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 income (loss) $ 3,783 $ (11,655)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Stock-based compensation 14,519 13,802
Non-cash lease expense 439 569
Depreciation 407 239
Accretion of discount on marketable securities (1,025) (2,289)
Other (2) 5
Changes in operating assets and liabilities:    
Receivable from collaboration partner (53,542) 165,000
Contract asset   (22,825)
Prepaid expenses and other assets (1,918) (948)
Accounts payable 3,003 1,237
Accrued expenses and other payables (10,792) (11,817)
Deferred revenue (3,268) (5,496)
Income taxes payable   (800)
Operating lease liability (547) 341
Net cash (used in) provided by operating activities (48,943) 125,363
Cash Flows from Investing Activities    
Purchase of marketable securities (68,968) (214,040)
Proceeds from maturities of marketable securities 156,691 113,180
Proceeds from sale of marketable securities 3,384 7,003
Purchases of property and equipment (215) (545)
Net cash provided by (used in) investing activities 90,892 (94,402)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan 23,374 11,922
Tax withholding payments related to net settlement of restricted stock units   (479)
Net cash provided by financing activities 23,374 11,443
Net increase in cash, cash equivalents and restricted cash 65,323 42,404
Cash, cash equivalents and restricted cash, beginning of period 128,677 97,474
Cash, cash equivalents and restricted cash, end of period 194,000 139,878
Supplemental Disclosure of Non-Cash Financing and Investing Information:    
Purchases of property and equipment in accounts payable and accrued liabilities $ 110 $ 33