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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2024
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,

 

 

 

2024

 

 

2023

 

 

2022

 

Cash and cash equivalents

 

$

281,967

 

 

$

435,895

 

 

$

232,767

 

Restricted cash

 

 

8,144

 

 

 

8,719

 

 

 

12,754

 

Total cash, cash equivalents, and restricted cash

 

$

290,111

 

 

$

444,614

 

 

$

245,521

 

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, 2024 and 2023 were as follows (in thousands):

 

 

December 31,
2024

 

 

December 31,
2023

 

Beginning balance

 

$

178,594

 

 

$

338,153

 

Additions to deferred revenue from license agreements

 

 

 

 

 

 

Amounts recognized in revenue

 

 

(36,518

)

 

 

(159,559

)

Ending balance

 

$

142,076

 

 

$

178,594