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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating Activities        
Net loss     $ (76,337) $ (53,942)
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation expense $ 400 $ 400 843 676
Non-cash operating lease expense     1,376 1,285
Stock-based compensation expense     9,862 6,669
Net amortization of premiums and accretion of discounts on investments       1
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     (687) 1,742
Other assets     (1,244) (761)
Accounts payable     (1,058) (163)
Accrued expenses and other current liabilities.     2,503 (4,171)
Operating lease liabilities     69 (1,192)
Net cash used in operating activities     (64,673) (49,856)
Investing Activities        
Purchase of property and equipment     (94) (3,323)
Maturities of investments       1,150
Net cash used in investing activities     (94) (2,173)
Financing Activities        
Proceeds from issuance of common stock from public offering, net of offering costs       161,803
Proceeds from stock option exercise and purchases under the employee stock purchase plan     1,186 1,235
Net cash provided by financing activities     1,186 163,038
Net (decrease) increase in cash, cash equivalents, and restricted cash     (63,581) 111,009
Cash, cash equivalents, and restricted cash at the beginning of the period     177,236 112,250
Cash, cash equivalents, and restricted cash at the end of the period 113,655 223,259 113,655 223,259
Non-cash financing and investing activities:        
Acquisition of operating lease right-of-use assets       11,639
Acquisition of property and equipment in accounts payable and accrued liabilities     35 28
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 113,286 222,908 113,286 222,908
Restricted cash 369 351 369 351
Cash, cash equivalents, and restricted cash at the end of the period $ 113,655 $ 223,259 $ 113,655 $ 223,259