v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (111,866) $ (211,337)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 15,660 30,865
Premium on marketable securities (295) (135)
Amortization of discount on marketable securities (1,423) (3,491)
Depreciation expense 216 647
Changes in operating assets and liabilities:    
Collaboration receivable - related party (7,136) 73,066
Other receivable (8,105) 0
Prepaid expenses and other current assets (1,389) 3,082
Other long-term assets 1,072 248
Right-of-use operating asset 796 3,238
Operating lease liabilities, current 560 (3,754)
Operating lease liabilities, non-current (975) 0
Accounts payable (12,007) (1,668)
Accrued expenses and other liabilities (15,526) (9,030)
Net cash used in operating activities (140,418) (118,269)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 283,376 398,986
Purchases of marketable securities (156,575) (259,936)
Net cash provided by investing activities 126,801 139,050
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 242 1,585
Payments of offering costs   (117)
Proceeds from public offerings of common stock, net of commissions and underwriting discounts   8,163
Payment of employee tax obligations related to vesting of restricted stock units (159) (3)
Net cash provided by financing activities 83 9,628
Net increase (decrease) in cash, cash equivalents and restricted cash (13,534) 30,409
Cash, cash equivalents and restricted cash at beginning of period 82,471 72,324
Cash, cash equivalents and restricted cash at end of period 68,937 102,733
Reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets    
Cash and cash equivalents 67,487 99,901
Restricted cash 1,450 2,832
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 68,937 $ 102,733