v3.25.2
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (99,466) $ (102,809)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 895 1,135
Stock-based compensation expense 15,291 20,310
Non-cash operating lease expense 1,628 1,831
Net amortization (accretion) on short-term investments and debt 3,339 944
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,970 313
Other non-current assets 43 (45)
Accounts payable (4,580) (1,369)
Accrued liabilities (8,622) 4,767
Operating lease liabilities 35 (645)
Net cash used in operating activities (89,467) (75,568)
Cash flows from investing activities    
Purchase of short-term investments (65,756) (100,897)
Maturity of short-term investments 170,731 173,888
Purchase of property and equipment (374) (2,743)
Net cash provided by investing activities 104,601 70,248
Cash flows from financing activities    
Proceeds from issuances of common stock under benefit plans 498 2,563
Proceeds from term loan, net of issuance costs 0 19,909
Net cash provided by financing activities 498 22,472
Net increase in cash and cash equivalents 15,632 17,152
Cash and cash equivalents and restricted cash at beginning of period 72,670 64,716
Cash, cash equivalents and restricted cash at end of period 88,302 81,868
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,457 1,039
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets    
Cash and cash equivalents 86,820 80,386
Restricted cash 1,482 1,482
Total cash, cash equivalents, and restricted cash 88,302 81,868
Supplemental disclosures of noncash investing and financing activities:    
Net unrealized gain on short-term investments (322) (962)
Purchase of property and equipment in accounts payable and accrued liabilities 112 220
Supplemental disclosures of cash flow information related to leases:    
Right-of-use assets obtained in exchange for new operating lease liabilities $ 0 $ 29,779