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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (139,648) $ (99,419)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,328 920
Stock-based compensation expense 23,118 18,557
Amortization of premiums and discounts on marketable securities, net (7,435) (5,071)
Non-cash operating lease costs 1,652 1,420
Changes in operating assets and liabilities:    
Prepaid and other assets (12,112) (5,642)
Accounts payable and accrued liabilities 6,047 (816)
Accrued compensation (1,509) (4,663)
Operating lease liabilities (1,819) (1,594)
Deferred revenue (5,006) (2,466)
Net cash used in operating activities (135,384) (98,774)
Cash flows from investing activities    
Maturities of marketable securities 207,930 128,215
Purchases of marketable securities (514,100) (275,404)
Purchases of property and equipment (1,446) (2,442)
Net cash used in investing activities (307,616) (149,631)
Cash flows from financing activities    
Proceeds from issuance of common stock in public offerings, net of issuance costs 438,902 60,547
Proceeds from issuance of common stock under employee incentive equity plans 17,484 1,386
Proceeds from the issuance of common stock in a private placement, net of issuance costs 238,388 0
Proceeds from issuance of pre-funded warrants in a private placement, net of issuance costs 141,395 0
Net cash provided by financing activities 836,169 61,933
Net increase (decrease) in cash, cash equivalents and restricted cash 393,169 (186,472)
Cash, cash equivalents and restricted cash at beginning of period 185,377 340,647
Cash, cash equivalents and restricted cash at end of period 578,546 154,175
Supplemental schedule of noncash investing and financing activities:    
Costs incurred, but not paid, in connection with deferred financing costs included in accounts payable and accrued liabilities 536 0
Receivables from stock option exercises included in prepaid and other assets $ 1,747 $ 0