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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (108,483) $ (146,828)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 13,698 20,038
Premium on marketable securities (23) (29)
Amortization of discount on marketable securities (1,554) (3,179)
Depreciation expense 336 323
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 5,237 (8,024)
Collaboration receivable - related party 72,500 (1,342)
Other long-term assets 332 515
Right-of-use operating asset 1,601 1,470
Operating lease liabilities, current (1,859) 41
Operating lease liabilities, non-current 0 (1,728)
Accounts payable (3,839) (6,550)
Accrued expenses and other liabilities (15,778) (8,389)
Net cash used in operating activities (37,832) (153,682)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 201,054 351,982
Purchases of marketable securities (61,618) (156,890)
Purchases of property and equipment 0 (225)
Net cash provided by investing activities 139,436 194,867
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 1,559 3,301
Payment of employee tax obligations related to vesting of restricted stock units (2) (629)
Net cash provided by financing activities 1,557 2,672
Net increase in cash, cash equivalents and restricted cash 103,161 43,857
Cash, cash equivalents and restricted cash at beginning of period 72,324 163,969
Cash, cash equivalents and restricted cash at end of period $ 175,485 $ 207,826