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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES:    
Net loss $ (49,389) $ (107,475)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,649 3,746
Stock-based compensation expense 7,022 9,092
Change in the estimated fair value of contingent consideration 1,864 5,384
Change in the estimated fair value of success payment liabilities 93 32,623
Non-cash expense for operating lease right-of-use assets 2,233 3,338
Other non-cash items, net (3,271) (4,879)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,368 (2,380)
Operating lease right-of-use assets and liabilities 891 5,804
Accounts payable (4,224) (1,064)
Accrued expenses and other liabilities (8,893) (9,821)
Net cash used in operating activities (48,657) (65,632)
INVESTING ACTIVITIES:    
Purchases of marketable securities (1,682) (114,393)
Proceeds from maturities of marketable securities 18,168 53,010
Purchases of property and equipment (136) (15,845)
Proceeds from disposal of assets 253 0
Net cash provided by (used in) investing activities 16,603 (77,228)
FINANCING ACTIVITIES:    
Proceeds from employee stock purchase plan and exercise of stock options 1,127 4,929
Proceeds (fees) related to common stock financings, net (60) 181,468
Principal payments for tenant improvement loan (85) 0
Net cash provided by financing activities 982 186,397
Net increase (decrease) in cash, cash equivalents, and restricted cash (31,072) 43,537
Cash, cash equivalents, and restricted cash at beginning of period 131,398 137,349
Cash, cash equivalents, and restricted cash at end of period 100,326 180,886
SUPPLEMENTAL CASH FLOW INFORMATION:    
Purchases of property and equipment included in accounts payable and accrued liabilities 0 8,375
Cash received for tenant improvement allowances $ 891 $ 6,121