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 $ (86,912) $ (48,542)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 10,220 12,688
Non-cash interest expense and amortization of debt issuance costs 103 123
Depreciation and amortization 117 145
Accretion and amortization of premiums and discounts on available-for-sale securities (2,320) (4,663)
Non-cash lease expense (6) (16)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 285 (4,474)
Deferred revenue - related party (72) (72)
Accounts payable 1,765 482
Accrued and other liabilities (15,833) (894)
Net cash used in operating activities (92,653) (45,223)
Cash flows from investing activities:    
Purchases of short-term investments (71,243) (225,609)
Proceeds from maturities of short-term investments 171,391 82,564
Purchase of property and equipment (86) 0
Net cash (used in) provided by investing activities 100,062 (143,045)
Cash flows from financing activities:    
Proceeds from the issuance of common stock upon the exercise of warrants 1,618 0
Proceeds from the issuance of common stock upon the exercise of stock options 2,297 838
Proceeds from the issuance of common stock for cash under employee stock purchase plan 561 356
Net cash provided by financing activities 9,212 177,082
Net increase (decrease) in cash and cash equivalents 16,621 (11,186)
Cash and cash equivalents at beginning of period 99,594 102,827
Cash and cash equivalents at end of period 116,215 91,641
Supplemental disclosure of cash flow information    
Cash paid for interest 448 452
Supplemental disclosure of non-cash investing and financing activities    
Conversion of preferred stock to common stock 0 6,806
Unpaid common stock issuance costs included in accounts payable and accrued liabilities 0 100
January 2024 Public Offering    
Cash flows from financing activities:    
Proceeds from the issuance of common stock 0 150,000
September 2022 ATM Agreement    
Cash flows from financing activities:    
Proceeds from the issuance of common stock 4,943 36,265
Common Stock    
Cash flows from financing activities:    
Payments of issuance costs associated with the sale of common stock (207) (10,377)
Common Stock | September 2022 ATM Agreement    
Cash flows from financing activities:    
Proceeds from the issuance of common stock $ 4,800 $ 35,200