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 $ (408,351) $ (2,027,005) $ (1,465,685)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization of intangibles assets 138,334 138,333 138,333
Depreciation 18,010 19,723 20,364
Stock-based compensation expense 58,283 86,084 97,235
Deferred income taxes (126,153) (134,251) (38,153)
Amortization of discount on marketable securities (21,217) (3,167) 0
Goodwill and intangible assets impairment 28,000 1,420,936 718,466
Credit loss expense 332 0 0
Cash payment for equity awards 0 (53,807) (76,910)
Other 1,347 276 2,829
Changes in operating assets and liabilities:      
Accounts receivable [1] 1,685 (3,370) (1,383)
Supplies [2] 2,615 3,073 (1,940)
Operating lease right-of-use assets and liabilities, net 1,025 1,747 6,712
Prepaid expenses and other assets [3] 3,360 1,823 (908)
Accounts payable [4] (2,733) (14,635) 2,889
Accrued and other liabilities [5] 6,456 (12,916) 2,351
Net cash used by operating activities (299,007) (577,156) (595,800)
Cash flows from investing activities      
Purchases of property and equipment [6] (909) (5,208) (12,887)
Purchases of marketable securities (1,308,340) (545,803) 0
Proceeds from maturities of marketable securities 1,224,200 0 0
Net cash used in investing activities (85,049) (551,011) (12,887)
Cash flows from financing activities      
Issuance of common stock under ESPP 4,525 0 0
Cash funding received from Illumina 0 1,244,300 464,000
Other 0 0 (234)
Net cash provided by financing activities 423,321 1,244,300 463,766
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (147) (62) 305
Net increase (decrease) in cash, cash equivalents, and restricted cash 39,118 116,071 (144,616)
Cash, cash equivalents and restricted cash — beginning of period 217,583 101,512 246,128
Cash, cash equivalents and restricted cash — end of period 256,701 217,583 101,512
Represented by:      
Cash and cash equivalents 249,727 214,234 97,287
Restricted cash 6,974 3,349 4,225
Total 256,701 217,583 101,512
Supplemental cash flow information:      
Property and equipment included in accounts payable and accrued liabilities (42) 0 (1,326)
Operating cash flows from operating leases, net (17,174) (19,272) (18,733)
PIPE      
Cash flows from financing activities      
Proceeds from issuance of common stock 311,319 0 0
At the Market Offering      
Cash flows from financing activities      
Proceeds from issuance of common stock $ 107,477 $ 0 $ 0
[1] Includes changes in related party accounts receivable of $(65), $15 and $133, respectively.
[2] Includes changes in related party supplies of $(3,130), $2,725 and $(871), respectively.
[3] Includes changes in related party prepaid and other current assets of $(77), $(36) and $27, respectively.
[4] Includes changes in related party accounts payable of nil, $(168) and $(2,965), respectively.
[5] Includes changes in related party accrued liabilities of $104, $9 and $91, respectively.
[6] Includes related party purchases of property and equipment of $(591), nil and $(2,644), respectively.