v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net income (loss) $ (9,905) $ (10,561) $ (18,941) $ 45,981
Adjustment to reconcile net income (loss) to net cash used in operating activities:        
Stock-based compensation expense     2,958 3,477
Depreciation expense 28 86 55 173
(Accretion) amortization on investments     (332) (838)
(Gain) Loss on sale of investments     0 (3)
Noncash rent expense     1,096 1,549
(Gain) Loss on sale of equipment     0 (23)
Changes in current assets and liabilities:        
Prepaid expenses and other current assets     (963) (573)
Other non-current assets     (212) 88
Accounts payable     825 (3,236)
Accrued expenses and other current liabilities     (713) (532)
Non-current operating lease liabilities     (1,973) (1,812)
Net cash provided by (used in) operating activities     (18,200) 44,251
Cash flows from investing activities:        
Proceeds from sale of equipment     0 23
Proceeds from sales and maturities of investments     34,500 62,583
Purchases of investments     (18,124) (113,212)
Net cash provided by (used in) investing activities     16,376 (50,606)
Cash flows from financing activities:        
Proceeds from exercise of common stock options and ESPP, net of restricted stock surrendered for taxes     32 (84)
Net cash provided by (used in) financing activities     32 (84)
Net (decrease) increase in cash and cash equivalents     (1,792) (6,439)
Cash, cash equivalents and restricted cash, beginning of period     21,819 37,256
Cash, cash equivalents and restricted cash, end of period 20,027 30,817 20,027 30,817
Cash, cash equivalents and restricted cash, end of period        
Cash and cash equivalents, end of period 19,194 29,993 19,194 29,993
Restricted cash, end of period 833 824 833 824
Cash, cash equivalents and restricted cash, end of period $ 20,027 $ 30,817 $ 20,027 $ 30,817