v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net loss $ (351,401,000) $ (323,039,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 16,460,000 16,626,000
Amortization of investment discount (premiums) (8,206,000) (12,700,000)
Amortization of debt discount 206,000 0
In-process research and development charge 0 14,507,000
Stock-based compensation expense 56,877,000 73,796,000
Change in operating lease right-of-use assets 7,685,000 7,870,000
Change in fair value of derivative liabilities (3,000,000) (1,900,000)
Change in fair value of contingent consideration liabilities 2,547,000 (945,000)
Change in fair value of non-controlling equity investments 667,000 (7,271,000)
Loss (gain) on disposal of property and equipment 43,000 0
Gain on sale of equity method investment (455,000) 0
Realized loss (gain) on sale of marketable securities 0 399,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (263,000) 4,452,000
Accounts payable 5,895,000 4,846,000
Accrued expenses and other liabilities (15,335,000) (6,613,000)
Operating lease liabilities (10,615,000) (10,005,000)
Deferred revenue (6,659,000) (21,597,000)
Other long-term liabilities 197,000 (239,000)
Net cash provided by (used in) operating activities (305,357,000) (261,813,000)
Investing activities    
Purchases of property and equipment (5,857,000) (11,212,000)
Purchases of marketable securities (444,339,000) (848,754,000)
Maturities of marketable securities 566,992,000 624,456,000
Proceeds from sale of equity method investment 455,000 0
Proceeds from sale of marketable securities 0 5,743,000
Cash paid for acquisition, net 0 (78,000)
Net cash provided by (used in) investing activities 117,251,000 (229,845,000)
Financing activities    
Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs 0 470,513,000
Proceeds from issuances of stock under ESPP 2,878,000 2,764,000
Proceeds from exercise of stock options 10,507,000 2,886,000
Proceeds from the issuance of debt, net of fees paid to lender 93,886,000 0
Payments of debt issuance costs (813,000) 0
Net cash provided by (used in) financing activities 106,458,000 476,163,000
Net change in cash, cash equivalents and restricted cash (81,648,000) (15,495,000)
Cash, cash equivalents and restricted cash—beginning of period 301,620,000 290,111,000
Cash, cash equivalents and restricted cash—end of period 219,972,000 274,616,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,160,000 0
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions in accounts payable and accrued expenses 1,481,000 3,126,000
Contingent consideration liabilities assumed in acquisition 0 7,715,000
Fair value of equity instruments issued in connection with acquisition $ 0 $ 6,715,000