Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Private Placement Warrants
Public Warrants
At-The-Market Public Offering
Private Placement
Common Stock
Common Stock
Private Placement Warrants
Common Stock
Public Warrants
Common Stock
At-The-Market Public Offering
Common Stock
Private Placement
Additional Paid-In Capital
Additional Paid-In Capital
Private Placement Warrants
Additional Paid-In Capital
Public Warrants
Additional Paid-In Capital
At-The-Market Public Offering
Additional Paid-In Capital
Private Placement
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Common stock, beginning balance (in shares) at Dec. 31, 2024           784,176,364                      
Beginning balance at Dec. 31, 2024 $ 912,363         $ 78         $ 2,768,605         $ (1,855,737) $ (583)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net loss (82,406)                             (82,406)  
Stock-based compensation 27,019                   27,019            
Issuance of common stock upon exercise of stock options (in shares)           807,475                      
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 547                   547            
Issuance of common stock upon the release of restricted stock units (in shares)           4,063,821                      
Issuance of common stock (in shares)                 246,167                
Issuance of common stock       $ 1,994         $ 1         $ 1,993      
Vesting of common stock issued in private placement and early exercised stock options 13                   13            
Other comprehensive income (loss) (89)                               (89)
Common stock, ending balance (in shares) at Mar. 31, 2025           789,293,827                      
Ending balance at Mar. 31, 2025 859,441         $ 79         2,798,177         (1,938,143) (672)
Common stock, beginning balance (in shares) at Dec. 31, 2024           784,176,364                      
Beginning balance at Dec. 31, 2024 912,363         $ 78         2,768,605         (1,855,737) (583)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net loss (407,080)                                
Common stock, ending balance (in shares) at Jun. 30, 2025           850,621,503                      
Ending balance at Jun. 30, 2025 898,292         $ 85         3,161,578         (2,262,817) (554)
Common stock, beginning balance (in shares) at Mar. 31, 2025           789,293,827                      
Beginning balance at Mar. 31, 2025 859,441         $ 79         2,798,177         (1,938,143) (672)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net loss (324,674)                             (324,674)  
Stock-based compensation 26,558                   26,558            
Issuance of common stock upon exercise of stock options (in shares)           886,924                      
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 421                   421            
Issuance of common stock upon the release of restricted stock units (in shares)           3,736,901                      
Issuance of common stock (in shares)                 5,853,452 49,701,790              
Issuance of common stock       40,968 $ 290,163       $ 1 $ 5       40,967 $ 290,158    
Issuance of common stock under the Employee Stock Purchase Plan (in shares)           1,148,609                      
Issuance of common stock under the Employee Stock Purchase Plan 5,022                   5,022            
Vesting of common stock issued in private placement and early exercised stock options 275                   275            
Other comprehensive income (loss) 118                               118
Common stock, ending balance (in shares) at Jun. 30, 2025           850,621,503                      
Ending balance at Jun. 30, 2025 $ 898,292         $ 85         3,161,578         (2,262,817) (554)
Common stock, beginning balance (in shares) at Dec. 31, 2025 915,076,698         915,076,698                      
Beginning balance at Dec. 31, 2025 $ 1,409,713         $ 91         4,193,684         (2,785,579) 1,517
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net loss (109,950)                             (109,950)  
Stock-based compensation 41,161                   41,161            
Issuance of common stock upon exercise of stock options (in shares)           691,952                      
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 512                   512            
Issuance of common stock upon the release of restricted stock units (in shares)           5,003,139                      
Issuance of common stock (in shares)                 52,863,437                
Issuance of common stock       $ 576,336         $ 6         $ 576,330      
Issuance of common stock upon exercise of warrants (in shares)             7,000,000 3,174                  
Issuance of common stock upon exercise of warrants   $ 70,000 $ 47       $ 1         $ 69,999 $ 47        
Reclassification of Delta warrant liability upon exercise 37,870                   37,870            
Payment for capped call transactions (63,273)                   (63,273)            
Other comprehensive income (loss) (4,705)                               (4,705)
Common stock, ending balance (in shares) at Mar. 31, 2026           980,638,400                      
Ending balance at Mar. 31, 2026 $ 1,957,711         $ 98         4,856,330         (2,895,529) (3,188)
Common stock, beginning balance (in shares) at Dec. 31, 2025 915,076,698         915,076,698                      
Beginning balance at Dec. 31, 2025 $ 1,409,713         $ 91         4,193,684         (2,785,579) 1,517
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net loss $ (355,393)                                
Common stock, ending balance (in shares) at Jun. 30, 2026 986,521,249         986,521,249                      
Ending balance at Jun. 30, 2026 $ 1,766,723         $ 99         4,913,728         (3,140,972) (6,132)
Common stock, beginning balance (in shares) at Mar. 31, 2026           980,638,400                      
Beginning balance at Mar. 31, 2026 1,957,711         $ 98         4,856,330         (2,895,529) (3,188)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net loss (245,443)                             (245,443)  
Stock-based compensation 49,056                   49,056            
Issuance of common stock upon exercise of stock options (in shares)           429,542                      
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options 149                   149            
Issuance of common stock upon the release of restricted stock units (in shares)           4,259,555                      
Issuance of common stock upon exercise of warrants (in shares)               297                  
Issuance of common stock upon exercise of warrants     $ 3                   $ 3        
Issuance of common stock under the Employee Stock Purchase Plan (in shares)           1,193,455                      
Issuance of common stock under the Employee Stock Purchase Plan 8,191         $ 1         8,190            
Other comprehensive income (loss) $ (2,944)                               (2,944)
Common stock, ending balance (in shares) at Jun. 30, 2026 986,521,249         986,521,249                      
Ending balance at Jun. 30, 2026 $ 1,766,723         $ 99         $ 4,913,728         $ (3,140,972) $ (6,132)