v3.26.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (77,017) $ (87,467)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,540 3,800
Accretion of discount on marketable securities (898) (2,149)
Stock-based compensation 3,572 10,801
Non-cash lease expenses 2,436 2,841
Non-cash interest expense on deferred royalty obligation 19,329 18,991
Other 206 303
Changes in operating assets and liabilities:    
Accounts receivable (1,820) 617
Prepaid expenses and other assets (621) 6,421
Accounts payable (4,232) (5,726)
Accrued compensation (8,457) (1,141)
Accrued expenses and other liabilities (4,562) 7,112
Deferred revenue (6,134) (63,449)
Operating lease liability (4,891) (3,561)
Net cash used in operating activities (80,549) (112,607)
Investing activities    
Purchases of marketable securities (152,551) (170,973)
Maturities of marketable securities 108,236 135,750
Sales of marketable securities 18,423 22,805
Purchases of equipment and leasehold improvements (11) (1,260)
Net cash used in investing activities (25,903) (13,678)
Financing activities    
Proceeds from sales of common stock, net of issuance costs 102,658 0
Proceeds from exercise of common stock options 78 0
Taxes paid related to net shares settlement of restricted stock units (160) (240)
Proceeds from employee stock purchase plan 81 246
Net cash provided by financing activities 102,657 6
Net decrease in cash, cash equivalents and restricted cash (3,795) (126,279)
Cash, cash equivalents and restricted cash at beginning of period 58,988 191,162
Cash, cash equivalents and restricted cash at end of period 55,193 64,883
Supplemental disclosure of cash flow information:    
Income tax paid (refunds received) (14) 11
Supplemental disclosure of non-cash investing and financing information:    
Purchases of equipment included in accounts payable and accrued expense 256 23
Financing component associated with program fees $ 1,427 $ 2,008