v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (42,607) $ (59,733)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 8,270 12,175
Depreciation and amortization 2,869 3,099
Net amortization/accretion on investment securities (885) (1,306)
Non-cash rent expense 1,069 1,130
Changes in operating assets and liabilities:    
Deposit placed in escrow 23,479 (868)
Prepaid expenses and other current assets 1,132 (623)
Other long-term assets 84 425
Accounts payable 663 (336)
Accrued and other current liabilities (5,101) (5,223)
Operating lease liabilities (2,202) (1,833)
Other long-term liabilities 316 164
Net cash used in operating activities (12,913) (52,929)
Cash flows from investing activities:    
Purchases of property and equipment (9) (99)
Proceeds from maturities of investments 72,115 56,500
Purchase of investments (101,694) (50,225)
Net cash provided by (used in) investing activities (29,588) 6,176
Cash flows from financing activities:    
Proceeds from CIRM award (Note 5) 0 3,350
Proceeds from issuance of common stock upon exercise of stock options 4 0
Proceeds from issuance of common stock under the employee stock purchase plan 450 638
Net cash provided by financing activities 21,122 13,990
Net change in cash and cash equivalents and restricted cash (21,379) (32,763)
Cash and cash equivalents and restricted cash — beginning of period 61,980 85,510
Cash and cash equivalents and restricted cash — end of period 40,601 52,747
Non-cash operating activities:    
Property and equipment purchases in accounts payable and accrued liabilities 146 0
Supplemental disclosure:    
Cash paid for amounts included in the measurement of lease liabilities (3,233) (3,227)
ATM Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock from ATM offering, net of commissions and issuance costs $ 20,668 $ 10,002