v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net (loss) income $ (46,426,000) $ 176,724,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Stock-based compensation 24,714,000 18,296,000
Non-cash lease expense 1,137,000 1,235,000
Depreciation 543,000 477,000
Accretion of discount on marketable securities (4,203,000) (3,277,000)
Net realized loss on sale of marketable securities 5,000 0
Changes in operating assets and liabilities:    
Receivable from collaboration partner 165,000,000 9,957,000
Contract asset (22,287,000)  
Prepaid expenses and other assets (2,045,000) (2,925,000)
Accounts payable 1,612,000 2,627,000
Accrued expenses and other payables (8,378,000) (4,229,000)
Payable to collaboration partner   (3,000)
Income taxes payable (2,689,000) 2,650,000
Deferred revenue (10,504,000) 40,880,000
Operating lease liability 104,000 (1,219,000)
Net cash provided by operating activities 96,583,000 241,193,000
Cash Flows from Investing Activities    
Purchase of marketable securities (281,194,000) (240,627,000)
Proceeds from maturities of marketable securities 235,957,000 158,849,000
Proceeds from sale of marketable securities 7,003,000  
Purchases of property and equipment (1,358,000) (270,000)
Net cash used in investing activities (39,592,000) (82,048,000)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan 14,847,000 10,371,000
Tax withholding payments related to net settlement of restricted stock units (479,000) (600,000)
Net cash provided by financing activities 14,368,000 9,771,000
Net increase in cash, cash equivalents and restricted cash 71,359,000 168,916,000
Cash, cash equivalents and restricted cash, beginning of period 97,474,000 186,952,000
Cash, cash equivalents and restricted cash, end of period 168,833,000 355,868,000
Supplemental Disclosure of Non-Cash Financing and Investing Information:    
Purchases of property and equipment in accounts payable and accrued liabilities $ 103,000 275,000
Right-of-use asset obtained in exchange for lease obligation   10,511,000
Leasehold improvements obtained under tenant improvement allowance   $ 516,000