Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table reconciles cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets to the total of the amounts shown in the consolidated statements of cash flows (in thousands):

	December 31,
	2023		2022		2021
Cash and cash equivalents	$	435,895	$	232,767	$	559,994
Restricted cash		8,719		12,754		12,746
Total cash, cash equivalents, and restricted cash	$	444,614	$	245,521	$	572,740

Estimated Useful Life of Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:

Asset category	Estimated useful life
Computer equipment and software	3 years
Laboratory equipment and office furniture	5 years
Leasehold improvements	Shorter of useful life or remaining term

Summary of Changes in Total Deferred Revenue

The changes in the total deferred revenue for the years ended December 31, 2023 and 2022 were as follows (in thousands):

	December 31, 2023			December 31, 2022
Beginning balance	$	338,153		$	348,573
Additions to deferred revenue from license agreements		—			50,500
Amounts recognized in revenue		(159,559	)		(60,920	)
Ending balance	$	178,594		$	338,153