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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income (loss) $ (174,370) $ (177,214)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 13,454 29,315
Stock-based compensation expense 42,984 8,943
Non-cash operating lease expense 2,936 2,888
Amortization of debt discounts 9,700 3,322
Changes in fair value of financial instruments 50,203 (937)
Loss on debt extinguishment 17,930 0
Other 1,231 2,133
Changes in operating assets and liabilities:    
Accounts receivable 37,040 (16,904)
Supplies (2,621) 7,504
Prepaid expenses and other current assets (2,265) (1,383)
Other assets 334 430
Accounts payable (1,925) 2,623
Accrued expenses and other liabilities (18,681) 2,429
Net cash used in operating activities (24,050) (136,851)
Cash flows from investing activities    
Maturities of marketable securities 0 61,376
Purchases of property and equipment (4,075) (4,326)
Net cash provided by (used in) investing activities (4,075) 57,050
Cash flows from financing activities    
Payments made on finance lease obligations (44) (110)
Proceeds from exercise of stock options 2,624 603
Payment of taxes withheld from net settlement of exercised options (1,658) 0
Payment of deferred offering costs (2,045) (492)
Proceeds from the 2023 term loan, net of issuance costs 0 199,978
Purchase of treasury stock (22) 0
Issuance of the 2025 Convertible Notes, net of issuance costs 27,865 0
Issuance of the 2025 Warrants 10,270 0
Payments from 2023 term loan amendment fee (4,000) 0
Proceeds from initial public offering, net of underwriting discounts and commissions 528,459 0
Net cash provided by financing activities 682,687 199,979
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 97 13
Net increase in cash, cash equivalents, and restricted cash 654,659 120,191
Cash, cash equivalents, and restricted cash at beginning of period 68,028 60,007
Cash, cash equivalents, and restricted cash at end of period 722,687 180,198
Series E Preferred Stock    
Cash flows from financing activities    
Proceeds from issuance of preferred stock, net of issuance costs 87,637 0
Series F Preferred Stock    
Cash flows from financing activities    
Proceeds from issuance of preferred stock, net of issuance costs $ 33,601 $ 0