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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss $ (275,610) $ (64,993) $ (83,815) $ (65,801) $ (80,893)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization 744 1,182 1,567 1,576 996
Stock-based compensation 8,405 5,684 7,111 8,038 6,256
Acquired in-process research and development 130,188 0      
Gain on sale of in-process research and development asset (14,609) 0      
Lease ROU asset and leasehold improvement impairment loss 2,580 0      
Loss on disposal of long-lived assets 915 0      
Amortization of operating lease assets 220 292      
Net accretion of discount on marketable securities (612) (175) (327) 548 73
Other 18 351 (2) 9 (9)
Purchase net (premium) discount on marketable securities     428 (344) (286)
Non-cash operating lease expense     397 425 628
Changes in operating assets and liabilities:          
Prepaid expenses and other assets 3,310 (2,863) (1,144) (1,216) (1,101)
Accounts payable 1,001 859      
Deferred revenue 575 (897) (880) 3,576 0
Development receivables 212 146 440 (815) 0
Operating lease liabilities (2,326) (297)      
Accrued and other liabilities (4,000) (1,293) (843) (373) (1,146)
Related party payable (2,115) 0      
Accounts payable     (2,641) 1,065 (544)
Operating lease liabilities     (435) (404) 251
Net cash used in operating activities (68,874) (62,004) (80,144) (53,716) (75,775)
CASH FLOWS FROM INVESTING ACTIVITIES          
Cash assumed from asset acquisition of Spyre 3,035 0      
Proceeds from sale of in-process research & development asset 15,000 0      
Purchases of property and equipment 0 (38) (38) (573) (4,280)
Proceeds from sale of property and equipment 475 0      
Purchases of marketable securities (112,631) (35,000) (39,500) (133,079) (129,000)
Proceeds from maturities and sales of marketable securities 21,000 78,046 96,546 111,033 125,676
Net cash (used in) and provided by investing activities (73,121) 43,008 57,008 (22,619) (7,604)
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of Series A non-voting convertible preferred stock in connection with private placement, net of placement and other offering costs 197,364 0      
Proceeds from issuance of common stock and pre-funded warrants in registered direct offering, net of offering costs 0 42,874 42,874 0 153,716
Proceeds from employee stock plan purchases and stock option exercises 123 222 222 1,903 816
Principal payments on finance lease obligation (16) (410) (418) (510) (20)
Net cash provided by financing activities 197,471 42,686 42,678 1,393 154,512
Effect of exchange rate on cash, cash equivalents, and restricted cash 7 (152) (106) (15) 51
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 55,483 23,538 19,436 (74,957) 71,184
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH          
Beginning of period 36,416 16,980 16,980    
End of period 91,899 40,518 36,416 16,980  
Beginning of period 36,416 16,980 16,980 91,937 20,753
End of period     36,416 16,980 91,937
Supplemental Disclosure of Non-Cash Investing and Financing Information:          
Settlement of forward contract liability and issuance of Series A non-voting convertible preferred stock in connection with the asset acquisition of Spyre 189,741 0      
Leased assets obtained in exchange for lease obligations     21 872 172
Unpaid amounts related to purchase of property and equipment     $ 0 $ 0 $ 224
CVR liability          
Adjustments to reconcile net loss to net cash used in operating activities:          
Change in fair value of forward contract liability (1,300) 0      
Forward contract liability          
Adjustments to reconcile net loss to net cash used in operating activities:          
Change in fair value of forward contract liability $ 83,530 $ 0