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 $ (196,149) $ (119,686)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,846 596
Stock-based compensation expense 29,264 19,489
Unrealized losses (gains) on short-term investments 9,949 (1,965)
Non-cash interest expense (income) 139 (844)
Non-cash lease expense 101 21
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (6,374) (90)
Accounts receivable, net 22 (19)
Inventory 400 (380)
Other assets (5,668) (20)
Accounts payable 4,058 1,835
Accrued expenses and other current liabilities 11,326 4,924
Other liabilities (978) 9
Net cash used in operating activities (151,064) (96,130)
Investing Activities    
Proceeds from sales and maturities of investments 649,450 621,899
Purchases of investments (905,945) (770,122)
Acquisition, net of cash acquired 0 (21,967)
Purchases of property and equipment (1,887) (127)
Net cash used in investing activities (258,382) (170,317)
Financing Activities    
Proceeds from follow-on public offerings, net of issuance costs 391,550 49,001
Proceeds from exercise of common stock options 14,036 5,800
Withholding taxes paid on net exercise of stock options (197) 0
Stock issuance costs (186) (277)
Net cash provided by financing activities 405,203 54,524
Net decrease in cash and cash equivalents (4,243) (211,923)
Cash and cash equivalents at beginning of period 32,490 257,068
Cash and cash equivalents at end of period 28,247 45,145
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 142 0
Cash paid for taxes 14 16
Non-cash Investing and Financing Activities:    
Operating lease right-of-use asset obtained in exchange for lease liabilities $ 3,483 $ 859