v3.26.3
Condensed Consolidated Balance Sheet Components
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Balance Sheet Components Condensed Consolidated Balance Sheet Components
Inventory
Inventory consists of the following (in thousands):
As of
September 30, 2026December 31, 2025
Raw materials$68 $84 
Work-in-progress160,735 35,752 
Finished goods40,090 23,143 
Total inventory$200,893 $58,979 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
As of
September 30, 2026December 31, 2025
Income tax receivable$51,673 $7,450 
Other 40,157 23,583 
Total prepaid expenses and other current assets$91,830 $31,033 
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
As of
September 30, 2026December 31, 2025
Construction in progress$65,609 $40,510 
Production and manufacturing equipment55,380 28,171 
Laboratory equipment46,525 21,603 
Leasehold improvements13,896 11,439 
Other13,706 2,037 
Property and equipment, gross195,116 103,760 
Less: accumulated depreciation(24,403)(11,722)
Total property and equipment, net$170,713 $92,038 
Depreciation and amortization expense related to property and equipment was $5.1 million and $1.5 million for the three months ended September 30, 2026 and 2025, respectively, and $12.7 million and $4.0 million for the nine months ended September 30, 2026 and 2025, respectively.
Construction in progress primarily consists of capitalized costs for production equipment related to the Company’s future products. These assets will be placed into service and begin to depreciate when related manufacturing commences.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in thousands):
As of
September 30, 2026December 31, 2025
Accrued compensation and benefits$62,751 $46,510 
Accrued production equipment19,266 13,500 
Accrued software license costs12,820 7,632 
Other current liabilities51,915 23,038 
Total accrued expenses and other current liabilities$146,752 $90,680 
Supplemental Cash Flow Information
The following table provides supplemental non-cash investing and financing activities (in thousands):
Nine Months Ended September 30,
20262025
Right-of-use (“ROU”) assets obtained in exchange for lease obligations$18,311 $21,347 
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities$38,427 $13,740