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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities    
Net loss $ (97,335) $ (109,872)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,172 2,414
Stock-based compensation expense 14,802 13,350
Net (accretion of discounts) amortization of premiums on marketable securities (5,991) 152
Changes in operating assets and liabilities:    
Accounts receivable 0 2,500
Unbilled accounts receivable (308) 908
Prepaid expenses and other current assets (1,072) (170)
Operating lease assets and liabilities (715) (372)
Other assets 94 (1,562)
Accounts payable (853) (1,176)
Accrued expenses and other liabilities (825) 555
Deferred revenue (934) (3,777)
Net cash used in operating activities (90,965) (97,050)
Investing activities    
Purchases of marketable securities (194,892) (151,153)
Maturities of marketable securities 158,708 165,529
Purchases of property and equipment (508) (1,963)
Net cash (used in) provided by investing activities (36,692) 12,413
Financing activities    
Proceeds from issuance of common stock in connection with public offerings, net of issuance costs 117,345 80,804
Proceeds from issuance of common stock under benefit plans, net 777 3,519
Net cash provided by financing activities 118,122 84,323
Net (decrease) increase in cash, cash equivalents and restricted cash (9,535) (314)
Cash, cash equivalents, and restricted cash, beginning of period 36,190 36,504
Cash, cash equivalents, and restricted cash, end of period 26,655 36,190
Supplemental cash flow information    
Cash paid for operating lease liabilities 3,333 2,219
Non-cash investing and financing activities:    
Property and equipment purchases unpaid at end of period   26
Cash and cash equivalents 25,563 35,098
Restricted cash $ 1,092 $ 1,092