v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (30,934) $ (22,647)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,629 4,048
Depreciation and impairment of property and equipment 847 749
Non-cash operating lease expense 190 197
Amortization of finance lease right-of-use assets 7 13
Amortization and accretion of premiums/discounts on held-to-maturity investments (374) (1,747)
Change in contingent value rights liability (657) 27
Changes in assets and liabilities:    
Prepaid expenses and other current assets (808) (278)
Other assets (45) 79
Accounts payable 2,422 1,694
Accrued expenses and other liabilities 359 (2,203)
Operating lease liabilities (755) (706)
Net cash used in operating activities (26,119) (20,774)
Investing activities    
Purchases of property and equipment (281) (780)
Purchases of held-to-maturity investments (83,479) (88,965)
Proceeds from maturities of held-to-maturity investments 130,000 44,700
Net cash provided by (used in) investing activities 46,240 (45,045)
Financing activities    
Proceeds from the issuance of common stock upon exercise of options 201 19
Principal payments on finance leases (6) (15)
Net cash provided by financing activities 195 4
Net increase (decrease) in cash, cash equivalents and restricted cash 20,316 (65,815)
Cash, cash equivalents and restricted cash at beginning of period 104,184 136,925
Cash, cash equivalents and restricted cash at end of period 124,500 71,110
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment included in accounts payable and accrued expenses 354 80
Supplemental cash flow information:    
Cash paid for interest $ 0 $ 2