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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (209,445) $ (177,297)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 23,543 20,517
Depreciation and amortization expense 338 299
Amortization of debt issuance costs and discount 491 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,582) (2,799)
Accounts payable (2,818) 9,401
Accrued expense 24,550 13,279
Accrued interest, net of interest received on maturity of investments (419) 734
Net cash used in operating activities (166,342) (135,866)
Cash flows from investing activities:    
Purchases of marketable securities (130,693) (339,371)
Sales and maturities of marketable securities 271,180 318,769
Purchases of property and equipment, net of disposals (188) (96)
Net cash provided by (used in) investing activities 140,299 (20,698)
Cash flows from financing activities:    
Proceeds from issuances of stock, excluding related parties, net of transaction costs 0 151,249
Proceeds from the exercise of common stock options 0 485
Proceeds from issuance of loan payable 50,000 0
Payment of debt issuance costs (886) 0
Net cash provided by financing activities 49,114 151,734
Net increase (decrease) in cash and cash equivalents 23,071 (4,830)
Cash and cash equivalents at beginning of period 36,269 54,004
Cash and cash equivalents at end of period 59,340 49,174
Supplemental disclosure of cash flow information:    
Obtaining a right-of-use asset in exchange for a lease liability $ 583 $ 376