Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net loss $ (94,533) $ (81,071)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 10,755 10,866  
Depreciation 708 953  
Non-cash finance lease expense 7,023 4,884  
Non-cash operating lease expense 1,962 1,787  
Accretion of operating lease liabilities 177 309  
Amortization of discount on investments (368) (35)  
Loss on foreign currency exchange rates 103 61  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (658) (1,012)  
Other assets (1,048) (209)  
Accounts payable (1,177) 2,186  
Accrued and other current liabilities (4,684) 2,067  
Lease liabilities (2,114) (2,114)  
Accrued interest payable under finance lease (221) 100  
Net cash used in operating activities (84,075) (61,228)  
Cash flows from investing activities:      
Proceeds from maturities of investments 50,960 0  
Purchases of investments 0 (49,035)  
Purchases of property and equipment 0 (946)  
Net cash provided by (used in) investing activities 50,960 (49,981)  
Cash flows from financing activities:      
Issuance of common stock, net of issuance costs of $9,801 140,201 0  
Issuance of common stock from ATM offering, net of sales agent commission and fees 28,730 2,595  
Proceeds from issuance of common stock upon exercise of common stock warrants 13,188 0  
Proceeds from the issuance of common stock, warrants and pre-funded warrants, net of issuance costs 0 93,583  
Proceeds from issuance of common stock in connection with the exercise of stock options 66 0  
Proceeds from issuance of common stock under employee stock purchase plan 160 197  
Principal payments on finance leases (7,091) (3,554)  
Net cash provided by financing activities 175,254 92,821  
Effect of exchange rate changes on cash and cash equivalents (20) 38  
Net increase (decrease) in cash and cash equivalents 142,119 (18,350)  
Cash and cash equivalents—beginning of period 82,982 163,962 $ 163,962
Cash and cash equivalents—end of period 225,101 145,612 $ 82,982
Supplemental disclosures      
Cash paid for interest 1,374 765  
Property and equipment purchases included in accounts payable and accrued expenses 265 43  
Offering costs included in accounts payable and accrued expenses 0 25  
Right-of-use assets obtained in exchange for finance lease obligations 4,046 14,934  
Right-of-use assets obtained in exchange for operating lease obligations $ 4,213 $ 0