v3.26.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (88,612)	$ (64,053)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	15,582	10,456
Non-cash interest expense	1,381	1,436
Change in fair value of derivative liabilities	(1,455)	978
Depreciation and amortization expense	1,283	981
Loss on disposal of items of property and equipment	4,866
Changes in operating assets and liabilities:
Accounts receivable, net	6,303	7,167
Prepaid expenses and other current assets	(357)	3,934
Inventory	(173)	(229)
Accounts payable	3,719	7
Operating lease assets	(1,857)	117
Accrued expenses	(8,441)	(5,145)
Deferred revenue		(64)
Operating lease liabilities	1,768	(256)
Net cash used in operating activities	(65,993)	(44,671)
Cash flows from investing activities:
Purchases of property and equipment	(4,662)	(1,933)
Net cash used in investing activities	(4,662)	(1,933)
Cash flows from financing activities:
Proceeds from exercise of stock options	294	4,183
Net cash provided by financing activities	294	4,183
Net (decrease) increase in cash, cash equivalents and restricted cash	(70,361)	(42,421)
Cash, cash equivalents and restricted cash at beginning of period	738,674	393,716
Cash, cash equivalents and restricted cash at end of period	668,313	351,295
Supplemental disclosure of cash flow information:
Cash paid for interest	2,189	2,140
Supplemental disclosure of non-cash investing and financing activities:
Change in right-of-use asset as a result of new, modified, and terminated leases	2,512
Additions to property and equipment included in accounts payable and accrued expenses	$ 1,327	$ 564

Amount of increase (decrease) in the fair value of derivatives recognized in the income statement including accrued or paid royalty fees.

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