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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Activities        
Net loss     $ (109,124) $ (82,371)
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation expense $ 400 $ 400 1,279 1,095
Non-cash operating lease expense     2,096 1,976
Stock-based compensation expense     14,604 10,267
Net amortization of premiums and accretion of discounts on investments       1
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     (3,331) 1,356
Other assets     874 (1,684)
Accounts payable     2,068 (1,099)
Accrued expenses and other current liabilities     2,350 (1,466)
Operating lease liabilities     (706) (1,830)
Net cash used in operating activities     (89,890) (73,755)
Investing Activities        
Purchase of property and equipment     (280) (3,362)
Maturities of investments       1,150
Net cash used in investing activities     (280) (2,212)
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     1,255 1,373
Net cash provided by financing activities     1,255 163,176
Net (decrease) increase in cash, cash equivalents, and restricted cash     (88,915) 87,209
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 88,321 199,459 88,321 199,459
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     68 4
Reconciliation of cash and cash equivalents, and restricted cash:        
Cash and cash equivalents 87,952 199,090 87,952 199,090
Restricted cash 369 369 369 369
Cash, cash equivalents, and restricted cash at the end of the period $ 88,321 $ 199,459 $ 88,321 $ 199,459