v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net loss $ (325,522) $ (450,986)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization 12,837 13,818
Equity-based compensation 51,601 54,423
Other non-cash items, net (7,269) (15,214)
Amortization of debt issuance costs 1,584 0
Acquired in-process research and development 1,648 96,253
Changes in:    
Accounts receivable 0 25,000
Prepaid expenses and other assets (5,267) (515)
Accounts payable and accrued expenses 2,294 40,473
Deferred revenue (13,225) (2,550)
Operating lease assets and liabilities (4,740) (3,867)
Other liabilities, net 3,980 (9,296)
Net cash used in operating activities (282,079) (252,461)
Investing activities:    
Purchases of property, plant and equipment (1,566) (397)
Investment in equity securities (22,843) (9,700)
Purchases of in-process research and development (1,648) (25,000)
Purchases of marketable securities (1,273,686) (745,197)
Maturities of marketable securities 588,703 585,168
Sales of marketable securities 230,552 126,122
Net cash used in investing activities (480,488) (69,004)
Financing activities:    
Proceeds from issuance of the Notes 600,000 0
Issuance costs and discounts associated with the Notes (14,650) 0
(Payments) proceeds from issuance of common shares, net of issuance costs (722) 286,599
Proceeds from exercise of options and ESPP contributions, net of issuance costs 18,914 23,013
Net cash provided by financing activities 603,542 309,612
Effect of exchange rate changes on cash (20) 94
Decrease in cash (159,045) (11,759)
Cash, cash equivalents and restricted cash, beginning of period 359,078 309,776
Cash, cash equivalents and restricted cash, end of period 200,033 298,017
Supplemental disclosure of non-cash investing and financing activities    
Equity issuance costs in accounts payable, accrued expenses, and other long-term liabilities 3,955 6,680
Acquired in-process research and development expense related to issuance of common shares $ 0 $ 71,253