v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities:    
Net loss $ (236,928) $ (243,787)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 29,876 39,990
Non-cash operating lease expense 1,892 3,290
Depreciation and amortization 208 631
Net accretion of investments in marketable securities (2,934) (5,719)
Impairment of held for sale assets 595 0
Loss on disposal of property and equipment 47 0
Amortization of debt issuance costs and accretion of final payment fee 492 0
Amortization and write-off of deferred debt issuance costs 717 0
Other noncash expenses 32 23
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,770) 15,905
Accounts payable 71 2,873
Accrued liabilities 4,195 7,236
Operating lease liabilities (1,880) (3,378)
Other assets (53) 0
Net cash used in operating activities (206,440) (182,936)
Investing activities:    
Purchases of marketable securities (82,868) (312,223)
Cash paid for acquisition of assets 0 (775)
Proceeds from maturities of marketable securities 251,170 242,441
Proceeds from sale of property and equipment 218 0
Net cash provided by (used in) investing activities 168,520 (70,557)
Financing activities:    
Proceeds from term loan, net 57,161 0
Proceeds from exercise of stock options 0 7,482
Proceeds from employee stock purchase plan purchases 275 427
Proceeds from issuance of common stock in at-the-market transactions, net of commissions and offering costs 19,653 13,694
Net cash provided by financing activities 77,089 21,603
Net change in cash and cash equivalents and restricted cash 39,169 (231,890)
Cash and cash equivalents and restricted cash at beginning of year 143,361 375,251
Cash and cash equivalents and restricted cash at end of period 182,530 143,361
Components of cash and restricted cash:    
Cash and cash equivalents 182,530 142,148
Restricted Cash 0 1,213
Total cash and cash equivalents and restricted cash 182,530 143,361
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,501 0
Cash paid for income taxes 323 473
Supplemental disclosure of noncash investing and financing activities:    
Principal amount of debt extinguished upon conversion to common stock 3,950 0
Debt issuance costs reclassified to equity in connection with conversion 112 0
Right-of-use-asset in connection with new operating lease agreement 532 0
Operating lease liability in connection with new lease agreement $ 505 $ 0