Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (82,406) $ (94,587)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization expense 9,132 8,507
Stock-based compensation expense 27,019 27,017
Gain from change in the fair value of warrants and earnout shares (71,020) (39,027)
Net accretion of investments in marketable debt securities (3,698) (5,492)
Changes in operating assets and liabilities    
Other receivables and prepaid expenses and other current assets 7,263 (4,230)
Other non-current assets (1,073) (234)
Accounts payable and accrued and other current liabilities 1,463 1,243
Non-current liabilities 2,350 168
Net cash used in operating activities (110,970) (106,635)
Cash flows from investing activities    
Purchases of marketable securities (126,857) (160,033)
Proceeds from sales and maturities of marketable securities 173,399 179,546
Purchases of property and equipment (14,952) (6,885)
Net cash provided by investing activities 31,590 12,628
Cash flows from financing activities    
At-the-market public offering gross proceeds 2,074 0
At-the-market public offering commission and offering expenses (81) 0
Proceeds from the exercise of stock options and warrants issuance 543 1,010
Repayments of tenant improvement loan and obligations under finance lease (493) (472)
Net cash provided by financing activities 2,043 538
Net change in cash, cash equivalents and restricted cash (77,337) (93,469)
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 123,052 111,310
Reconciliation of cash, cash equivalents and restricted cash to balance sheets    
Cash and cash equivalents 122,290 110,548
Restricted cash 762 762
Cash, cash equivalents and restricted cash 123,052 111,310
Non-cash investing and financing activities    
Unpaid property and equipment purchases 4,678 1,865
Property and equipment purchased through finance leases 2,918 849
Right of use assets acquired through operating leases $ 1,560 $ 1,399