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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (31,033) $ (48,736)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,716 1,632
Non-cash lease expense 1,865 1,768
Net accretion of discount on marketable securities (1,893) (3,967)
Stock-based compensation 11,174 10,341
Change in fair value of success payments liabilities (223) (78)
Changes in operating assets and liabilities:    
Collaboration receivable 1,856 168
Prepaid expenses and other assets 2,117 (672)
Accounts payable 729 (3,306)
Accrued expenses and other liabilities (7,515) (3,649)
Operating lease liabilities (1,348) (1,234)
Deferred revenue (5,290) 4,651
Net cash used in operating activities (27,845) (43,082)
Cash flows from investing activities:    
Purchases of property and equipment (1,224) (433)
Purchases of marketable securities (144,817) (164,190)
Maturities of marketable securities 97,873 122,991
Net cash used in investing activities (48,168) (41,632)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 0 22,484
Proceeds from exercise of stock options 7 301
Payment of equity offering costs 0 (51)
Net cash provided by financing activities 7 22,734
Decrease in cash, cash equivalents and restricted cash (76,006) (61,980)
Cash, cash equivalents and restricted cash—beginning of period 177,334 210,954
Cash, cash equivalents and restricted cash—end of period 101,328 148,974
Supplemental disclosure of noncash investing and financing activities:    
Property and equipment additions included in accounts payable and accrued expenses $ 396 $ 545