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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (72,400) $ (41,126)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3 3
Accretion of investments (3,821) (3,967)
Non-cash operating lease expense 244 110
Stock-based compensation 8,899 6,238
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,854) 2,899
Collaboration receivable (payable), net 315 2,082
Other receivable (6,073) 0
Accounts payable (1,152) 3,707
Accrued expenses and other liabilities (6,709) (9,174)
Net cash used in operating activities (83,548) (39,228)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of short and long-term investments (167,385) (61,585)
Proceeds from sales and maturities of short-term investments 67,986 81,500
Net cash provided by (used in) investing activities (99,399) 19,915
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Employee Stock Purchase Plan 309 196
Proceeds from stock option exercises 1,859 2,278
Net cash provided by financing activities 2,168 2,474
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (180,779) (16,839)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—beginning of period 295,611 74,471
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —end of period $ 114,832 $ 57,632