XML 49 R8.htm IDEA: XBRL DOCUMENT 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 used in operating activities:      
Net loss $ (1,079,586) $ (221,315) $ (614,928)
Adjustments to reconcile net loss to net cash used in operating activities:      
Non-cash interest expense 0 0 6,253
Amortization of discount on short-term investments (7,006) (2,576) (1,924)
Unrealized foreign exchange loss (gain) (320) 229 (812)
Reclassification of currency translation gain 0 0 (419)
Impairment of fixed assets 0 0 474
Depreciation 146 89 198
Stock-based compensation 732,420 50,981 14,108
Loss on disposal of assets 0 0 (109)
Acquired in-process research and development expense 0 15,007 520,915
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 4,866 (7,370) 3,613
Other assets (4,875) 2,470 (3,421)
Accounts payable 15,303 2,015 2,263
Accrued liabilities and other current liabilities 12,930 11,879 (2,377)
Accrued compensation 2,909 6,557 (235)
Other long-term liabilities 80 95 0
Operating lease right-of-use assets and lease liabilities, net 203 (167) (359)
Net cash used in operating activities (322,930) (142,106) (76,760)
Cash flows used in investing activities:      
Maturities and sales of short-term investments 311,340 489,837 208,165
Purchase of short-term investments (484,993) (680,032) (321,022)
Purchase of property and equipment (657) (139) (128)
Proceeds from sale of property, plant and equipment 0 0 226
Payments to Akeso for upfront milestone payments and associated direct transaction costs 0 (15,007) (475,015)
Net cash used in investing activities (174,310) (205,341) (587,774)
Cash flows provided by financing activities:      
Proceeds from the issuance of common stock via private placements, net of offering costs [1] 500,037 434,860 5,000
Proceeds from exercise of warrants [1] 7,315 598 1,203
Proceeds received related to employee stock purchase plan and exercise of stock options 5,653 2,736 929
Transaction costs from the issuance of common stock for rights offering 0 0 (619)
Re-payment of related party promissory notes 0 (100,000) (24,686)
Net cash provided by financing activities 617,533 381,227 86,513
Effect of exchange rates on cash and cash equivalents 102 (18) 839
Increase (decrease) in cash, cash equivalents and restricted cash 120,395 33,762 (577,182)
Cash, cash equivalents and restricted cash at beginning of period 105,187 71,425 648,607
Cash, cash equivalents and restricted cash at end of period 225,582 105,187 71,425
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest on related party promissory note 0 8,806 10,650
Cash paid for income taxes 0 0 52
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Leased assets obtained in exchange for operating lease liabilities 17,056 4,216 4,245
Unpaid amounts related to purchase of property, plant and equipment 291 0 0
At Market Offering      
Cash flows provided by financing activities:      
Proceeds from issuance of common stock 104,528 43,033 0
Rights Offering      
Cash flows provided by financing activities:      
Proceeds from issuance of common stock [1] 0 0 104,686
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Issuance of common stock 0 0 395,314
Akeso License Agreement      
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Issuance of common stock $ 0 $ 0 $ 45,900
[1] Refer to Note 13 – Stockholders’ Equity for related party transactions.