v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
Net loss $ (47,210) $ (49,389)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 2,391 3,649
Stock-based compensation expense 5,662 7,022
Change in the estimated fair value of contingent consideration 10,745 1,864
Change in the estimated fair value of success payment liabilities (2,312) 93
Non-cash expense for operating lease right-of-use assets 2,468 2,233
Other non-cash items, net (2,615) (3,271)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,628 1,368
Operating lease right-of-use assets and liabilities (1,496) 891
Accounts payable 454 (4,224)
Accrued expenses and other liabilities (7,094) (8,893)
Net cash used in operating activities (37,379) (48,657)
INVESTING ACTIVITIES:    
Purchases of marketable securities (5,588) (1,682)
Proceeds from maturities of marketable securities 55,065 18,168
Purchases of property and equipment (288) (136)
Proceeds from disposal of assets 248 253
Net cash provided by investing activities 49,437 16,603
FINANCING ACTIVITIES:    
Proceeds from employee stock purchase plan and exercise of stock options 59 1,127
Fees related to common stock financings, net (96) (60)
Principal payments, net for tenant improvement loan (91) (85)
Net cash provided by (used in) financing activities (128) 982
Net increase (decrease) in cash, cash equivalents, and restricted cash 11,930 (31,072)
Cash, cash equivalents, and restricted cash at beginning of period 76,065 131,398
Cash, cash equivalents, and restricted cash at end of period 87,995 100,326
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash received for tenant improvement allowances $ 0 $ 891