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 $ (76,913) $ (60,022)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,036 953
Stock-based compensation 16,792 10,095
Accretion of discount on marketable securities, net (4,126) (6,703)
Amortization of right-of-use asset 85 106
Changes in assets and liabilities:    
Prepaid expenses and other assets (3,950) 914
Accounts payable 2,707 2,673
Accrued compensation (4,420) (1,451)
Accrued other expenses and other liabilities (1,293) (927)
Lease liability (366) (335)
Net cash used in operating activities (70,448) (54,697)
Cash flows from investing activities    
Purchases of marketable securities (385,942) (368,558)
Sales of marketable securities 38,650 1,759
Maturities of marketable securities 229,118 136,377
Purchases of property and equipment (94) (518)
Net cash used in investing activities (118,268) (230,940)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of offering costs 187,362 239,147
Exercise of stock options 2,494 3,503
Payment of deferred offering costs   (48)
Proceeds from Employee Stock Purchase Plan 598 423
Net cash provided by financing activities 190,454 243,025
Net change in cash and cash equivalents 1,738 (42,612)
Cash and cash equivalents at beginning of period 41,666 86,097
Cash and cash equivalents at end of period 43,404 43,485
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment purchases included in accounts payable $ 78 116
Deferred offering costs included in accounts payable and accrued other expenses   $ 214