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 $ (11,327) $ (87,497)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 491 924
Stock-based compensation 4,759 11,255
Amortization of operating lease right-of-use assets 477 578
Impairment of long-lived assets   8,235
Amortization of debt discount   321
Issuance (payment) of PIK interest debt   352
Acquired in-process research and development   15,325
Net accretion/amortization of premiums and discounts on marketable securities (1,759) (2,797)
Loss on disposal of property and equipment 240  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 4,686 (291)
Accounts payable, accrued expenses and other long-term liabilities (includes related party amounts of $0 and $3, respectively) (10,103) (8,646)
Accrued interest   (3)
Operating lease liabilities (971) (537)
Net cash used in operating activities (13,507) (62,781)
Cash flows from investing activities    
Cash paid for purchased in-process research and development   (13,825)
Purchases of property and equipment   (200)
Purchases of marketable securities (117,283) (139,605)
Proceeds from sales or maturities of marketable securities 35,000 92,500
Net cash used in investing activities (82,283) (61,130)
Cash flows from financing activities    
Proceeds from issuance of common stock under share-based compensation arrangements   790
Proceeds from issuance of at-the-market offering, net   14,887
Net cash provided by financing activities   15,677
Net decrease in cash, cash equivalents and restricted cash (95,790) (108,234)
Cash, cash equivalents and restricted cash-beginning of period 156,098 218,309
Cash, cash equivalents and restricted cash-end of period $ 60,308 110,075
Supplemental disclosure of cash flow information    
Cash paid for interest   769
Supplemental disclosure of noncash investing and financing activities    
Unpaid in-process research and development   1,500
Unpaid property and equipment purchases   324
Accreted final interest payment fees   $ 252