v3.26.3
Condensed consolidated statements of cash flows (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (84,837) $ 7,509
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities    
Stock-based compensation expense 18,242 14,556
Depreciation 6,087 6,268
Net accretion of discounts/premiums on marketable securities (1,608) (2,232)
Gain on disposal of property and equipment 0 (59)
Changes in operating assets and liabilities    
Collaboration receivable (43,000) 0
Other receivables (3,024) (4,792)
Prepaid expenses and other assets (853) (772)
Accounts payable (519) (3,096)
Accrued expenses and other current liabilities 6,451 (883)
Defined benefit plan liability 26 1,192
Right-of-use assets and operating lease liabilities (1,882) (781)
Deferred revenue (17,544) 3,306
Net cash (used in) provided by operating activities (122,461) 20,216
Cash flows from investing activities:    
Purchases of property and equipment (8,149) (3,933)
Purchases of marketable securities (499,777) (223,016)
Proceeds from maturities of marketable securities 213,534 190,182
Net cash used in investing activities (294,392) (36,767)
Cash flows from financing activities:    
Proceeds from exercise of employee stock options 7,690 362
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 332,114 727
Net decrease in cash, cash equivalents and restricted cash (84,739) (15,824)
Cash, cash equivalents and restricted cash—beginning of period 134,837 229,117
Cash, cash equivalents and restricted cash-end of period 50,098 213,293
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 45,180 208,343
Restricted cash 4,918 4,950
Total cash, cash equivalents and restricted cash 50,098 213,293
Supplemental disclosure of noncash items    
Purchases of property and equipment in accounts payable and accrued expenses $ 734 $ 439