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v3.26.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2026 | Jun. 30, 2025
Cash flows from operating activities: |  |
Net loss | $ (176,281) | $ (140,423)
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Depreciation expense | 72 | 93
Stock-based compensation expense | 28,421 | 16,556
Non-cash operating lease expense | 516 | 506
Amortization of premiums and discounts on marketable securities, net | (1,344) | (2,216)
Changes in operating assets and liabilities: |  |
Prepaid expenses and other current assets | (2,188) | 6,917
Accounts payable | (1,352) | 16,304
Accrued expenses | (10,446) | (4,806)
Operating lease liabilities | (449) | (614)
Other | (643) | (3)
Net cash used in operating activities | (163,694) | (107,686)
Cash flows from investing activities: |  |
Capitalized internal-use software costs | (773) | 0
Purchases of property and equipment | (307) | (56)
Purchases of marketable securities | (564,050) | (158,404)
Maturities of marketable securities | 231,837 | 125,290
Net cash used in investing activities | (333,293) | (33,170)
Cash flows from financing activities: |  |
Payments of tax withholdings related to vesting of restricted stock units | (13,233) | (1,218)
Proceeds from exercise of stock options and employee stock purchase plan purchases | 6,001 | 854
Net cash provided by financing activities | 614,003 | 82,899
Increase (decrease) in cash, cash equivalents and restricted cash | 117,016 | (57,957)
Cash, cash equivalents and restricted cash, beginning of period | 357,745 | 215,788
Cash, cash equivalents and restricted cash, end of period | 474,761 | 157,831
Reconciliation of cash, cash equivalents and restricted cash: |  |
Cash and cash equivalents | 474,761 | 157,415
Restricted cash | 0 | 416
Total cash, cash equivalents and restricted cash | 474,761 | 157,831
Supplemental disclosures of non-cash activities: |  |
Purchase of property and equipment included in accrued expenses and accounts payable | 110 | 64
Right-of-use assets obtained in exchange for lease obligations | 1,425 | 0
Follow-On Offering |  |
Cash flows from financing activities: |  |
Proceeds from stock offerings, net of issuance costs | 621,235 | 0
At-The-Market Offering |  |
Cash flows from financing activities: |  |
Proceeds from stock offerings, net of issuance costs | $ 0 | $ 83,263

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