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Condensed Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net loss $ (72,229) $ (34,536)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and other expense 70 21
Amortization and accretion of term loan related costs 419 0
Amortization of premium and discounts on investment securities (1,289) 300
Share-based compensation 11,899 5,386
Changes in operating assets and liabilities:    
Prepaid expense and other assets 6,238 435
Accrued interest receivable 96 (66)
Accrued research and development expenses 9,019 (1,486)
Accounts payable and accrued expenses (4,817) (7,562)
Change in working capital 1 (4)
Net cash used in operating activities (50,593) (37,512)
Investing Activities    
Purchase of marketable securities 0 (48,897)
Purchase of property and equipment (233) (116)
Maturities of marketable securities 39,505 14,865
Net cash provided by (used in) investing activities 39,272 (34,148)
Financing Activities    
Proceeds from employee stock plan purchases 2,589 2,080
Net cash provided by financing activities 2,589 2,080
Net decrease in cash and cash equivalents (8,732) (69,580)
Cash and cash equivalents    
Beginning of period 476,304 261,447
End of period 467,572 191,867
Supplemental disclosure of cash paid    
Interest expense paid in cash $ 2,406 $ 0