v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (89,332) $ (53,301)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 105 136
Stock-based compensation 14,783 8,149
Amortization/accretion of investment securities (5,148) (596)
Loss from initial consolidation of variable interest entity 852 0
Non-cash lease expense 229 288
Non-cash interest expense 415 0
Other non-cash items 0 6
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (7,911) (1,616)
Accounts payable (1,598) (8,029)
Accrued external research and development expenses 322 8,365
Other accrued expenses (2,518) (2,130)
Operating lease liabilities 507 (264)
Net cash used in operating activities (89,294) (48,992)
Cash flows from investing activities:    
Purchases of marketable securities (405,876) (219,752)
Maturities of marketable securities 185,819 0
Purchases of property and equipment (887) (64)
Net cash used in investing activities (220,944) (219,816)
Cash flows from financing activities:    
Proceeds from sale of common stock in underwritten offering, net of issuance costs paid 234,003 172,683
Proceeds from sale of pre-funded warrants in underwritten offering, net of issuance costs paid 9,386 0
Proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid 0 14,790
Proceeds from stock option exercises 1,467 1,373
Contributions from employee stock purchase plan 287 245
Net cash provided by financing activities 245,143 189,091
Net decrease in cash, cash equivalents and restricted cash (65,095) (79,717)
Cash, cash equivalents and restricted cash, beginning of period 192,672 360,616
Cash, cash equivalents and restricted cash, end of period 127,577 280,899
Supplemental cash flow information    
Cash paid for interest $ 1,407 $ 0