v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (131,369) $ (124,428)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 23,026 25,218
Depreciation and amortization 680 712
Amortization of discount of marketable securities (2,249) 0
Amortization of debt issuance costs and exit fee of long-term debt 876 0
Change in deferred taxes 2,276 2,255
Changes in operating assets and liabilities:    
Tax incentive receivable (3,535) 5,494
Prepaid expenses and other assets (1,910) 5,730
Operating leases, net 191 225
Accounts payable 1,362 (4,728)
Accrued expenses and other liabilities (27,358) (9,963)
Other, net 0 230
Net cash used in operating activities (138,010) (99,255)
Cash flows from investing activities:    
Purchases of investments in marketable securities (426,049) (140,533)
Proceeds from redemption of investments in marketable securities 226,012 146,834
Purchases of property and equipment (360) (34)
Net cash (used in) provided by investing activities (200,397) 6,267
Cash flows from financing activities:    
Proceeds from option exercises 7,030 5,885
Payment of employee withholding taxes related to withheld shares for stock based compensation plans (4,615) (3,731)
Other, net (396) 0
Net cash provided by financing activities 8,128 361,789
Effect of exchange rate on cash and cash equivalents (2,131) (1,805)
Net decrease in cash and cash equivalents (332,410) 266,996
Cash and cash equivalents at beginning of period 383,221 128,030
Cash and cash equivalents at end of period 50,811 395,026
Supplemental disclosure:    
Interest paid 6,925 7,611
Income taxes paid 1,103 11
Operating lease payments reducing operating lease liabilities 1,225 1,201
Underwriter Offering    
Cash flows from financing activities:    
Proceeds from issuance of shares under ATM program, net of issuance costs 0 349,980
ATM Program    
Cash flows from financing activities:    
Proceeds from issuance of shares under ATM program, net of issuance costs $ 6,109 $ 9,655