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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (163,619) $ (128,724) $ (57,796)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 652 675 619
Stock-based compensation 33,205 27,356 15,347
Accretion/amortization of investments, net (10,521) (2,507) 493
Amortization of right-of-use assets – operating 1,724 1,660 1,471
Non-cash interest expense 18,083 21,108 1,450
Gain on disposal of property and equipment 0 0 (15)
Changes in operating assets and liabilities:      
Receivables from collaborative partners (5,432) (543) (876)
Prepaid expenses and other assets (4,194) (813) (1,801)
Accounts payable and other liabilities 10,938 9,700 (4,740)
Operating lease liabilities (1,636) (1,505) (72)
Net cash used in operating activities (120,800) (73,593) (45,920)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of investments (303,919) (802,503) (118,662)
Sales and maturities of investments 449,480 408,016 158,848
Proceeds from the sale of property and equipment 0 0 15
Purchases of property and equipment (807) (358) (1,366)
Net cash provided by (used in) investing activities 144,754 (394,845) 38,835
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 2,472 11,827 2,553
Proceeds from the sale of future royalties 0 35,000 250,000
Repayment of liability for sale of future royalties (11,726) (2,474) 0
Payments for repurchase of common stock (50,000) 0 0
Payments for issuance costs related to the sale of future royalties (43) (336) (255)
Net cash (used in) provided by financing activities (59,297) 44,017 252,298
Net (decrease) increase in cash, cash equivalents, and restricted cash (35,343) (424,421) 245,213
Cash, cash equivalents and restricted cash, beginning of period 71,308 495,729 250,516
Cash, cash equivalents and restricted cash, end of period 35,965 71,308 495,729
Non-cash investing and financing activities:      
Leased assets obtained in exchange for operating lease liabilities 0 0 20,685
Amounts accrued for property and equipment 8 154 31
Amounts accrued for issuance costs related to the sale of future royalties 0 80 102
Amounts accrued for repurchase of common stock 456 0 0
Receivable related to issuance of common stock, upon exercise of stock options $ (51) $ 40 $ 11