v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (105,370) $ (106,001) $ (89,998)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 681 625 669
Non-cash lease expense 215 85 19
Stock-based compensation expense 15,230 9,517 9,996
Accretion of development financing liability 18,945 14,907 2,583
Write-off of deferred financing costs 0 0 312
Net (accretion) amortization of investments in marketable securities (7,864) (874) 637
Changes in assets and liabilities:      
Prepaid expenses and other current assets (6,959) 1,976 386
Other assets 110 (1,189) (1,513)
Accounts payable 2,732 (1,444) 2,309
Deferred collaboration revenue 2,789 0 0
Accrued research and development expenses (897) (3,222) 5,054
Other accrued liabilities 7,857 1,540 115
Net cash used in operating activities (72,531) (84,080) (69,431)
Investing activities      
Purchases of property and equipment (445) (148) (87)
Purchases of marketable securities (305,674) (174,977) (78,084)
Proceeds from maturities of marketable securities 219,550 129,140 126,760
Net cash (used in) provided by investing activities (86,569) (45,985) 48,589
Financing activities      
Proceeds from issuance of common stock pursuant to equity award plans 10,632 9 219
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs 335,140 (459) 70,499
Proceeds from development financing, net of transaction costs 0 25,000 47,737
Net cash provided by financing activities 345,772 24,550 118,455
Net increase (decrease) in cash, cash equivalents and restricted cash 186,672 (105,515) 97,613
Cash, cash equivalents, and restricted cash at beginning of period 20,291 125,806 28,193
Cash, cash equivalents, and restricted cash at end of period 206,963 20,291 125,806
Supplemental operating activities      
Cash paid for amounts included in the measurement of lease liabilities 762 686 666
Supplemental non-cash investing and financing activities      
Right-of-use assets acquired in exchange for operating lease liabilities 4,833 0 0
Right-of-use assets acquired in exchange for finance lease liabilities 466 0 0
Accrued financing costs $ 0 $ 0 $ 464

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