v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (492,962) $ (334,259)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 44,263 34,625
Depreciation and amortization expense 1,751 1,528
Non-cash lease expense 433 128
Non-cash interest expense 284 62
Accretion of premium on marketable securities (732) (1,447)
Gain on sale of marketable securities (3) (14)
Loss on disposal of property and equipment 30 95
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (25,747) 3,184
Other non-current assets 4,107 (12,991)
Accounts payable and other liabilities 15,879 17,714
Net cash used in operating activities (452,697) (291,375)
Cash flows from investing activities:    
Purchases of property and equipment (3,748) (1,436)
Purchases of marketable securities (158,620) (153,823)
Maturities of marketable securities 92,704 135,847
Sales of marketable securities 61,183 8,469
Advance payment for long-lead equipment 0 (18,790)
Net cash used in investing activities (8,481) (29,733)
Cash flows from financing activities:    
Proceeds from issuance of common stock in public offering, net of issuance costs 404,907 215,803
Proceeds from exercise of stock options 4,074 4,633
Proceeds from issuance of long-term debt, net of issuance costs paid 49,450 98,802
Payment of debt issuance costs (86) (549)
Proceeds from vendor financing arrangement 34,944 0
Repayments under vendor financing arrangement (9,587) 0
Payment of issuance costs from December 2025 public offering of common stock (424) 0
Proceeds from issuance of common stock in at-the-market offering, net of issuance costs 0 140,653
Net cash provided by financing activities 483,278 459,342
Net increase in cash, cash equivalents and restricted cash 22,100 138,234
Cash, cash equivalents and restricted cash, beginning of period 895,740 437,391
Cash, cash equivalents and restricted cash, end of period 917,840 575,625
Supplemental disclosures of cash flow information:    
Cash paid for interest 12,588 1,824
Transfer from property and equipment to other non-current assets 18,790 0
Right-of-use assets acquired under operating leases $ 1,580 $ 0