v3.25.2
Condensed Statements of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES        
Net loss $ (49,937,000) $ (44,348,000) $ (134,435,000) $ (80,159,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation expense     12,134,000 8,206,000
Amortization of operating lease right-of-use assets     1,080,000 2,762,000
Depreciation 40,000 600,000 712,000 1,165,000
Impairment of long-lived assets 2,163,000 0 10,197,000 0
Acquired in-process research and development     665,000 150,000
Accretion on investments in marketable securities     (1,478,000) (3,636,000)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     316,000 (973,000)
Other non-current assets     5,311,000 13,000
Accounts payable     6,533,000 2,323,000
Accrued clinical and research and development expenses     (11,721,000) 6,130,000
Accrued expenses and other current liabilities     (8,590,000) (1,132,000)
Accrued restructuring costs     10,646,000  
Operating lease liabilities     (6,447,000) (79,000)
Net cash used in operating activities     (115,077,000) (65,230,000)
INVESTING ACTIVITIES        
Purchases of marketable securities     (81,687,000) (360,382,000)
Proceeds from sales and maturities of marketable securities     241,756,000 73,799,000
Purchase of property and equipment     (481,000) (2,752,000)
Purchase of in-process research and development     (1,188,000) (830,000)
Net cash provided by (used in) investing activities     158,400,000 (290,165,000)
FINANCING ACTIVITIES        
Proceeds from issuance of common stock in private placement, net of issuance costs       103,269,000
Proceeds from exercise of stock options     43,000 106,000
Payment of deferred initial public offering costs       (105,000)
Payment of transaction costs for exchange of common stock for warrants       (25,000)
Net cash provided by financing activities     43,000 103,245,000
Net increase (decrease) in cash, cash equivalents and restricted cash     43,366,000 (252,150,000)
Cash, cash equivalents, and restricted cash at beginning of period     64,947,000 406,299,000
Cash, cash equivalents, and restricted cash at end of period 108,313,000 154,149,000 108,313,000 154,149,000
Cash, cash equivalents, and restricted cash at end of period 108,313,000 154,149,000 108,313,000 154,149,000
COMPONENTS OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH        
Cash and cash equivalents 107,746,000 153,582,000 107,746,000 153,582,000
Restricted Cash 567,000 567,000 567,000 567,000
Total cash, cash equivalents, and restricted cash $ 108,313,000 $ 154,149,000 $ 108,313,000 154,149,000
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES        
Exchange of common stock for pre-funded warrants       37,600,000
Purchase of property and equipment in accounts payable and accrued expenses and other current liabilities       754,000
In-process research and development costs in accounts payable and accrued clinical and research and development expenses       493,000
Deferred issuance costs related to the private placement, included in accounts payable, accrued expenses and other current liabilities       $ 381,000