v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (108,080) $ (126,729)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 25,790 26,188
Depreciation and amortization 11,129 11,746
Net accretion of discounts on marketable debt securities (1,683) (4,250)
Net realized gain on investments (16) (62)
Non-cash interest expense 15,922 7,795
Other non-cash adjustments (8) 60
Changes in operating assets and liabilities    
Accounts receivable 19,754 (7,100)
Prepaid expenses (1,082) (3,876)
Other current assets (35,417) (5,586)
Operating lease right-of-use assets 5,000 4,989
Other assets (687) (268)
Accounts payable (6,989) (423)
Accrued expenses and other current liabilities (9,051) 184
Deferred revenue (7,189) 34,266
Operating lease liabilities (7,045) (5,620)
Other liabilities (163) (2,987)
Net cash used in operating activities (99,815) (71,673)
Cash flows from investing activities    
Purchases of marketable debt securities (138,704) (269,819)
Maturities of marketable debt securities 179,788 218,257
Sales of marketable debt securities 11,465  
Sales of equity securities   62
Purchases of property and equipment (2,189) (1,906)
Net cash provided by (used in) investing activities 50,360 (53,406)
Cash flows from financing activities    
Proceeds from exercise of stock options 844 228
Taxes paid related to net settlement of stock-based awards (1,083) (633)
Proceeds from issuance of common stock under employee stock purchase plan 1,544 1,048
Proceeds from sales of common stock under at-the-market offering program, net of commissions 19,499  
Expenses related to at-the-market offering program (601) (334)
Proceeds from public offering of common stock and pre-funded warrants, net of issuance costs 107,777  
Proceeds from issuance of royalty bond and warrants, net of transaction costs   144,493
Repayments under royalty monetization liabilities, net of interest (17,196) (18,447)
Net cash provided by financing activities 110,784 126,355
Net increase in cash and cash equivalents and restricted cash 61,329 1,276
Cash and cash equivalents and restricted cash    
Beginning of period 36,496 59,556
End of period 97,825 60,832
Supplemental disclosures of non-cash investing and financing information    
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities $ 330 $ 150