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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 7,304 $ (91,661)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization expense 509 928
Stock-based compensation expense 10,812 16,324
In process research and development expenses 0 30
Amortization of operating lease right-of-use assets 1,469 1,363
Amortization of long-term debt discount and issuance costs 614 690
Amortization of premium on marketable securities, net of accretion of discounts (6,040) (3,036)
Loss on disposal of property and equipment 316 0
Changes in operating assets and liabilities:    
Receivable from contracts with collaborators (3,629) 0
Prepaid expenses and other current assets (2,692) (5,048)
Other assets 559 (90)
Operating lease liabilities (1,620) (1,463)
Accounts payable (4,441) 716
Accrued expenses and other current liabilities (6,282) (1,051)
Accrued research and development expenses 3,082 (3,564)
Accrued compensation and benefits (2,476) (5,335)
Contract liabilities 66,696 0
Accrued interest expense (135) (43)
Net cash provided by (used in) operating activities 64,046 (91,240)
Cash flows from investing activities    
Research and development asset acquisitions, net of cash acquired 0 (30)
Purchase of marketable securities (279,739) (133,312)
Maturities of marketable securities 282,300 155,000
Net cash provided by investing activities 2,561 21,658
Cash flows from financing activities    
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan 348 367
Proceeds from grant of equity option pursuant to Chiesi Collaboration Agreement 464 0
Principal repayments of long-term debt (12,581) (5,807)
Net cash used in financing activities (11,769) (5,440)
Effect of exchange rate changes on cash and cash equivalents (70) 53
Net increase (decrease) in cash and cash equivalents 54,768 (74,969)
Cash and cash equivalents, at the beginning of the period 32,109 111,973
Cash, cash equivalents and restricted cash, at the end of the period 86,877 37,004
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,561 6,283
Supplemental disclosure of noncash investing and financing activities:    
Change in unrealized gain (loss) on marketable securities, net $ (184) $ 69