v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (85,284) $ (110,676)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 20,710 20,860
Depreciation and amortization 5,514 6,205
Net amortization/accretion on investment securities (2,198) (2,477)
Impairment of long-lived assets 0 2,382
Non-cash rent expense 2,149 2,277
Non-cash collaboration revenue - related party (4,640) 0
Changes in operating assets and liabilities:    
Deposit placed in escrow 23,479 (2,711)
Prepaid expenses and other current assets 143 1,242
Other long-term assets (82) (1,503)
Accounts payable 1,694 (758)
Accrued and other current liabilities (2,821) (3,488)
Operating lease liabilities (4,245) (3,759)
Other long-term liabilities 672 447
Net cash used in operating activities (44,909) (91,959)
Cash flows from investing activities:    
Purchases of property and equipment (159) (143)
Proceeds from maturities of investments 108,427 110,300
Purchase of investments (285,415) (60,146)
Net cash provided by (used in) investing activities (177,147) 50,011
Cash flows from financing activities:    
Proceeds from CIRM award (Note 5) 0 6,908
Proceeds from issuance of common stock upon exercise of stock options 4 0
Proceeds from issuance of common stock under the employee stock purchase plan 450 638
Net cash provided by financing activities 208,994 19,062
Net change in cash and cash equivalents and restricted cash (13,062) (22,886)
Cash and cash equivalents and restricted cash — beginning of period 61,980 85,510
Cash and cash equivalents and restricted cash — end of period 48,918 62,624
Non-cash operating activities:    
Property and equipment purchases in accounts payable and accrued liabilities 0 215
Supplemental disclosure:    
Cash paid for amounts included in the measurement of lease liabilities (6,528) (6,518)
ATM Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock from public offering, net of commissions and issuance costs 20,668 11,516
Public offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock from public offering, net of commissions and issuance costs $ 187,872 $ 0