Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||
current assets: | ||||||||||||||||||||||
cash and cash equivalents | 281,080,000 | 306,744,000 | 346,850,000 | 387,878,000 | 1,050,189,000 | 518,670,000 | 611,512,000 | 397,451,000 | 545,134,000 | 531,033,000 | 380,451,000 | 834,657,000 | 278,401,000 | 238,173,000 | 201,741,000 | 68,985,000 | 112,044,000 | 150,996,000 | 198,939,000 | 386,200,000 | 397,048,000 | 410,046,000 |
short-term investments | 1,430,240,000 | 1,354,683,000 | 1,324,881,000 | 1,359,330,000 | 1,130,276,000 | 934,027,000 | 875,006,000 | 682,776,000 | 720,550,000 | 756,031,000 | 441,587,000 | 96,719,000 | 83,825,000 | 116,326,000 | 132,900,000 | 176,985,000 | 166,532,000 | 141,120,000 | 122,180,000 | |||
prepaid expenses and other current assets | 55,847,000 | 54,348,000 | 44,832,000 | 40,777,000 | 33,400,000 | 28,782,000 | 30,554,000 | 15,727,000 | 29,750,000 | 23,253,000 | 18,636,000 | 11,179,000 | 7,533,000 | 9,226,000 | 7,582,000 | 10,378,000 | 24,373,000 | 9,416,000 | 3,595,000 | 2,804,000 | 3,787,000 | 3,011,000 |
total current assets | 1,767,167,000 | 1,715,775,000 | 1,716,563,000 | 1,787,985,000 | 2,213,865,000 | 1,481,479,000 | 1,517,072,000 | 1,095,954,000 | 1,295,434,000 | 1,310,317,000 | 840,674,000 | 942,555,000 | 369,759,000 | 363,725,000 | 342,223,000 | 256,348,000 | 302,949,000 | 301,532,000 | 324,714,000 | 389,004,000 | 400,835,000 | 413,057,000 |
property and equipment | 253,486,000 | 242,266,000 | 217,155,000 | 198,045,000 | 163,243,000 | 125,973,000 | 84,835,000 | 79,626,000 | 11,431,000 | 16,420,000 | 15,205,000 | 10,360,000 | 9,947,000 | 10,176,000 | 10,138,000 | 7,954,000 | 6,626,000 | 5,657,000 | 4,994,000 | 3,272,000 | 2,539,000 | 2,753,000 |
operating lease right-of-use assets | 83,515,000 | 85,649,000 | 87,759,000 | 72,102,000 | 28,700,000 | 26,779,000 | 28,905,000 | 30,997,000 | 16,333,000 | 18,006,000 | 19,658,000 | 21,288,000 | 22,887,000 | 24,556,000 | 26,121,000 | 27,958,000 | 307,000 | 654,000 | 1,028,000 | |||
long-term investments | 959,256,000 | 1,165,091,000 | 1,279,031,000 | 1,387,510,000 | 1,092,574,000 | 399,243,000 | 413,247,000 | 162,675,000 | 168,564,000 | 153,726,000 | 127,815,000 | 26,549,000 | 3,977,000 | 6,862,000 | 17,697,000 | 27,117,000 | 39,735,000 | 48,835,000 | 49,754,000 | |||
restricted cash | 1,468,000 | 1,319,000 | 1,319,000 | 1,317,000 | 1,318,000 | 1,103,000 | 1,103,000 | 1,103,000 | 1,103,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | |||
other assets | 106,708,000 | 95,263,000 | 76,276,000 | 64,359,000 | 60,046,000 | 52,690,000 | 46,143,000 | 37,562,000 | 3,192,000 | 3,479,000 | 3,940,000 | 4,555,000 | 4,624,000 | 5,429,000 | 5,667,000 | 4,089,000 | 3,580,000 | 505,000 | 990,000 | 550,000 | 442,000 | 438,000 |
total noncurrent assets | 1,404,433,000 | 1,589,588,000 | 1,661,540,000 | 1,723,333,000 | 1,345,881,000 | 605,788,000 | 574,233,000 | 311,963,000 | 200,623,000 | 192,502,000 | 167,489,000 | 63,623,000 | 42,306,000 | 47,894,000 | 60,494,000 | 67,989,000 | 51,119,000 | 56,522,000 | 57,637,000 | |||
total assets | 3,171,600,000 | 3,305,363,000 | 3,378,103,000 | 3,511,318,000 | 3,559,746,000 | 2,087,267,000 | 2,091,305,000 | 1,407,917,000 | 1,496,057,000 | 1,502,819,000 | 1,008,163,000 | 1,006,178,000 | 412,065,000 | 411,619,000 | 402,717,000 | 324,337,000 | 354,068,000 | 358,054,000 | 382,351,000 | 392,826,000 | 403,816,000 | 416,248,000 |
liabilities and stockholders' equity | ||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||
accounts payable | 48,962,000 | 31,414,000 | 20,514,000 | 48,452,000 | 18,219,000 | 10,466,000 | 21,717,000 | 14,587,000 | 15,704,000 | 16,266,000 | 11,615,000 | 9,795,000 | 5,485,000 | 7,039,000 | 4,801,000 | 6,758,000 | 25,713,000 | 23,697,000 | 31,864,000 | 29,785,000 | 10,685,000 | 2,556,000 |
accrued compensation | 16,762,000 | 10,830,000 | 5,989,000 | 20,555,000 | 12,244,000 | 6,463,000 | 3,088,000 | 11,056,000 | 6,925,000 | 4,416,000 | 1,879,000 | 1,180,000 | 3,451,000 | 2,060,000 | 1,270,000 | 3,455,000 | 2,075,000 | 1,409,000 | 1,007,000 | 284,000 | 1,490,000 | 731,000 |
accrued contract manufacturing expenses | 103,959,000 | 73,726,000 | 38,323,000 | 36,159,000 | ||||||||||||||||||
accrued expenses | 24,592,000 | 32,214,000 | 26,042,000 | 29,123,000 | 30,753,000 | 22,153,000 | 54,171,000 | 59,815,000 | 15,021,000 | 19,180,000 | 18,351,000 | 15,375,000 | 13,678,000 | 9,894,000 | 7,744,000 | 8,787,000 | 12,027,000 | 7,531,000 | 5,774,000 | 3,766,000 | 2,870,000 | 3,297,000 |
operating lease liabilities — current | 5,771,000 | 6,302,000 | 6,128,000 | 5,891,000 | 9,637,000 | 7,293,000 | 7,202,000 | 7,113,000 | 6,028,000 | 5,986,000 | 5,947,000 | 5,910,000 | 6,426,000 | 6,644,000 | 6,578,000 | 5,276,000 | 613,000 | 710,000 | 833,000 | |||
total current liabilities | 200,046,000 | 154,486,000 | 96,996,000 | 140,180,000 | 123,790,000 | 82,847,000 | 87,104,000 | 145,338,000 | 85,558,000 | 60,216,000 | 52,747,000 | 40,525,000 | 39,309,000 | 30,467,000 | 27,249,000 | 28,716,000 | 47,461,000 | 40,704,000 | 55,016,000 | 46,861,000 | 39,612,000 | 32,894,000 |
operating lease liabilities — long-term | 78,672,000 | 79,543,000 | 81,081,000 | 65,219,000 | 18,322,000 | 18,288,000 | 20,218,000 | 22,111,000 | 7,781,000 | 9,222,000 | 10,638,000 | 12,031,000 | 13,356,000 | 14,560,000 | 15,832,000 | 11,507,000 | 553,000 | 225,000 | 295,000 | |||
total liabilities | 278,718,000 | 234,029,000 | 178,077,000 | 205,499,000 | 142,112,000 | 101,135,000 | 107,322,000 | 167,449,000 | 93,341,000 | 69,443,000 | 63,392,000 | 52,565,000 | 52,754,000 | 45,119,000 | 43,174,000 | 40,319,000 | 48,112,000 | 41,029,000 | 55,414,000 | 46,983,000 | 39,741,000 | 33,038,000 |
commitments and contingencies | ||||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2025 and december 31, 2024; no shares issued and outstanding at september 30, 2025 and december 31, 2024 | ||||||||||||||||||||||
common stock | 133,000 | 133,000 | 132,000 | 128,000 | 127,000 | 114,000 | 112,000 | 98,000 | 98,000 | 97,000 | 84,000 | 82,000 | 64,000 | 62,000 | 59,000 | 56,000 | 56,000 | 55,000 | 54,000 | 54,000 | 54,000 | 54,000 |
additional paid-in capital | 4,800,333,000 | 4,768,698,000 | 4,729,253,000 | 4,697,883,000 | 4,668,607,000 | 3,132,318,000 | 3,000,394,000 | 2,164,583,000 | 2,148,499,000 | 2,086,727,000 | 1,527,228,000 | 1,476,018,000 | 803,980,000 | 753,501,000 | 697,944,000 | 582,844,000 | 575,990,000 | 560,441,000 | 546,714,000 | 544,353,000 | 541,848,000 | 539,965,000 |
accumulated other comprehensive loss | 856,000 | -1,887,000 | -2,290,000 | -2,521,000 | -361,000 | -657,000 | -904,000 | -833,000 | -241,000 | -12,000 | -8,000 | -47,000 | ||||||||||
accumulated deficit | -1,908,440,000 | -1,695,610,000 | -1,529,037,000 | -1,388,319,000 | -1,251,239,000 | -1,148,115,000 | -1,019,412,000 | -924,392,000 | -743,591,000 | -650,927,000 | -582,588,000 | -522,126,000 | -444,076,000 | -386,159,000 | -337,627,000 | -298,641,000 | -270,078,000 | -243,463,000 | -219,784,000 | -198,564,000 | -177,827,000 | -156,809,000 |
total stockholders' equity | 2,892,882,000 | 3,071,334,000 | 3,200,026,000 | 3,305,819,000 | 3,417,634,000 | 1,986,132,000 | 1,983,983,000 | 1,240,468,000 | 1,402,716,000 | 1,433,376,000 | 944,771,000 | 953,613,000 | 359,311,000 | 366,500,000 | 359,543,000 | 284,018,000 | 305,956,000 | 317,025,000 | 326,937,000 | 345,843,000 | 364,075,000 | 383,210,000 |
total liabilities and stockholders' equity | 3,171,600,000 | 3,305,363,000 | 3,378,103,000 | 3,511,318,000 | 3,559,746,000 | 2,087,267,000 | 2,091,305,000 | 1,407,917,000 | 1,496,057,000 | 1,502,819,000 | 1,008,163,000 | 1,006,178,000 | 412,065,000 | 411,619,000 | 402,717,000 | |||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2025 and december 31, 2024; no shares issued and outstanding at june 30, 2025 and december 31, 2024 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2025 and december 31, 2024; no shares issued and outstanding at march 31, 2025 and december 31, 2024 | ||||||||||||||||||||||
accumulated other comprehensive gain | -322,000 | 139,000 | 1,815,000 | 2,889,000 | 47,000 | |||||||||||||||||
other liabilities | 100,000 | 2,000 | 5,000 | 7,000 | 9,000 | 89,000 | 92,000 | 93,000 | 96,000 | 98,000 | 100,000 | 103,000 | 112,000 | 128,000 | 136,000 | |||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2024 and december 31, 2023; no shares issued and outstanding at december 31, 2024 and december 31, 2023 | ||||||||||||||||||||||
accumulated other comprehensive income | -3,873,000 | 179,000 | ||||||||||||||||||||
accrued manufacturing expenses | 52,937,000 | 36,472,000 | 926,000 | 52,767,000 | 41,880,000 | 14,368,000 | 14,955,000 | 8,265,000 | 10,269,000 | 4,830,000 | 6,856,000 | 4,440,000 | 7,033,000 | 7,357,000 | 15,538,000 | 13,012,000 | 24,540,000 | 26,285,000 | ||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2024 and december 31, 2023; no shares issued and outstanding at september 30, 2024 and december 31, 2023 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2024 and december 31, 2023; no shares issued and outstanding at june 30, 2024 and december 31, 2023 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2024 and december 31, 2023; no shares issued and outstanding at march 31, 2024 and december 31, 2023 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2023 and december 31, 2022; no shares issued and outstanding at december 31, 2023 and december 31, 2022 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2023 and december 31, 2022; no shares issued and outstanding at september 30, 2023 and december 31, 2022 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2023 and december 31, 2022; no shares issued and outstanding at june 30, 2023 and december 31, 2022 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2023 and december 31, 2022; no shares issued and outstanding at march 31, 2023 and december 31, 2022 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2022 and december 31, 2021; no shares issued and outstanding at december 31, 2022 and december 31, 2021 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2022 and december 31, 2021; no shares issued and outstanding at september 30, 2022 and december 31, 2021 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2022 and december 31, 2021; no shares issued and outstanding at june 30, 2022 and december 31, 2021 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2022 and december 31, 2021; no shares issued and outstanding at march 31, 2022 and december 31, 2021 | ||||||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' equity | ||||||||||||||||||||||
deferred rent — current | ||||||||||||||||||||||
deferred rent — long-term | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2021 and december 31, 2020; no shares issued and outstanding at december 31, 2021 and december 31, 2020 | ||||||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders' equity | 324,337,000 | 354,068,000 | 358,054,000 | 382,351,000 | 392,826,000 | 403,816,000 | 416,248,000 | |||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2021 and december 31, 2020; no shares issued and outstanding at september 30, 2021 and december 31, 2020 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2021 and december 31, 2020; no shares issued and outstanding at june 30, 2021 and december 31, 2020 | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2021 and december 31, 2020; no shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively | ||||||||||||||||||||||
deferred rent — current portion | 14,000 | 27,000 | 25,000 | |||||||||||||||||||
lease liability — current portion | ||||||||||||||||||||||
deferred rent — long-term portion | 10,000 | 1,000 | 8,000 | |||||||||||||||||||
redeemable convertible preferred stock | ||||||||||||||||||||||
series a redeemable convertible preferred stock, 0.001 par value; no and 10,502,804 shares authorized at december 31, 2020 and december 31, 2019, respectively; no and 6,225,719 shares issued and outstanding at december 31, 2020 and december 31, 2019, respectively; liquidation value of 0 and 26,887 at december 31, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series b redeemable convertible preferred stock, 0.001 par value; no and 11,449,515 shares authorized at december 31, 2020 and december 31, 2019, respectively; no and 6,786,896 shares issued and outstanding at december 31, 2020 and december 31, 2019, respectively; liquidation value of 0 and 60,150 at december 31, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series c redeemable convertible preferred stock, 0.001 par value; no and 14,010,043 shares authorized at december 31, 2020 and december 31, 2019, respectively; no and 7,377,480 shares issued and outstanding at december 31, 2020 and december 31, 2019, respectively; liquidation value of 0 and 85,000 at december 31, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 and no shares authorized at december 31, 2020 and december 31, 2019, respectively; no shares issued and outstanding at december 31, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series a redeemable convertible preferred stock, 0.001 par value; 10,502,804 shares authorized at september 30, 2020 and december 31, 2019; no and 6,225,719 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively; liquidation value of 0 and 26,887 at september 30, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series b redeemable convertible preferred stock, 0.001 par value; 11,449,515 shares authorized at september 30, 2020 and december 31, 2019; no and 6,786,896 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively; liquidation value of 0 and 60,150 at september 30, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series c redeemable convertible preferred stock, 0.001 par value; 12,545,824 and 14,010,043 shares authorized at september 30, 2020 and december 31, 2019, respectively; no and 7,377,480 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively; liquidation value of 0 and 85,000 at september 30, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 and no shares authorized at september 30, 2020 and december 31, 2019, respectively; no shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series a redeemable convertible preferred stock, 0.001 par value; 10,502,804 shares authorized at june 30, 2020 and december 31, 2019; no and 6,225,719 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively, liquidation value of 0 and 26,887 at june 30, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series b redeemable convertible preferred stock, 0.001 par value; 11,449,515 shares authorized at june 30, 2020 and december 31, 2019; no and 6,786,896 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively, liquidation value of 0 and 60,150 at june 30, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||
series c redeemable convertible preferred stock, 0.001 par value; 12,545,824 and 14,010,043 shares authorized at june 30, 2020 and december 31, 2019, respectively, no and 7,377,480 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively, liquidation value of 0 and 85,000 at june 30, 2020 and december 31, 2019, respectively |
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