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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows used in operating activities:    
Net loss $ (127,173) $ (121,832)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,772 1,169
Noncash lease expense 1,591 1,936
Stock-based compensation 21,345 25,616
Amortization of premium and discount on marketable securities, net (4,639) (3,473)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 373 (297)
Accounts payable 3,305 (2,270)
Accrued expenses and other liabilities (808) 2,522
Long-term prepaid expenses and other long-term assets 295 (8,810)
Operating lease liabilities 1,051 (1,624)
Net cash used in operating activities (102,888) (107,063)
Cash flows provided by (used in) investing activities:    
Purchases of marketable securities (52,694) (221,633)
Proceeds from maturities of marketable securities 143,649 190,500
Purchases of property and equipment (764) (3,513)
Net cash provided by (used in) investing activities 90,191 (34,646)
Cash flows (used in) provided by financing activities:    
Proceeds from issuance of common stock and pre-funded warrants, net of offering costs   135,731
Payment of offering costs (110) (2,800)
Proceeds from issuance of common stock in connection with the exercise of stock options 60 47
Proceeds from the issuance of common stock under ESPP 379 634
Payment of withholding taxes related to stock-based compensation to employees (54) (17)
Principal payments on finance lease (395)  
Net cash (used in) provided by financing activities (120) 136,395
Net decrease in cash and cash equivalents (12,817) (5,314)
Cash, cash equivalents and restricted cash at beginning of year 29,335 34,649
Cash, cash equivalents and restricted cash at end of year 16,518 29,335
Supplemental disclosures:    
Property and equipment in accounts payable 10 163
Unrealized (loss) gain on marketable securities $ (188) 1,915
Offering costs in accrued expenses and other current liabilities   $ 131