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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (6,685) $ (94,616)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,841 1,895
Stock‑based compensation expense 13,111 9,895
Net amortization of premium (accretion of discount) on marketable securities (5,779) 151
Changes in operating assets and liabilities:    
Collaboration receivable (5,878) 0
Prepaid expenses and other current assets 8,622 (14,022)
Right-of-use assets, operating leases 11,989 7,651
Other non-current assets (11,563) (4,338)
Accounts payable (2,805) 5,287
Accrued expenses and other current liabilities 3,812 1,762
Income taxes payable 4,024 0
Deferred revenue 139,976 0
Operating lease liabilities (11,862) (7,451)
Net cash provided by (used in) operating activities 139,803 (93,786)
Cash flows from investing activities:    
Purchases of property and equipment (5,614) (2,887)
Purchases of marketable securities (407,207) (221,977)
Maturities of marketable securities 274,426 76,214
Net cash used in investing activities (138,395) (148,650)
Cash flows from financing activities:    
Proceeds from issuance of common stock in connection with the Vertex Agreement 19,407 0
Proceeds from exercise of stock options 1,187 195
Proceeds from issuance of common stock under the employee stock purchase plan 443 284
Net cash provided by financing activities 21,037 479
Net increase (decrease) in cash, cash equivalents and restricted cash 22,445 (241,957)
Cash, cash equivalents and restricted cash at beginning of year 49,107 291,064
Cash, cash equivalents and restricted cash at end of year 71,552 49,107
Supplemental cash flow disclosures:    
Purchases of property and equipment included in accounts payable and accrued expenses 208 88
Right-of-use assets obtained in exchange for operating lease liabilities 77,584 0
Right-of-use assets surrendered as part of lease modification 9,445 0
Recognition of right-of-use assets upon adoption of ASC 842 0 32,991
Transfer of deposits for equipment from operating to investing cash flows 617 495
Vesting of options early exercised subject to repurchase 91 135
Cash paid for income taxes $ 14,717 $ 0