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 $ (264,859) $ (304,742)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Depreciation and amortization 4,165 3,911
Stock-based compensation expense 48,154 38,428
Net accretion of discount on marketable securities (3,193) (5,442)
Loss on disposal of property and equipment 0 304
Non-cash operating lease expense 9,966 9,229
Expense associated with license agreement 25,000 10,000
Realized gain on investments (95) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (14,677) (920)
Inventory (4,921) (4,418)
Contract assets (7,644) 0
Prepaid expenses and other current and non-current assets (7,370) (2,227)
Accounts payable 984 2,891
Accrued expenses and other current liabilities (7,452) (9,644)
Income taxes payable 0 (871)
Operating lease liabilities (13,679) (12,473)
Other non-current liabilities 150 (790)
Net cash used in operating activities (235,471) (276,764)
Investing activities    
Purchases of marketable securities (387,252) (480,681)
Proceeds from maturities and sales of marketable securities 680,895 780,985
Payments associated with license agreement (25,000) (10,000)
Purchases of property and equipment (3,164) (3,196)
Net cash provided by investing activities 265,479 287,108
Financing activities    
Net proceeds from stock option exercises and employee stock purchase plan 9,411 6,119
Net cash provided by financing activities 9,411 6,119
Net change in cash and cash equivalents 39,419 16,463
Cash and cash equivalents at beginning of the period 89,130 76,247
Cash and cash equivalents at end of the period 128,549 92,710
Supplemental disclosure of non-cash investing and financing transactions    
Additions to property and equipment in accounts payable 873 336
Exchanges of marketable securities 2,229 0
Net cash taxes paid $ 328 $ 1,568