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Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flows used in operating activities:        
Net loss $ (27,110,000) $ (26,701,000) $ (85,304,000) $ (109,054,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Acquired in-process research and development   1,500,000   3,000,000
Depreciation and amortization 1,000,000.0 900,000 2,914,000 2,733,000
Share-based compensation     9,351,000 15,477,000
Amortization of premium and discount on marketable securities, net     (1,188,000) 1,206,000
Loss on disposal of property and equipment 0 0 463,000 0
Impairment of long-lived assets 5,390,000   5,390,000  
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets, and other assets     3,478,000 1,701,000
Prepaid research and development     4,859,000 310,000
Right of use assets and operating lease liabilities     (97,000) 478,000
Accounts payable     (1,316,000) (4,979,000)
Accrued expenses and other current and noncurrent liabilities     2,702,000 (5,061,000)
Net cash provided by (used in) operating activities     (58,748,000) (94,189,000)
Cash flows provided by (used in) investing activities:        
Purchases of marketable securities     (101,640,000) (116,304,000)
Sales or maturities of marketable securities     159,410,000 149,661,000
Purchases of technology licenses       (3,000,000)
Purchases of property and equipment     (133,000) (1,800,000)
Net cash provided by (used in) investing activities     57,637,000 28,557,000
Cash flows provided by (used in) financing activities:        
Proceeds from the exercise of stock options       128,000
Proceeds from the issuance of common stock under employee stock purchase plan     89,000 243,000
Payments for insurance premium financing       (1,136,000)
Net cash provided by (used in) financing activities     89,000 (765,000)
Net increase (decrease) in cash and cash equivalents     (1,022,000) (66,397,000)
Cash and cash equivalents at beginning of period     34,601,000 128,965,000
Cash and cash equivalents at end of period $ 33,579,000 $ 62,568,000 33,579,000 62,568,000
Supplemental disclosure of non-cash investing and financing activities:        
Unrealized gain (loss) on marketable securities     $ 774,000 (1,055,000)
Property and equipment in accounts payable and accrued expenses and other current liabilities       45,000
Right of use assets recognized upon the adoption of Topic 842       (20,375,000)
Operating lease liabilities recognized upon the adoption of Topic 842       $ 27,296,000