v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (73,291) $ (77,065)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 504 1,208
Stock compensation expense 10,537 19,325
Net amortization of premiums and discounts on investments (782) (1,597)
Changes in assets and liabilities:    
Prepaid expenses and other current assets 7,364 (3,931)
Operating lease assets and liabilities, net 506 283
Accounts payable and accrued expenses 3,666 (3,446)
Deferred revenue   (7,679)
Other liabilities 384 (308)
Net cash used in operating activities (51,112) (73,210)
Cash flows from investing activities:    
Purchases of property and equipment   (384)
Purchases of investments (50,899) (21,971)
Proceeds from maturities and sales of investments 83,800 64,820
Net cash provided by investing activities 32,901 42,465
Cash flows from financing activities:    
Proceeds from issuance of common stock via at-the-market offerings, net 137,090  
Proceeds from issuance of common stock through exercise of stock options 1,692  
Net cash provided by financing activities 138,782  
Net increase (decrease) in cash, cash equivalents, and restricted cash 120,571 (30,745)
Cash, cash equivalents and restricted cash at beginning of period 85,354 126,406
Cash, cash equivalents and restricted cash at end of period 205,925 95,661
Supplemental disclosure of non-cash activities:    
Periodic change in additions of property and equipment within current liabilities   61
Periodic change in costs to obtain license agreement within current liabilities $ 0 $ (2,508)