v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (38,626) $ (72,700)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 18,865 18,126
Depreciation 8,356 8,121
Net accretion of discounts/premiums on marketable securities (2,145) (2,948)
Gain on disposal of property and equipment (59) 0
Changes in operating assets and liabilities    
Collaboration receivable (7,000) 0
Other receivables (4,427) 332
Prepaid expenses and other assets 604 (1,588)
Accounts payable (13,708) 6,252
Accrued expenses and other current liabilities 7,852 4,184
Defined benefit plan liability 1,045 187
Right-of-use assets and operating lease liabilities (1,079) (1,348)
Deferred revenue 7,524 83,378
Net cash (used in) provided by operating activities (22,798) 41,996
Cash flows from investing activities:    
Purchases of property and equipment (4,700) (3,988)
Purchases of marketable securities (376,675) (230,361)
Proceeds from maturities of marketable securities 279,542 189,897
Net cash used in investing activities (101,833) (44,452)
Cash flows from financing activities:    
Proceeds from underwritten public offering, net of underwriter's discount of $3,000 0 47,001
Proceeds from issuance of pre-funded warrants 0 50,000
Payment of common stock and pre-funded warrant issuance costs (357) (641)
Proceeds from exercise of employee stock options 5,723 1,061
Proceeds from employee stock purchase plan 735 527
Net cash provided by financing activities 30,351 98,892
Net (decrease) increase in cash, cash equivalents and restricted cash (94,280) 96,436
Cash, cash equivalents and restricted cash - beginning of period 229,117 132,681
Cash, cash equivalents and restricted cash - end of period 134,837 229,117
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 129,883 224,254
Restricted cash 4,954 4,863
Total cash, cash equivalents and restricted cash 134,837 229,117
Supplemental disclosure of noncash items    
Purchases of property and equipment in accounts payable and accrued expenses 149 50
At The Market Offering    
Cash flows from financing activities:    
Proceeds from sale of common stock pursuant to the at-the-market sales agreement, net of underwriter's discount $ 24,250 $ 944