v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (87,900) $ 34,590
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 11,919 10,192
Depreciation 3,943 4,173
Net accretion of discounts/premiums on marketable securities (1,960) (1,766)
Gain on disposal of property and equipment 0 (59)
Changes in operating assets and liabilities    
Collaboration receivable 7,000 0
Other receivables (320) (2,196)
Prepaid expenses and other assets (1,581) (1,713)
Accounts payable 2,884 (11,976)
Accrued expenses and other current liabilities (1,502) (5,077)
Defined benefit plan liability 85 957
Right-of-use assets and operating lease liabilities (874) (427)
Deferred revenue (13,177) (106,910)
Net cash used in operating activities (81,483) (80,212)
Cash flows from investing activities:    
Purchases of property and equipment (6,591) (3,282)
Purchases of marketable securities (408,071) (157,047)
Proceeds from maturities of marketable securities 124,805 85,424
Net cash used in investing activities (289,857) (74,905)
Cash flows from financing activities:    
Proceeds from exercise of employee stock options 7,122 14
Proceeds from underwritten public offering, net of underwriter's commission of $20,700 324,300 0
Payment of offering costs (487) 0
Proceeds from employee stock purchase plan 611 365
Net cash provided by financing activities 331,546 379
Net decrease in cash, cash equivalents and restricted cash (39,794) (154,738)
Cash, cash equivalents and restricted cash—beginning of period 134,837 229,117
Cash, cash equivalents and restricted cash-end of period 95,043 74,379
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 90,104 69,429
Restricted cash 4,939 4,950
Total cash, cash equivalents and restricted cash 95,043 74,379
Supplemental disclosure of noncash items    
Purchases of property and equipment in accounts payable and accrued expenses $ 1,450 $ 450