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
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income (loss) $ (407,080) $ (217,879)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization expense 18,885 17,192
Stock-based compensation expense 53,577 55,387
Loss (Gain) from change in the fair value of warrants and earnout shares 55,276 (48,841)
Loss on common stock issuance in private placement 40,258 0
Net accretion of investments in marketable debt securities (5,132) (9,472)
Changes in operating assets and liabilities    
Other receivables and prepaid expenses and other current assets 13,343 (7,579)
Other non-current assets 173 795
Accounts payable and accrued and other current liabilities 12,053 5,878
Non-current liabilities 1,114 (952)
Net cash used in operating activities (217,533) (205,471)
Cash flows from investing activities    
Purchases of marketable securities (285,428) (169,931)
Proceeds from sales and maturities of marketable securities 368,673 356,541
Purchases of property and equipment (27,089) (15,339)
Net cash provided by investing activities 56,156 171,271
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 44,529 0
At-the-market public offering commission and offering expenses (1,567) 0
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 5,022 4,942
Proceeds from the exercise of stock options and warrants issuance 964 1,291
Repayments of tenant improvement loan and obligations under finance lease (859) (950)
Net cash provided by financing activities 297,994 5,283
Net change in cash, cash equivalents and restricted cash 136,617 (28,917)
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 337,006 175,862
Reconciliation of cash, cash equivalents and restricted cash to balance sheets    
Cash and cash equivalents 336,313 175,100
Restricted cash 693 762
Cash, cash equivalents and restricted cash 337,006 175,862
Non-cash investing and financing activities    
Net assets acquired in exchange for stock issuance 0 9,472
Unpaid property and equipment purchases 5,460 2,179
Property and equipment purchased through finance leases 3,665 1,365
Right of use assets acquired through operating leases $ 1,990 $ 1,550