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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows used in operating activities:    
Net loss $ (121,832) $ (115,438)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,169 1,324
Noncash lease expense 1,936 1,718
Stock-based compensation 25,616 25,144
Amortization of premium and discount on marketable securities, net (3,473) 2,591
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (297) (3,843)
Accounts payable (2,270) (347)
Accrued expenses and other liabilities 2,522 6,833
Long-term prepaid expenses and other long-term assets (8,810)  
Operating lease liabilities (1,624) (1,711)
Net cash used in operating activities (107,063) (83,729)
Cash flows (used in) provided by investing activities:    
Purchases of marketable securities (221,633) (119,223)
Proceeds from maturities of marketable securities 190,500 203,933
Purchases of property and equipment (3,513) (3,019)
Net cash (used in) provided by investing activities (34,646) 81,691
Cash flows provided by financing activities:    
Proceeds from issuance of common stock and pre-funded warrants, net of offering costs 135,731  
Proceeds from issuance of common stock in connection with the exercise of stock options 47 389
Proceeds from the issuance of common stock under ESPP 634 426
Payment of withholding taxes related to stock-based compensation to employees (17)  
Net cash provided by financing activities 136,395 815
Net decrease in cash and cash equivalents (5,314) (1,223)
Cash, cash equivalents and restricted cash at beginning of year 34,649 35,872
Cash, cash equivalents and restricted cash at end of year 29,335 34,649
Supplemental disclosures:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 16,680 1,803
Property and equipment in accounts payable 163 90
Unrealized gain (loss) on marketable securities 1,915 $ (981)
Offering costs in accrued expenses and other current liabilities $ 131