v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (26,135) $ (38,046)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 7,883 8,154
Depreciation and amortization 217 240
Amortization of discount of marketable securities (2,082) 0
Amortization of debt issuance costs and exit fee of long-term debt 312 0
Change in fair value of financial instruments 0 1,100
Change in deferred taxes 995 434
Changes in operating assets and liabilities:    
Tax incentive receivable (4,283) 1,209
Prepaid expenses and other assets (2,676) 3,212
Operating leases, net 65 76
Accounts payable (2,095) (4,250)
Accrued expenses and other liabilities (29,550) (9,415)
Other, net 103 0
Net cash used in operating activities (57,246) (37,286)
Cash flows from investing activities:    
Purchases of investments in marketable securities (297,476) (19,999)
Proceeds from redemption of investments in marketable securities 75,088 36,761
Net cash (used in) provided by investing activities (222,388) 16,762
Cash flows from financing activities:    
Proceeds from option exercises 1,763 838
Other, net (4,786) 0
Net cash provided by financing activities 3,086 10,493
Effect of exchange rate on cash and cash equivalents (1,517) 219
Net decrease in cash and cash equivalents (278,065) (9,812)
Cash and cash equivalents at beginning of period 383,221 128,030
Cash and cash equivalents at end of period 105,156 118,218
Supplemental disclosure:    
Interest paid 1,681 2,529
Income taxes paid 0 0
Operating lease payments reducing operating lease liabilities 408 400
ATM Program    
Cash flows from financing activities:    
Proceeds from issuance of shares under ATM program, net of issuance costs $ 6,109 $ 9,655