v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (108,134) $ (40,582)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Stock-based compensation 186,370 7,380
Inventory write-downs 951 10,172
Depreciation 2,180 1,241
Non-cash operating lease expense 1,687 886
Warrants contra revenue 946 438
Accretion of discounts on marketable securities (4,868) (1,039)
Changes in operating assets and liabilities:    
Accounts receivable, net (17,054) (6,494)
Inventory (1,271) 597
Prepaid expenses and other assets (4,998) (220)
Accounts payable 11,723 (663)
Accrued expenses and other liabilities 31,094 2,184
Operating lease liability (1,653) (1,015)
Net cash provided by (used in) operating activities 96,973 (27,115)
Cash flows from investing activities    
Purchases of property and equipment (18,797) (1,750)
Purchases of marketable securities (724,921) (102,836)
Maturities of marketable securities 36,579 29,000
Sales of marketable securities 40,998 63,778
Net cash used in investing activities (666,141) (11,808)
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
Payment of deferred offering costs (4,801) (105)
Tax withholding related to net share settlements of restricted stock units (20,111) 0
Proceeds from exercises of stock options, net of repurchases 2,901 662
Net cash provided by financing activities 650,187 557
Net increase (decrease) in cash and cash equivalents 81,019 (38,366)
Cash and cash equivalents    
Beginning of the period 45,098 76,088
End of the period 126,117 37,722
Supplemental disclosures of cash flow information:    
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering 255,127 0
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities 14,132 510
Right-of-use assets obtained in exchange for lease obligations $ 844 $ 1,342