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 $ (929,842) $ (608,034) $ (513,050)
Reconciliation of net loss to net cash used in operating activities:      
Depreciation and amortization expense 40,158 35,572 30,493
Stock-based compensation expense 127,887 104,446 93,636
Loss from change in the fair value of warrants, earnout shares and contingent consideration 211,850 53,973 86,378
Loss on common stock issuance in private placement 40,258 0 0
Net accretion and amortization of investments in marketable debt securities (7,832) (15,821) (20,202)
Changes in operating assets and liabilities      
Other receivables and prepaid expenses and other current assets 9,043 (11,803) (573)
Other non-current assets 1,442 (545) 309
Accounts payable and accrued expenses and other liabilities (6,902) 6,116 6,442
Non-current liabilities 4,045 (171) 2,736
Net cash used in operating activities (509,893) (436,267) (313,831)
Cash flows from investing activities      
Purchase of marketable securities (1,170,369) (603,777) (809,978)
Proceeds from sales and maturities of marketable securities 745,418 715,157 920,879
Purchases of property and equipment (53,918) (40,617) (30,597)
Acquisitions, net of cash 3,453 0 0
Net cash provided by (used in) investing activities (475,416) 70,763 80,304
Cash flows from financing activities      
Proceeds from issuance of common stock in private placement, net 249,905 0 280,110
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 12,073 11,200 6,918
Proceeds from the exercise of stock options and warrants issuance 36,791 1,659 2,055
Repayments of obligations under finance lease and tenant improvement loan (1,628) (2,435) (844)
Net cash provided by financing activities 1,026,643 361,114 288,239
Net change in cash, cash equivalents and restricted cash 41,334 (4,390) 54,712
Cash, cash equivalents and restricted cash, at the beginning of the year 200,389 204,779 150,067
Cash, cash equivalents and restricted cash, at the end of the year 241,723 200,389 204,779
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents 240,810 199,627 204,017
Restricted cash 913 762 762
Cash, cash equivalents and restricted cash in consolidated balance sheets 241,723 200,389 204,779
Non-cash investing and financing activities      
Noncash Exercise Of Private Warrants 85,159 0 0
Acquisitions in exchange for stock issuance 74,496 0 0
Unpaid property and equipment purchases 2,720 6,536 1,769
Property and equipment purchased through financing leases 4,424 2,537 5,221
Right-of-use assets acquired through operating leases 4,215 5,115 5,652
Net non-cash assets acquired 0 9,472 0
Underwritten Public Offering      
Cash flows from financing activities      
Proceeds from issuance of common stock 591,016 232,300 0
Underwritten and At-the-market public offering commission and offering expenses (15,081) (10,446) 0
At-The-Market Public Offering      
Cash flows from financing activities      
Proceeds from issuance of common stock 158,868 133,019 0
Underwritten and At-the-market public offering commission and offering expenses $ (5,301) $ (4,183) $ 0

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