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 $ (113,341) $ (45,344)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 664 614
Stock-based compensation 12,516 15,325
Net accretion of available-for-sale debt securities (4,447) (5,527)
Change in operating lease right-of-use assets (12) (5)
Unrealized foreign exchange loss 415 0
Changes in operating assets and liabilities:    
Grants receivable 415 (397)
Research and development tax credits receivable (493) (1,705)
Refundable income taxes 91 140
Unbilled milestone receivable 0 (35,000)
Prepaid expenses and other current assets 833 (1,051)
Accounts payable (2,900) (218)
Other accrued expenses 469 936
Accrued clinical trial costs 15,157 7,457
Accrued personnel expenses 12,478 (3,263)
Deferred income (125) (399)
Unrecognized tax benefits 2,070 2,110
Net cash used in operating activities (76,210) (66,327)
Cash flows from investing activities    
Purchases of investments (89,991) (245,073)
Proceeds from maturities of investments 225,047 193,182
Purchase of property and equipment (384) (1,387)
Purchase of other assets (26) 0
Net cash provided by (used in) investing activities 134,646 (53,278)
Cash flows from financing activities    
Proceeds from issuance of common stock upon exercise of options and ESPP purchases 4,525 2,404
Proceeds from issuance of common stock and pre-funded warrant   119,994
Net cash provided by financing activities 4,525 122,398
Effects of exchange rate changes on cash, cash equivalents and restricted cash 2,748 (2,843)
Net increase (decrease) in cash, cash equivalents and restricted cash 65,709 (50)
Cash, cash equivalents and restricted cash at beginning of period 142,430 251,451
Cash, cash equivalents and restricted cash at end of period 208,139 251,401
Non-cash investing and financing activities    
Capital expenditure included in accounts payable 0 2
Operating lease liabilities arising from obtaining right-of-use assets 254 235
Unrealized gain (loss) on available-for-sale securities (50) (906)
Offering costs included within accounts payable 0 277
Supplemental disclosure of cash flows    
Cash paid for taxes $ 760 $ 2,384