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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 $ (311,351) $ (223,858) $ (146,962)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 59,904 55,012 43,118
Impairment of long-lived assets 3,856 4,925 0
Depreciation and amortization 8,313 7,373 3,565
Premiums and discounts on available for sale marketable securities (8,879) (13,983) (5,229)
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (2,361) (8,903) (1,961)
Accounts receivable 0 15,000 (15,000)
Contract asset 947 2,815 (1,226)
Accounts payable (1,974) (307) 2,038
Accrued expenses and other current liabilities 7,387 4,180 3,180
Deferred revenue 20,789 (41,075) (8,609)
Operating lease right-of-use assets 2,666 2,541 4,797
Operating lease liabilities (5,042) 1,921 18,582
Other non-current assets (7,164) 168 909
Other non-current liabilities 18 (310) (28)
Net cash used in operating activities (232,891) (194,501) (102,826)
Investing activities      
Purchase of property and equipment, net (1,449) (12,838) (34,480)
Purchase of marketable securities (1,007,628) (901,226) (189,151)
Maturities of marketable securities 488,016 509,987 363,517
Net cash provided by (used in) investing activities (521,061) (404,077) 139,886
Financing activities      
Issuance of common stock and accompanying pre-funded warrants from January 2024 public offering, net of issuance costs of $14.9 million 0 301,373 0
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs of $1.2 million 0 48,740 0
Issuance of common stock and accompanying pre-funded warrants from August 2024 public offering, net of issuance costs of $12.2 million 0 246,506 0
Issuance of common stock from December 2025 public offering, net of issuance costs of $36.2 million 656,230 0 0
Proceeds from stock option exercises 61,621 11,790 2,860
Issuance of common stock and accompanying pre-funded warrants from June 2025 public offering, net of issuance costs of $15.7 million 272,671 0 0
Proceeds from employee stock purchase plan 1,685 2,018 1,408
Payments on financing leases (1,494) (1,576) (76)
Net cash provided by financing activities 990,713 608,851 4,192
Net increase (decrease) in cash, cash equivalents and restricted cash 236,761 10,273 41,252
Cash, cash equivalents and restricted cash at beginning of period 126,050 115,777 74,525
Cash, cash equivalents and restricted cash at end of period 362,811 126,050 115,777
Supplemental disclosure of cash flow activities      
Right-of-use assets obtained in exchange for operating lease liabilities 0 0 48,833
Cash paid for interest 312 206 162
Supplemental disclosure of noncash investing and financing activities      
Purchases of property and equipment through finance and lease liabilities 1,028 2,742 0
Property and equipment purchases included in accounts payable and accrued expenses 80 60 4,016
Cash and cash equivalents 357,011 120,256 109,966
Restricted cash 5,800 5,794 5,811
Total cash, cash equivalents, and restricted cash $ 362,811 $ 126,050 $ 115,777