v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows used in operating activities:    
Net loss $ (91,231) $ (104,481)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 9,509 12,006
Non-cash lease expense 5,709 4,761
Depreciation expense 3,641 3,564
Amortization of premiums and discount on short-term investments (743) (575)
Change in fair value of short-term investment — related party 0 1,561
Changes in operating assets and liabilities:    
Collaboration receivable — related party 0 (120)
Prepaid expenses and other current assets 1,880 652
Accounts payable (2,966) (1,461)
Accrued expenses and other current liabilities (3,622) (1,690)
Deferred revenue — related party (1,984) (2,433)
Lease liabilities (3,949) (2,053)
Net cash used in operating activities (83,756) (90,269)
Cash flows provided by (used in) investing activities:    
Maturities of investments 93,953 14,250
Purchases of investments (26,272) (55,227)
Purchases of property and equipment (260) (3,994)
Net cash provided by (used in) investing activities 67,421 (44,971)
Cash flows provided by financing activities:    
Net proceeds from stock option exercises 416 0
Proceeds from ESPP offerings 338 197
Proceeds from research and development funding liability 0 6,000
Net cash provided by financing activities 754 6,197
Net change in cash, cash equivalents, and restricted cash (15,581) (129,043)
Cash, cash equivalents, and restricted cash at beginning of period 76,723 196,538
Cash, cash equivalents, and restricted cash at end of period 61,142 67,495
Reconciliation of cash, cash equivalents and restricted cash:    
Cash, cash equivalents, and restricted cash at end of period 61,142 67,495
Less: restricted cash 13,691 13,691
Total cash, and cash equivalents 47,451 53,804
Supplemental cash flow information:    
Right-of-use assets obtained in exchange for new operating lease liabilities 0 83,757
Decrease in right-of-use assets due to lease termination 0 3,120
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses $ 0 $ 148