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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 $ (65,581) $ (48,557)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 14,233 11,968
Lease Impairment Charge 0 4,925
Depreciation and amortization 2,048 1,461
Premiums and discounts on available-for-sale marketable securities (2,525) (3,072)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,776 (3,005)
Accounts receivable 0 15,000
Contract asset (19,053) 1,732
Accounts payable 3,917 75
Accrued expenses and other current liabilities (11,690) (15,394)
Deferred revenue (2,100) (8,257)
Operating lease right-of-use assets 673 619
Operating lease liabilities (1,154) 2,636
Other assets and liabilities (694) 278
Net cash used in operating activities (79,150) (39,591)
Investing activities    
Purchase of property and equipment, net (467) (7,402)
Purchases of investments (83,656) (422,704)
Maturities of investments 132,738 99,499
Net cash provided by (used in) investing activities 48,615 (330,607)
Financing activities    
Issuance of common stock and accompanying pre-funded warrants from January 2024 public offering, net of issuance costs of $14.9 million 0 301,373
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs of $1.2 million 0 48,740
Proceeds from stock option exercises 535 3,933
Payments on finance leases (277) (290)
Net cash provided by financing activities 258 353,756
Net increase in cash, cash equivalents and restricted cash (30,277) (16,442)
Cash, cash equivalents and restricted cash at beginning of period 126,050 115,777
Cash, cash equivalents and restricted cash at end of period 95,773 99,335
Supplemental disclosure of cash flow activities    
Cash paid for interest 77 49
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 357 1,205
Cash and cash equivalents 89,966 93,510
Restricted cash 5,807 5,825
Total cash, cash equivalents, and restricted cash $ 95,773 $ 99,335