v3.25.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net loss $ (197,667) $ (154,766)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 25,756 25,266
Depreciation expense 629 644
Non-cash interest expense 412 383
Amortization of premium and accretion of discounts on short-term investments, net (7,106) (10,256)
Changes in operating assets and liabilities:    
Contract liabilities 39,427  
Accounts payable and accrued expenses 14,814 2,498
Other long-term liabilities 925 523
Receivable from contracts with collaborators (33,876)  
Prepaid expenses and other current assets (18,840) 632
Operating lease right-of-use and other long-term assets (5,805) 262
Net cash used in operating activities (181,331) (134,814)
Investing Activities    
Maturities of short-term investments 577,628 411,930
Purchases of short-term investments (521,813) (418,465)
Purchases of property and equipment (4,317) (100)
Net cash provided by (used in) investing activities 51,498 (6,635)
Financing Activities    
Proceeds from issuance of stock under equity plans 658 7,797
Proceeds from issuance of common stock and pre-funded warrants, net of offering costs   145,814
Net cash provided by financing activities 658 153,611
Net increase (decrease) in cash and cash equivalents (129,175) 12,162
Cash and cash equivalents at beginning of period 224,462 37,318
Cash and cash equivalents at end of period 95,287 $ 49,480
Supplemental disclosure of non-cash investing activities    
Unpaid amounts related to purchases of property and equipment $ 2,027