v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (342,601) $ (269,949) $ (237,734)
Adjustments to reconcile net loss to net cash used in operating activities:      
Share-based compensation expense 44,303 42,150 67,172
Accretion and amortization of available-for-sale securities (6,758) (15,655) (11,490)
Non-cash interest expense 2,566 377 317
Depreciation and amortization 460 540 522
Issuance costs allocated to derivative liability 1,751 0 0
Change in fair value of derivative liability 700 0 0
Issuance of common stock under license agreement 0 0 5,693
Other non cash items 157 620 775
Changes in operating assets and liabilities:      
Prepaid expenses, other current assets and other assets 262 (11,666) (2,107)
Accounts payable 6,562 (73) (12,040)
Accrued liabilities and other liabilities 16,207 21,337 4,722
Net cash used in operating activities (276,391) (232,319) (184,170)
Cash flows from investing activities:      
Purchases of marketable securities (579,276) (695,068) (407,880)
Maturities of marketable securities 542,208 466,928 314,526
Purchases of property and equipment (495) (511) (898)
Net cash used in investing activities (37,563) (228,651) (94,252)
Cash flows from financing activities:      
Proceeds from issuance of common stock in offerings 289,052 383,749 109,808
Proceeds from the issuance of common stock 63,145 69,911 15,261
Proceeds from the issuance of Series B convertible preferred stock in offerings 0 25,001 76,192
Proceeds from the exercise of warrants 1,618 0 1,881
Proceeds from issuance of long-term debt, net 28,875 0 15,000
Payment of debt issuance costs (478) 0 (514)
Proceeds from sale of future revenue 55,000 0 0
Payment of issuance costs associated with sale of future revenue (4,981) 0 0
Proceeds from issuance of common stock upon exercise of stock options 12,053 5,344 19,263
Proceeds from the issuance of common stock for cash under employee stock purchase plan 1,119 674 580
Net cash provided by financing activities 426,742 457,737 225,670
Net increase (decrease) in cash and cash equivalents 112,788 (3,233) (52,752)
Cash and cash equivalents at beginning of period 99,594 102,827 155,579
Cash and cash equivalents at end of period 212,382 99,594 102,827
Supplemental disclosure of cash flow information      
Interest paid 2,150 1,820 886
Supplemental disclosure of non-cash investing and financing activities      
Issuance of common stock upon the conversion of convertible preferred stock 56,829 41,132 7,235
Right-of-use asset obtained in exchange for new lease liability 729 496 0
Remeasurement of right-of-use asset and lease liability for lease modifications 0 837 641
Extinguishment of long-term debt 20,000 0 4,707
Issuance of long-term debt 20,000 0 5,000
Common Stock      
Cash flows from financing activities:      
Payment of issuance costs (18,661) (25,442) (7,213)
Convertible Preferred Stock      
Cash flows from financing activities:      
Payment of issuance costs $ 0 $ (1,500) $ (4,588)