v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net loss $ (120,723) $ (112,421)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 16,489 20,141
Non-cash operating lease expense 1,777 1,603
Depreciation and amortization 176 318
Net accretion of investments in marketable securities (2,185) (3,312)
Impairment of held for sale assets 378 0
Non-cash interest expense and amortization of debt issuance costs 303 0
Loss on sale of property and equipment 62 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,111 (2,387)
Accounts payable (2,663) 745
Accrued liabilities (4,650) (2,176)
Operating lease liabilities (1,873) (1,624)
Other assets (54) 0
Net cash used in operating activities (111,852) (99,113)
Investing activities:    
Purchases of marketable securities (82,868) (205,340)
Cash paid for acquisition of assets 0 (775)
Proceeds from maturities of marketable securities 157,341 77,369
Proceeds from sale of property and equipment 84 0
Net cash provided by (used in) investing activities 74,557 (128,746)
Financing activities:    
Net proceeds from term loan 18,398 0
Proceeds from exercise of stock options 0 4,499
Proceeds from employee stock purchase plan purchases 59 0
Net cash provided by financing activities 18,457 4,499
Net change in cash and cash equivalents and restricted cash (18,838) (223,360)
Cash and cash equivalents and restricted cash at beginning of year 143,361 375,251
Cash and cash equivalents and restricted cash at end of period 124,523 151,891
Components of cash and restricted cash:    
Cash and cash equivalents 124,523 150,678
Restricted Cash 0 1,213
Total cash and cash equivalents and restricted cash 124,523 151,891
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 134 0
Supplemental disclosure of noncash investing and financing activities:    
Right-of-use-asset in connection with new operating lease agreement 532 0
Operating lease liability in connection with new lease agreement 505 0
Debt issuance costs in accounts payable 136 0
Proceeds from sale of property and equipment in prepaid expenses and other current assets $ 61 $ 0