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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (83,421) $ (26,257) $ (58,345)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities      
Stock-based compensation 234,588 10,679 30,235
Depreciation 3,154 1,781 807
Non-cash operating lease expense 2,428 1,232 1,448
Warrants contra revenue 1,395 805 343
Inventory write-downs 168 10,343 110
Accretion of discounts on marketable securities and other (8,341) (1,624) (525)
Changes in operating assets and liabilities      
Accounts receivable, net (30,480) 2,386 (6,037)
Inventory (19,287) (5,564) (19,358)
Prepaid expenses and other assets (13,031) (720) (1,332)
Accounts payable 20,887 (4,264) 2,126
Accrued expenses and other liabilities 31,018 (167) 15,950
Operating lease liability (2,402) (1,346) (1,320)
Net cash provided by (used in) operating activities 136,676 (12,716) (35,898)
Cash flows from investing activities      
Purchases of property and equipment (34,245) (2,761) (3,873)
Purchases of marketable securities (930,575) (126,225) (88,713)
Sales and maturities of marketable securities 208,665 111,214 1,996
Other investing activities (1,413) 0 0
Net cash used in investing activities (757,568) (17,772) (90,590)
Cash flows from financing activities      
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions 672,198 0 0
Payment of deferred offering costs (4,801) (1,407) 0
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 0 0 149,866
Proceeds from exercises of stock options 5,458 1,115 2,115
Proceeds from employee stock purchase plan 4,160 0 0
Tax withholding related to net share settlements of restricted stock units (20,111) 0 0
Repurchase of common stock upon termination (1,066) (210) (313)
Net cash provided by (used in) financing activities 655,838 (502) 151,668
Net increase (decrease) in cash, cash equivalents, and restricted cash [1] 34,946 (30,990) 25,180
Cash, cash equivalents, and restricted cash      
Beginning of the year [1] 45,098 76,088 50,908
End of the year [1] 80,044 45,098 76,088
Supplemental cash flow information:      
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering 255,127 0 0
Exchange of common stock to Series D redeemable convertible preferred stock 0 0 18,572
Income taxes paid $ 7,793 $ 2,477 $ 0
[1] Restricted cash was not material and is included in Prepaid expenses and other current assets