v3.24.1.1.u2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net loss $ (58,213) $ (50,050)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,761 1,615
Accretion of discount on marketable securities (2,656) (1,786)
Stock-based compensation 6,068 6,021
Non-cash lease expenses 1,221 641
Unrealized (gain) / loss on equity securities (3,679) 6,992
Non-cash interest expense on deferred royalty obligation 7,184 0
Other 189 (13)
Changes in operating assets and liabilities:    
Accounts receivable 4,778 (2,751)
Prepaid expenses and other assets (2,390) (7,424)
Accounts payable (1,897) 198
Accrued compensation (7,609) (6,786)
Accrued expenses and other liabilities (765) (2,399)
Deferred revenue (7,230) (4,412)
Change in operating lease liability (1,503) (837)
Net cash used in operating activities (64,741) (60,991)
Investing activities    
Purchases of marketable securities (135,001) (52,764)
Maturities of marketable securities 199,262 112,102
Sales of marketable securities 290 9,055
Purchases of equipment and leasehold improvements (446) (942)
Net cash provided by investing activities 64,105 67,451
Financing activities    
Proceeds from sales of common stock, net of issuance costs   10,923
Payment of debt (4,083) (3,125)
Proceeds from exercise of common stock options 117 314
Taxes paid related to net shares settlement of restricted stock units (374) (451)
Proceeds from employee stock purchase plan 911 1,097
Net cash (used in) provided by financing activities (3,429) 8,758
Net (decrease) increase in cash, cash equivalents and restricted cash (4,065) 15,218
Cash, cash equivalents and restricted cash at beginning of period 70,140 48,126
Cash, cash equivalents and restricted cash at end of period 66,075 63,344
Supplemental disclosure of cash flow information:    
Cash paid for interest 63 393
Income tax paid 10  
Supplemental disclosure of non-cash investing and financing information:    
Purchases of equipment included in accounts payable and accrued expense 219 371
Financing component associated with program fees 2,160 2,543
Deferred offering cost included in accounts payable and accrued expenses $ 528 $ 101

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