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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (55,075) $ (152,126)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,228 1,070
Net amortization of premiums and discounts on marketable securities (3,335) (4,239)
Stock-based compensation 13,112 17,051
Non-cash operating lease expense 2,302 2,051
Other non-cash items 230 536
Changes in operating assets and liabilities:    
Accounts receivable (1,000) 30,000
Prepaid expenses and other current assets 585 (244)
Other assets (500) 0
Accounts payable (5,154) (659)
Accrued expenses (3,271) (13,617)
Operating lease liabilities (2,353) (2,186)
Other liabilities 418 0
Deferred revenue (10,276) (14,557)
Net cash used in operating activities (63,089) (136,920)
Cash flows from investing activities    
Maturities of marketable securities 95,000 232,970
Purchase of marketable securities (133,431) (131,453)
Purchase of property and equipment (132) (1,782)
Net cash (used in) provided by investing activities (38,563) 99,735
Cash flows from financing activities    
Net proceeds from at-the-market facilities 5,780 93,539
Proceeds from exercise of stock options 56 427
Proceeds from sales of common stock pursuant to ESPP 258 963
Payment of debt issuance costs 0 (150)
Payments under finance lease obligations (135) (196)
Net cash provided by financing activities 5,959 94,583
(Decrease) increase in cash, cash equivalents and restricted cash (95,693) 57,398
Cash, cash equivalents and restricted cash, beginning of period 175,039 129,363
Cash, cash equivalents and restricted cash, end of period 79,346 186,761
Supplemental cash flow information:    
Purchases of property and equipment in accounts payable and accrued expenses 0 442
Cash paid for interest $ 2,630 $ 2,508