v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (808,306) $ (361,757)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization expense 29,095 26,095
Stock-based compensation expense 86,447 82,780
Loss (Gain) from change in the fair value of warrants and earnout shares 284,424 (52,683)
Loss on common stock issuance in private placement 40,258 0
Net accretion of investments in marketable debt securities (7,292) (12,955)
Changes in operating assets and liabilities    
Other receivables and prepaid expenses and other current assets 8,938 (2,609)
Other non-current assets (213) (783)
Accounts payable and accrued and other current liabilities 9,018 5,609
Non-current liabilities 905 534
Net cash used in operating activities (356,726) (315,769)
Cash flows from investing activities    
Purchases of marketable securities (594,231) (308,473)
Proceeds from sales and maturities of marketable securities 565,555 593,064
Purchases of property and equipment (40,109) (25,197)
Acquisitions, net of cash 1,883 0
Net cash (used in)/ provided by investing activities (66,902) 259,394
Cash flows from financing activities    
Proceeds from issuance of common stock in private placement, net 249,905 0
At-the-market public offering gross proceeds 148,711 0
At-the-market public offering commission and offering expenses (4,839) 0
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 5,022 4,942
Proceeds from the exercise of warrants 33,137 0
Proceeds from exercise of stock options and stock purchase rights 1,905 1,492
Repayments of tenant improvement loan and obligations under finance lease (1,195) (1,784)
Net cash provided by financing activities 432,646 4,650
Net change in cash, cash equivalents and restricted cash 9,018 (51,725)
Cash, cash equivalents and restricted cash, at the beginning of the period 200,389 204,779
Cash, cash equivalents and restricted cash, at the end of the period 209,407 153,054
Reconciliation of cash, cash equivalents and restricted cash to balance sheets    
Cash and cash equivalents 208,367 152,292
Restricted cash 1,040 762
Cash, cash equivalents and restricted cash 209,407 153,054
Non-cash investing and financing activities    
Acquisitions in exchange for stock issuance 74,496 9,472
Unpaid property and equipment purchases 4,788 4,311
Property and equipment purchased through finance leases 3,665 2,537
Right of use assets acquired through operating leases $ 3,853 $ 4,333

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