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, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (109,950) $ (82,406)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization expense 10,988 9,132
Stock-based compensation expense 44,045 27,019
Gain from change in the fair value of warrants, earnout shares and contingent consideration, net (106,014) (71,020)
Non-cash interest expense, and amortization of debt discount and issuance costs 685 0
Net accretion and amortization of investments in marketable debt securities (1,546) (3,698)
Changes in operating assets and liabilities    
Accounts and other receivables and prepaid expenses and other current assets (3,990) 7,263
Other non-current assets (1,090) (1,073)
Accounts payable and accrued expenses and other current liabilities 50,217 1,463
Non-current liabilities (27,784) 2,350
Net cash used in operating activities (144,439) (110,970)
Cash flows from investing activities    
Purchases of marketable securities (555,796) (126,857)
Proceeds from sales and maturities of marketable securities 128,190 173,399
Purchases of property and equipment (77,920) (14,952)
Acquisitions, net of cash 39 0
Net cash provided by (used in) investing activities (505,487) 31,590
Cash flows from financing activities    
Gross proceeds from issuance of convertible notes 690,000 0
Convertible notes underwriting discounts and commissions and issuance costs (20,211) 0
Proceeds from mortgage loan 30,750 0
Proceeds from the exercise of stock options and warrants issuance 70,541 543
Payment for capped call transactions (63,273) 0
Repayments of obligations under finance lease and tenant improvement loan (557) (493)
Net cash provided by financing activities 1,283,586 2,043
Net change in cash, cash equivalents and restricted cash 633,660 (77,337)
Cash, cash equivalents and restricted cash, at the beginning of the period 241,723 200,389
Cash, cash equivalents and restricted cash, at the end of the period 875,383 123,052
Reconciliation of cash, cash equivalents and restricted cash in balance sheets    
Cash and cash equivalents 874,524 122,290
Restricted cash 859 762
Cash, cash equivalents and restricted cash in balance sheets 875,383 123,052
Non-cash investing and financing activities    
Unpaid property and equipment purchases 2,432 4,678
Property and equipment purchased through financing leases 2,972 2,918
Right of use assets acquired through operating leases 2,209 1,560
Underwritten Public Offering    
Cash flows from financing activities    
Proceeds from issuance of common stock 600,000 0
Underwritten public offering and At-the-market public offering commission and offering expenses (23,664) 0
At-The-Market Public Offering    
Cash flows from financing activities    
Proceeds from issuance of common stock 0 2,074
Underwritten public offering and At-the-market public offering commission and offering expenses $ 0 $ (81)