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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flow from operating activities    
Net loss $ (31,021) $ (11,330)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Stock-based compensation expense 3,673 3,573
Depreciation 1,014 1,196
Amortization of premiums and discounts on marketable securities (998) (1,931)
Loss on disposal of fixed assets 30 59
Non-cash lease expense 1,221 1,057
Changes in operating assets and liabilities:    
Accounts receivable (119) 79,313
Related party collaboration receivable 189 721
Prepaid expenses and other current assets 868 (794)
Other non-current assets   (15)
Accounts payable (1,362) 5,975
Accrued expenses (5,118) (9,305)
Operating lease liabilities (1,730) 891
Deferred revenue (4,542) (10,643)
Net cash (used in) provided by operating activities (37,895) 58,767
Cash flow from investing activities    
Purchases of property and equipment (658) (2,141)
Purchases of marketable securities (76,924) (203,852)
Proceeds from sales and maturities of marketable securities 118,783 109,928
Net cash provided by (used in) investing activities 41,201 (96,065)
Cash flow from financing activities    
Proceeds from the exercise of stock options 82 78
Proceeds from the issuance of common stock and pre-funded warrants in connection with the underwritten public offering   93,473
Proceeds from the issuance of common stock in connection with the 2023 Novartis Stock Purchase Agreement   19,305
Net cash provided by financing activities 82 112,856
Net increase in cash, cash equivalents, and restricted cash 3,388 75,558
Cash, cash equivalents, and restricted cash, beginning of period 74,241 70,395
Cash, cash equivalents, and restricted cash, end of period $ 77,629 145,953
Supplemental disclosure of cash and non-cash activities    
Operating lease right-of-use asset obtained in exchange for operating lease liability   $ 26,751