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 $ (187,647) $ (113,535)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 21,064 24,455
Non-cash interest expense and amortization of debt issuance costs 206 246
Depreciation and amortization 230 287
Accretion and amortization of premiums and discounts on available-for-sale securities (3,872) (9,071)
Non-cash lease expense (17) 167
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 5,479 (1,346)
Unbilled revenue - related party 0 (102)
Deferred revenue - related party (144) (144)
Accounts payable 6,396 920
Accrued and other liabilities (9,721) 6,638
Net cash used in operating activities (168,026) (91,281)
Cash flows from investing activities:    
Purchases of short-term investments (126,998) (284,867)
Proceeds from maturities of short-term investments 302,906 203,902
Purchase of property and equipment (128) (104)
Net cash provided by (used in) investing activities 175,780 (81,069)
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 3,060 1,048
Proceeds from the issuance of common stock for cash under employee stock purchase plan 561 356
Net cash provided by financing activities 9,976 177,190
Net increase in cash and cash equivalents 17,730 4,840
Cash and cash equivalents at beginning of period 99,594 102,827
Cash and cash equivalents at end of period 117,324 107,667
Supplemental disclosure of cash flow information    
Cash paid for interest 905 910
Supplemental disclosure of non-cash investing and financing activities    
Conversion of preferred stock to common stock 0 6,806
Purchase of property and equipment in accounts payable and accrued liabilities 0 26
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 4,944 36,265
Common Stock    
Cash flows from financing activities:    
Payments of issuance costs associated with the sale of common stock (207) (10,479)
Common Stock | September 2022 ATM Agreement    
Cash flows from financing activities:    
Proceeds from the issuance of common stock $ 4,800 $ 35,200