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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (131,700) $ (124,036)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization of property and equipment 3,548 2,327
Amortization of finance lease right of use asset 1,077 1,077
Stock-based compensation 21,584 19,160
Accretion of discount on investments, net (4,996) (4,831)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (729) 2,698
Accounts payable and accrued expenses 2,122 (4,477)
Operating lease liabilities and right of use assets, net 50 102
Finance lease liability 56 74
Other liabilities (1,691) (523)
Net cash used in operating activities (110,679) (108,429)
Investing activities:    
Purchases of investments (102,521) (168,930)
Proceeds from maturities of investments 197,144 170,585
Payments made to acquire right of use asset 0 (36)
Purchases of property and equipment (3,965) (7,134)
Net cash provided by (used in) investing activities 90,658 (5,515)
Financing activities:    
Issuance of common stock, pursuant to exercise of stock options 2,714 1,296
Issuance of common stock pursuant to the at-the-market offering program, net of issuance costs 0 17,222
Issuance of common stock, pursuant to exercise of warrants 0 7
Net cash provided by financing activities 2,714 18,525
Net change in cash, cash equivalents and restricted cash (17,307) (95,419)
Cash, cash equivalents and restricted cash at beginning of period 57,276 141,857
Cash, cash equivalents and restricted cash at end of period 39,969 46,438
Supplemental disclosure of non-cash financing and investing activities:    
Accrued purchases of property and equipment, ending balance 1,036 1,265
Investment maturity receivables and purchase payables, ending balance 8,072 0
Operating lease liabilities 1,134 0
Unrealized loss on investments $ (537) $ (365)