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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (98,541) $ (105,958)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,299 2,464
Non-cash lease expense 3,559 3,321
Net accretion of discount on marketable securities (7,505) (7,551)
Stock-based compensation 21,988 17,037
Change in fair value of success payments liabilities (1,749) (76)
Changes in operating assets and liabilities:    
Collaboration receivable 2,854 (1,081)
Prepaid expenses and other assets (4,946) (1,874)
Accounts payable 247 1,471
Accrued expenses and other liabilities (90) (549)
Operating lease liabilities (2,432) (4,262)
Deferred revenue 6,076 0
Net cash used in operating activities (77,240) (97,058)
Cash flows from investing activities:    
Purchases of property and equipment (1,413) (6,037)
Purchases of marketable securities (276,098) (246,877)
Maturities of marketable securities 266,029 301,331
Net cash (used in) provided by investing activities (11,482) 48,417
Cash flows from financing activities:    
Proceeds from exercise of stock options 1,127 664
Proceeds from issuance of common stock, net of issuance costs 22,433 1,922
Issuance of common stock under employee stock purchase plan 472 685
Net cash provided by financing activities 24,032 3,271
Decrease in cash, cash equivalents and restricted cash (64,690) (45,370)
Cash, cash equivalents and restricted cash—beginning of period 210,954 120,236
Cash, cash equivalents and restricted cash—end of period 146,264 74,866
Supplemental disclosure of noncash investing and financing activities:    
Property and equipment additions included in accounts payable and accrued expenses $ 511 $ 532