v3.25.2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (34,808) $ (58,184)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of discounts on marketable securities (1,533) (1,731)
Depreciation and amortization 480 619
Stock-based compensation expense 9,185 10,782
Non-cash operating lease expense 1,168 1,168
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,615) 686
Accounts payable, accrued expenses and other current liabilities (91) (7,155)
License fees payable (35,000) 0
Operating lease liabilities (1,471) (1,423)
Net cash used in operating activities (63,685) (55,238)
Investing activities    
Purchase of marketable securities (138,652) (34,007)
Proceeds from maturities of marketable securities 74,410 69,211
Purchase of property and equipment (83) (104)
Net cash (used in) provided by investing activities (64,325) 35,100
Financing activities    
Proceeds from issuances of common stock in "at-the-market" offerings, net of issuance costs 0 8,969
Proceeds from issuance of common stock under employee stock plans 161 768
Net cash provided by financing activities 161 9,737
Net decrease in cash and cash equivalents (127,849) (10,401)
Cash and cash equivalents at beginning of period 169,735 47,478
Cash and cash equivalents at end of period $ 41,886 $ 37,077