, net (193) (2,347)
Prepaid expenses and other current assets (6,077) 2,557
Accounts payable, accrued liabilities and other current liabilities 11,209 4,724
Other assets (4) 2,114
Net cash used in operating activities (96,370) (119,912)
Cash flows from investing activities    
Purchases of marketable securities (472,687) 0
Proceeds from maturities of marketable securities 128,327 0
Purchases of property and equipment (193) (627)
Proceeds from sales of property and equipment 0 799
Net cash (used in) provided by investing activities (344,553) 172
Cash flows from financing activities    
Payment of issuance costs related to private placements (234) (1,194)
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 447 2,051
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards (197) (106)
Proceeds from the issuance of common stock from at-the-market sales agreement, net of commissions 48,396 20,257
Proceeds from issuance of common stock in private placement 74,999 0
Net cash provided by financing activities 123,414 196,008
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (317,509) 76,268
Cash, cash equivalents and restricted cash equivalents, beginning of period 396,654 84,362
Cash, cash equivalents and restricted cash equivalents, end of period 79,145 160,630
Supplemental disclosure of non-cash activities    
Right-of-use assets obtained in exchange for lease obligations 0 3,079
Purchases of property and equipment in accounts payable and accrued liabilities 0 29
Unrealized loss on available-for-sale securities $ (1,886) $ (10)