v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (62,214) $ (108,483)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,927 13,698
Premium on marketable securities (137) (23)
Amortization of discount on marketable securities (981) (1,554)
Depreciation expense 112 336
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,144) 5,237
Collaboration receivable - related party (1,595) 72,500
Other long-term assets 220 332
Right-of-use operating asset 396 1,601
Operating lease liabilities, current 494 (1,859)
Operating lease liabilities, non-current (475) 0
Accounts payable (7,264) (3,839)
Accrued expenses and other liabilities (15,067) (15,778)
Net cash used in operating activities (81,728) (37,832)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 133,756 201,054
Purchases of marketable securities (87,973) (61,618)
Net cash provided by investing activities 45,783 139,436
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 242 1,559
Payment of employee tax obligations related to vesting of restricted stock units (94) (2)
Net cash provided by financing activities 148 1,557
Net increase (decrease) in cash, cash equivalents and restricted cash (35,797) 103,161
Cash, cash equivalents and restricted cash at beginning of period 82,471 72,324
Cash, cash equivalents and restricted cash at end of period 46,674 175,485
Reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets    
Cash and cash equivalents 45,224 172,653
Restricted cash 1,450 2,832
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 46,674 $ 175,485