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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (481,192) $ (474,186) $ (267,892)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 8,976 7,572 6,891
Loss (gain) on disposal of property and equipment 72 (162) 0
Stock-based compensation 134,050 91,400 47,009
(Accretion) amortization of investment discounts and premiums (25,897) 4,003 7,604
Loss from equity method investment 15,633 11,079 1,325
Deferral of equity method investment intra-entity profit on sales 6,624 11,405 2,937
Change in fair value of contingent consideration 100 13,485 0
In-process research and development expense 0 55,990 0
Changes in operating assets and liabilities:      
Accounts receivable (32,688) (1,737) 99
Prepaid expenses and other current assets (27,168) (2,160) (9,798)
Operating lease right-of-use assets 19,011 13,121 9,349
Other assets (707) (1,091) 117
Accounts payable 2,522 (4,584) 529
Accrued expenses 6,024 15,924 17,260
Deferred revenue (2,778) (63,464) (31,355)
Operating lease liabilities (16,668) (9,882) (9,105)
Net cash used in operating activities (394,086) (333,287) (225,030)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (13,985) (13,558) (12,756)
Purchases of marketable securities (904,464) (429,032) (1,020,620)
Maturities of marketable securities 887,102 647,581 485,598
Proceeds from sale of property and equipment 0 150 0
Acquired in-process research and development, net of cash acquired of $287 0 (44,832) 0
Investment in Kyverna Therapeutics, Inc. 0 0 (3,000)
Net cash (used in) provided by investing activities (31,347) 160,309 (550,778)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from options exercised 6,599 14,517 41,094
Issuance of shares through employee stock purchase plan 3,929 2,649 2,024
Net cash provided by financing activities 130,323 582,955 736,688
Net (decrease) increase in cash and cash equivalents and restricted cash equivalents (295,110) 409,977 (39,120)
Cash, cash equivalents and restricted cash equivalents, beginning of period 535,463 125,486 164,606
Cash, cash equivalents and restricted cash equivalents, end of period 240,353 535,463 125,486
Reconciliation of cash, cash equivalents and restricted cash equivalents to consolidated balance sheet:      
Cash and cash equivalents 226,748 523,506 123,406
Restricted cash equivalents, included in investments and other assets 13,605 11,957 2,080
Total cash, cash equivalents and restricted cash equivalents 240,353 535,463 125,486
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Purchases of property and equipment unpaid at period end 1,525 1,623 667
Shares issued for Rewrite contingent consideration 24,126 0 0
Right-of-use assets acquired under operating leases 1,311 67,053 49,378
Proceeds from at-the-market offerings unpaid at period end 2,075 0 0
Contingent consideration liability assumed in asset acquisition 0 10,541 0
Non-cash trade-in of property and equipment 0 200 0
AvenCell Therapeutics, Inc [Member]      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss from equity method investment (6,600) (11,400) (2,900)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Non-cash contribution of intellectual property 0 0 62,900
Sparing Vision SAS [Member]      
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Non-cash contribution of intellectual property 0 0 14,759
Kyverna Therapeutics, Inc. [Member]      
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Non-cash contribution of intellectual property 0 0 7,000
Follow On Public Offering      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from issuance of common stock 0 337,892 648,315
At The Market Offerings      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from issuance of common stock $ 119,795 $ 227,897 $ 45,255