Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:      
Net loss $ (125,937) $ (83,278)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 16,681 14,054  
Depreciation 1,298 1,243  
Non-cash finance lease expense 8,363 0  
Non-cash operating lease expense 2,718 4,842  
Accretion of operating lease liabilities 426 732  
Amortization of discount on investments (665) (1,430)  
Loss on foreign currency exchange rates 146 0  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (1,917) 738  
Other assets (1,314) (773)  
Accounts payable 3,256 (1,692)  
Accrued and other current liabilities 4,379 4,521  
Lease liabilities (3,170) (4,057)  
Accrued interest payable under finance lease (1) 0  
Net cash used in operating activities (95,737) (65,100)  
Cash flows from investing activities:      
Purchases of property and equipment (1,024) (1,835)  
Purchases of investments (99,037) 0  
Proceeds from maturities of investments 0 37,000  
Net cash (used in) provided by investing activities (100,061) 35,165  
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 2,595 5,746  
Proceeds from issuance of common stock in connection with the exercise of stock options 14 1,430  
Proceeds from issuance of common stock under employee stock purchase plan 197 129  
Principal payments on finance leases (4,349) 0  
Net cash provided by financing activities 92,015 7,305  
Effect of exchange rate changes on cash and cash equivalents 27 0  
Net decrease in cash and cash equivalents (103,756) (22,630)  
Cash and cash equivalents—beginning of period 163,962 193,238 $ 193,238
Cash and cash equivalents—end of period 60,206 170,608 $ 163,962
Supplemental disclosures      
Cash paid for interest 1,449 0  
Property and equipment purchases included in accounts payable and accrued expenses 0 383  
Right-of-use assets obtained in exchange for finance lease obligations 17,655 0  
Right-of-use assets obtained in exchange for operating lease obligations $ 0 $ 13,532