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 income (loss) $ (185,874) $ (383,991)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 9,989 8,317
Stock-based compensation expense 68,861 75,682
Net accretion of discounts on marketable securities (3,722) (8,611)
Non-cash adjustment to operating lease expense (3,595) (3,305)
Right-of-use asset amortization for finance lease 2,747 2,713
Gain on sale of priority review voucher, net (194,000) 0
Non-cash interest expense related to revenue participation right liability 11,725 0
Other non-cash items (1,252) 0
Changes in operating assets and liabilities:    
Accounts receivable (18,882) 0
Inventory (26,275) 0
Prepaid expenses and other current assets 2,522 (2,287)
Other non-current assets (3,628) 1,305
Accounts payable 13,007 (4,112)
Accruals and other current liabilities (12,591) (12,262)
Deferred research and development funding liability (4,681) 12,489
Net cash used in operating activities (345,649) (314,062)
Investing activities    
Purchases of marketable securities (749,801) (188,555)
Maturities and sales of marketable securities 602,655 431,046
Purchases of property and equipment (4,281) (7,978)
Cash paid to acquire finite-lived intangible asset (36,000) 0
Proceeds from sale of priority review voucher, net of transaction costs paid 194,000 0
Net cash provided by investing activities 6,573 234,513
Financing activities    
Proceeds from underwriter exercising option to purchase common stock, net of issuance costs 12,366 0
Proceeds from sale of revenue participation right 200,000 0
Proceeds from exercise of awards under equity incentive plans 24,314 5,235
Payments for finance lease right-of-use asset (60) (8,152)
Net cash provided by (used in) financing activities 236,620 (2,917)
Net decrease in cash, cash equivalents and restricted cash (102,456) (82,466)
Cash, cash equivalents and restricted cash at beginning of period 208,432 176,535
Cash, cash equivalents and restricted cash at end of period $ 105,976 $ 94,069