Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (355,393) $ (407,080)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation and amortization expense 22,853 18,885
Stock-based compensation expense 96,016 53,577
(Gain)/Loss from change in the fair value of warrants, earnout shares and contingent consideration, net (102,667) 55,276
Non-cash interest expense, and amortization of debt discount and issuance costs 3,614 0
Loss on common stock issuance in private placement 0 40,258
Net accretion and amortization of investments in marketable debt securities (1,937) (5,132)
Changes in operating assets and liabilities    
Accounts and other receivables and prepaid expenses and other current assets (8,972) 13,343
Other non-current assets (333) 173
Accounts payable and accrued expenses and other current liabilities 58,113 12,053
Non-current liabilities (28,876) 1,114
Net cash used in operating activities (317,582) (217,533)
Cash flows from investing activities    
Purchases of marketable securities (814,141) (285,428)
Proceeds from sales and maturities of marketable securities 341,339 368,673
Purchases of property and equipment and other long-lived assets (106,559) (27,089)
Acquisitions, net of cash 39 0
Net cash provided by (used in) investing activities (579,322) 56,156
Cash flows from financing activities    
Gross proceeds from issuance of convertible notes 690,000 0
Convertible notes underwriting discounts and commissions and issuance costs (20,311) 0
Proceeds from mortgage loan 30,750 0
Payment for capped call transactions (63,273) 0
Proceeds from issuance of common stock in private placement, net 0 249,905
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 8,191 5,022
Proceeds from the exercise of stock options and warrants 70,690 964
Repayments of obligations under finance lease and tenant improvement loan (1,134) (859)
Net cash provided by financing activities 1,291,249 297,994
Net change in cash, cash equivalents and restricted cash 394,345 136,617
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 636,068 337,006
Reconciliation of cash, cash equivalents and restricted cash in balance sheets    
Cash and cash equivalents 629,861 336,313
Restricted cash 6,207 693
Cash, cash equivalents and restricted cash in balance sheets 636,068 337,006
Non-cash investing and financing activities    
Unpaid property and equipment purchases 2,014 5,460
Property and equipment purchased through finance leases 3,602 3,665
Right-of-use assets acquired through operating leases 3,496 1,990
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 44,529
Underwritten public offering and At-the-market public offering commission and offering expenses $ 0 $ (1,567)