XML 26 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (108,790,000) $ (117,501,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 16,731,000 17,199,000
Depreciation and amortization expense 9,152,000 5,869,000
Accretion of discount and amortization of premium on investments, net (6,912,000) (8,940,000)
Non-cash lease expense 2,286,000 2,222,000
Realized gain on investments   (34,000)
Impairment of right-of-use assets 0 4,100,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,365,000) 1,716,000
Operating lease liabilities (6,416,000) 4,986,000
Accounts payable and accrued and other liabilities (4,469,000) 4,223,000
Other long-term liabilities 87,000  
Net cash used in operating activities (99,696,000) (86,160,000)
Cash flows from investing activities:    
Purchases of investments (406,376,000) (260,233,000)
Proceeds from sales and maturities of investments 281,230,000 367,395,000
Purchases of property and equipment (4,409,000) (28,147,000)
Net cash (used in) provided by investing activities (129,555,000) 79,015,000
Cash flows from financing activities:    
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs 225,073,000  
Proceeds from ESPP purchases 343,000 530,000
Proceeds from stock option exercises 668,000 161,000
Net cash provided by financing activities 226,084,000 691,000
Net decrease in cash and cash equivalents (3,167,000) (6,454,000)
Cash, cash equivalents and restricted cash at beginning of year 33,783,000 40,237,000
Cash, cash equivalents and restricted cash at end of year 30,616,000 33,783,000
Reconciliation of cash, cash equivalents and restricted cash to the balance sheets:    
Cash and cash equivalents 27,873,000 31,040,000
Restricted cash 2,743,000 2,743,000
Total cash, cash equivalents and restricted cash 30,616,000 33,783,000
Supplemental disclosures of non-cash investing activities:    
Acquisitions of property and equipment recorded in accounts payable and accrued and other current liabilities 343,000 268,000
Right-of-use assets obtained in exchange for operating lease liabilities resulting from modified leases 579,000 $ 431,000
Decrease in right-of-use asset and lease liability due to termination $ 2,229,000