Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net loss $ (147,586) $ (125,937)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 16,019 16,681  
Depreciation 1,055 1,298  
Non-cash finance lease expense 10,253 8,363  
Non-cash operating lease expense 2,937 2,718  
Accretion of operating lease liabilities 312 426  
Amortization of discount on investments (368) (665)  
Loss on foreign currency exchange rates 81 146  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (5,192) (1,917)  
Other assets (3,407) (1,314)  
Accounts payable 2,240 3,256  
Accrued and other current liabilities 452 4,379  
Lease liabilities (3,234) (3,170)  
Accrued interest payable under finance lease (381) (1)  
Net cash used in operating activities (126,819) (95,737)  
Cash flows from investing activities:      
Proceeds from maturities of investments 50,960 0  
Purchases of investments 0 (99,037)  
Purchases of property and equipment (142) (1,024)  
Net cash provided by (used in) investing activities 50,818 (100,061)  
Cash flows from financing activities:      
Proceeds from the issuance of common stock, net of issuance costs 140,201 0  
Proceeds from issuance of common stock upon exercise of common stock warrants 128,217 0  
Proceeds from the issuance of common stock, warrants and pre-funded warrants, net of issuance costs 0 93,558  
Issuance of common stock from ATM offering, net of sales agent commission and fees 34,714 2,595  
Proceeds from issuance of common stock in connection with the exercise of stock options 167 14  
Proceeds from issuance of common stock under employee stock purchase plan 160 197  
Principal payments on finance leases (11,019) (4,349)  
Net cash provided by financing activities 292,440 92,015  
Effect of exchange rate changes on cash and cash equivalents (38) 27  
Net increase (decrease) in cash and cash equivalents 216,401 (103,756)  
Cash and cash equivalents—beginning of period 82,982 163,962 $ 163,962
Cash and cash equivalents—end of period 299,383 60,206 $ 82,982
Supplemental disclosures      
Cash paid for interest 2,047 1,449  
Right-of-use assets obtained in exchange for finance lease obligations 7,273 17,655  
Right-of-use assets obtained in exchange for operating lease obligations $ 4,213 $ 0