v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities      
Net (loss) income $ (119,721) $ (65,002) $ 132,330
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Stock-based compensation expense 14,787 14,785 11,153
Depreciation 4,060 4,731 4,441
Impairment charge on leased facility   2,776  
Amortization of premiums and discounts on marketable securities (2,973) (7,969) (3,626)
Loss on disposal of fixed assets 141 510 178
Non-cash lease expense 4,871 4,597 1,975
Changes in operating assets and liabilities:      
Accounts receivable (257) 78,646 (80,150)
Related party collaboration receivable 525 2,665 (3,084)
Prepaid expenses and other assets 3,617 (2,627) 76
Accounts payable 1,017 2,392 (962)
Accrued expenses (2,500) (2,652) 9,007
Operating lease liabilities (7,227) (3,320) (2,833)
Deferred revenue (28,807) (44,842) 9,414
Net cash (used in) provided by operating activities (132,467) (15,310) 77,919
Cash flow from investing activities      
Purchases of property and equipment (2,596) (3,521) (3,256)
Purchases of marketable securities (133,929) (465,685) (223,968)
Proceeds from sales and maturities of marketable securities 261,971 374,347 85,581
Net cash provided by (used in) investing activities 125,446 (94,859) (141,643)
Cash flow from financing activities      
Proceeds from the exercise of stock options 267 388 1,852
Proceeds from the issuance of common stock and pre-funded warrants in connection with the underwritten public offering   93,473  
Proceeds from the issuance of common stock in connection with the 2023 Novartis Stock Purchase Agreement   19,305  
Proceeds from the issuance of common stock in connection with the 2023 Neurocrine Collaboration Agreement     31,121
Proceeds from the purchase of common stock under ESPP 549 849 672
Net cash provided by financing activities 816 114,015 33,645
Net (decrease) increase in cash, cash equivalents, and restricted cash (6,205) 3,846 (30,079)
Cash, cash equivalents, and restricted cash beginning of period 74,241 70,395 100,474
Cash, cash equivalents, and restricted cash end of period 68,036 74,241 $ 70,395
Supplemental disclosure of cash and non-cash activities      
Operating lease right-of-use asset obtained in exchange for operating lease liability   $ 26,751  
Capital expenditures incurred but not yet paid $ (427)