Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (167,856) $ (115,864)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 20,939 19,465
Depreciation 1,646 1,711
Non-cash finance lease expense 11,697 3,102
Non-cash operating lease expense 3,671 2,838
Accretion of operating lease liabilities 532 405
Amortization of discount on investments (1,555) (1,528)
Loss on foreign currency exchange rates 225 38
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,559) 528
Other assets (2,866) (584)
Accounts payable 1,550 1,011
Accrued and other current liabilities 7,432 3,947
Lease liabilities (4,227) (3,291)
Accrued interest payable under finance lease 291 0
Net cash used in operating activities (131,080) (88,222)
Cash flows from investing activities:    
Purchases of property and equipment (1,229) (2,211)
Purchases of investments (99,037) 0
Proceeds from maturities of investments 50,000 49,500
Net cash (used in) provided by investing activities (50,266) 47,289
Cash flows from financing activities:    
Proceeds from the issuance of common stock, warrants and pre-funded warrants, net of issuance costs 93,558 0
Issuance of common stock from ATM offering, net of sales agent commission and fees 12,745 10,875
Proceeds from the issuance of common stock under employee stock purchase plan 291 269
Proceeds from issuance of common stock in connection with the exercise of stock options 14 1,430
Principal payments on finance leases (6,261) (897)
Net cash provided by financing activities 100,347 11,677
Effect of exchange rate changes on cash and cash equivalents 19 (20)
Net decrease in cash and cash equivalents (80,980) (29,276)
Cash and cash equivalents—beginning of year 163,962 193,238
Cash and cash equivalents—end of year 82,982 163,962
Supplemental disclosures    
Cash paid for interest 1,713 748
Property and equipment purchases included in accounts payable and accrued expenses 0 404
Right-of use assets obtained in exchange for lease obligations 21,071 10,963
Right-of-use assets obtained in exchange for operating lease obligations $ 787 $ 4,242