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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net loss $ (85,908) $ (78,969)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 16,013 15,922
Depreciation 1,168 2,823
(Accretion of discount) amortization of premium on marketable securities (3,084) 793
Non-cash lease expense 1,029 957
Other non-cash expenses 1,044 434
Changes in operating assets and liabilities:    
Related party receivable from collaboration 6,844 (1,729)
Prepaid expenses and other assets 301 (4,249)
Accounts payable (2,256) 1,627
Accrued and other liabilities (14,915) (9,740)
Operating lease liability (2,634) (2,481)
Contract liabilities 323 (11,277)
Net cash used in operating activities (82,075) (85,889)
Investing activities    
Proceeds from maturities of marketable securities 110,170 122,336
Purchase of marketable securities (49,170) (144,048)
Purchases of property and equipment (774) (1,107)
Net cash provided by (used in) investing activities 60,226 (22,819)
Financing activities    
Proceeds from employee stock purchase plan 996 1,228
Proceeds from exercise of stock options 668 1,661
Proceeds from Open Market Sale Agreement, net 0 17,403
Net cash provided by financing activities 1,664 20,292
Net decrease in cash and cash equivalents (20,185) (88,416)
Cash, cash equivalents and restricted cash, at beginning of period 77,410 153,294
Cash, cash equivalents and restricted cash, at end of period 57,225 64,878
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment purchases not yet paid $ 273 $ 54