v3.25.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net loss $ (75,968) $ (58,213)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,900 1,761
Accretion of discount on marketable securities (1,116) (2,656)
Stock-based compensation 5,538 6,068
Non-cash lease expenses 1,397 1,221
Unrealized gain on equity securities 0 (3,679)
Non-cash interest expense on deferred royalty obligation 9,344 7,184
Other 168 189
Changes in operating assets and liabilities:    
Accounts receivable (4,946) 4,778
Prepaid expenses and other assets 11 (2,390)
Accounts payable (1,881) (1,897)
Accrued compensation (1,351) (7,609)
Accrued expenses and other liabilities 5,553 (765)
Deferred revenue (4,775) (7,230)
Change in operating lease liability (1,757) (1,503)
Net cash used in operating activities (67,883) (64,741)
Investing activities    
Purchases of marketable securities (142,380) (135,001)
Maturities of marketable securities 105,800 199,262
Sales of marketable securities 21,496 290
Purchases of equipment and leasehold improvements (1,174) (446)
Net cash (used in) provided by investing activities (16,258) 64,105
Financing activities    
Payment of debt 0 (4,083)
Proceeds from exercise of common stock options 0 117
Taxes paid related to net shares settlement of restricted stock units (180) (374)
Proceeds from employee stock purchase plan 246 911
Net cash provided by (used in) financing activities 66 (3,429)
Net decrease in cash, cash equivalents and restricted cash (84,075) (4,065)
Cash, cash equivalents and restricted cash at beginning of period 191,162 70,140
Cash, cash equivalents and restricted cash at end of period 107,087 66,075
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 63
Income tax paid 7 10
Supplemental disclosure of non-cash investing and financing information:    
Purchases of equipment included in accounts payable and accrued expense 27 219
Financing component associated with program fees 1,176 2,160
Deferred offering cost included in accounts payable and accrued expenses $ 0 $ 528

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