v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income (loss) $ 166,632 $ (46,426)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 28,556 24,714
Non-cash lease expense 883 1,137
Depreciation 804 543
Accretion of discount on marketable securities (2,071) (4,203)
Other (4) 5
Changes in operating assets and liabilities:    
Receivable from collaboration partner (13,295) 165,000
Contract asset (3,366) (22,287)
Prepaid expenses and other assets 2,299 (2,045)
Accounts payable (1,897) 1,612
Accrued expenses and other payables (6,602) (8,378)
Deferred revenue 109 (10,504)
Income taxes receivable   (2,689)
Operating lease liability (1,107) 104
Other non-current assets (832)  
Net cash provided by operating activities 170,109 96,583
Cash Flows from Investing Activities    
Purchase of marketable securities (203,644) (281,194)
Proceeds from maturities of marketable securities 289,105 235,957
Proceeds from sale of marketable securities 3,384 7,003
Purchases of property and equipment (383) (1,358)
Net cash provided by (used in) investing activities 88,462 (39,592)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan 33,117 14,847
Tax withholding payments related to net settlement of restricted stock units   (479)
Net cash provided by financing activities 33,117 14,368
Net increase in cash, cash equivalents and restricted cash 291,688 71,359
Cash, cash equivalents and restricted cash, beginning of period 128,677 97,474
Cash, cash equivalents and restricted cash, end of period 420,365 168,833
Supplemental Disclosure of Non-Cash Financing and Investing Information:    
Purchases of property and equipment in accounts payable and accrued liabilities $ 17 $ 103