v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (140,423) $ (72,230)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 93 219
Stock-based compensation expense 16,556 20,353
Non-cash operating lease expense 506 454
Amortization of premiums and discounts on marketable securities, net (2,216) (1,615)
Non-cash collaboration and license agreement expense 0 2,500
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 6,917 (1,257)
Accounts payable 16,304 2,189
Accrued expenses (4,806) 2,593
Operating lease liabilities (614) (549)
Deferred revenue 0 (789)
Other (3) (3)
Net cash used in operating activities (107,686) (48,135)
Cash flows from investing activities:    
Purchases of property and equipment (56) 0
Purchases of marketable securities (158,404) (290,142)
Maturities of marketable securities 125,290 3,000
Net cash used in investing activities (33,170) (287,142)
Cash flows from financing activities:    
Payments of tax withholdings related to vesting of restricted stock units (1,218) (150)
Proceeds from exercise of stock options and employee stock purchase plan purchases 854 458
Net cash provided by financing activities 82,899 399,120
Increase (decrease) in cash, cash equivalents and restricted cash (57,957) 63,843
Cash, cash equivalents and restricted cash, beginning of period 215,788 81,716
Cash, cash equivalents and restricted cash, end of period 157,831 145,559
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 157,415 145,143
Restricted cash 416 416
Total cash, cash equivalents and restricted cash 157,831 145,559
Supplemental disclosures of non-cash activities:    
Purchase of property and equipment included in accrued expenses 64 0
Issuance costs from at-the-market offering included in accounts payable and accrued expenses 0 134
Offering costs from follow-on offering included in accounts payable 0 108
Follow-On Offering    
Cash flows from financing activities:    
Proceeds from stock offerings, net of issuance costs 0 377,744
License And Collaboration Agreement    
Cash flows from financing activities:    
Proceeds from stock offerings, net of issuance costs 0 14,765
At-The-Market Offering    
Cash flows from financing activities:    
Proceeds from stock offerings, net of issuance costs $ 83,263 $ 6,303