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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net loss $ (345,910) $ (234,330) $ (182,393)
Adjustments to reconcile net loss to net cash used in operating activities:      
Interest receivable and accretion of discounts on marketable securities 7,369 816 (5,785)
Depreciation of property, plant and equipment 2,543 2,560 2,061
Non-cash operating lease expense 1,313 1,254 1,213
Deferred income tax recovery (3,198) (8,864) (292)
Stock-based compensation 53,707 50,717 32,372
Realized loss on marketable securities 625 0 0
Unrealized foreign exchange (gain) loss 73 745 (640)
Unrealized fair value gain on trading securities 0 0 (3,550)
Changes in operating assets and liabilities:      
Other receivables 104 (614) 130
Prepaid expenses and other assets (3,157) (984) 1,574
Accounts payable and accrued liabilities 5,511 8,531 3,931
Operating lease liability (1,297) (1,220) 267
Other liabilities 3,199    
Net cash used in operating activities (279,118) (181,389) (151,112)
Investing activities:      
Purchases of property, plant and equipment (799) (3,075) (5,617)
Purchase of marketable securities (355,657) (532,268) (793,907)
Proceeds from marketable securities 574,454 700,343 688,139
Net cash provided by (used in) investing activities 217,998 165,000 (111,385)
Financing activities:      
Proceeds from offerings, net 112,151 12,083 353,487
Proceeds from exercise of stock options 4,962 47 35
Net cash provided by financing activities 117,113 12,130 353,522
Effect of exchange rate changes on cash and cash equivalents 458 (1,672) 376
Increase (decrease) in cash and cash equivalents 56,451 (5,931) 91,401
Cash and cash equivalents, beginning of year 142,712 148,643 57,242
Cash and cash equivalents, end of year 199,163 142,712 148,643
Supplemental cash flow disclosure:      
Cash paid for operating lease 1,714 1,672 1,624
Cash received for lease incentives     1,489
Supplemental disclosure of non-cash transactions:      
Fair Value of Stock Options and Warrants Exercised on a Cashless Basis 20,995 $ 8,305 5,250
Fair Value of Warrant and Pre-funded Warrants Exercised $ 291   $ 35,913