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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net loss     $ (68,200,000) $ (54,960,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Share-based compensation expense $ 1,865,000 $ 2,053,000 3,763,000 4,887,000
Depreciation and amortization 2,732,000 2,331,000 5,072,000 4,630,000
Accretion and amortization of premiums and (discounts) on investments, net     (1,217,000) (2,772,000)
Realized gain on investments       (35,000)
Impairment of property and equipment 5,670,000 0 5,670,000 0
Impairment of right-of-use asset 2,378,000 0 2,378,000 0
Non-cash lease expense     1,109,000 938,000
Changes in operating assets and liabilities:        
Prepaid expenses and other assets     1,173,000 1,189,000
Operating lease liabilities     (2,881,000) (1,731,000)
Accounts payable and accrued and other liabilities     711,000 (511,000)
Net cash used in operating activities     (52,422,000) (48,365,000)
Cash flows from investing activities:        
Purchases of property and equipment     (596,000) (656,000)
Purchases of investments     (96,640,000) (89,373,000)
Maturities of investments     134,300,000 163,858,000
Net cash provided by investing activities     37,064,000 73,829,000
Cash flows from financing activities:        
Proceeds from stock option exercises     609,000  
Proceeds from employee stock purchase plan purchases     73,000 77,000
Net cash provided by financing activities     682,000 77,000
Net (decrease) increase in cash, cash equivalents, and restricted cash     (14,676,000) 25,541,000
Cash, cash equivalents, and restricted cash beginning of period     42,377,000 30,616,000
Cash, cash equivalents, and restricted cash end of period 27,701,000 56,157,000 27,701,000 56,157,000
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet:        
Cash and cash equivalents 24,958,000 53,414,000 24,958,000 53,414,000
Restricted cash 2,743,000 2,743,000 2,743,000 2,743,000
Total cash, cash equivalents and restricted cash $ 27,701,000 $ 56,157,000 27,701,000 56,157,000
Supplemental disclosures of non-cash investing and financing activities:        
Acquisitions of property and equipment in accounts payable and accrued and other current liabilities     $ 584,000 $ 0