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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net loss $ (32,453) $ (30,694)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 6,650 5,075
Depreciation expense 177 108
Amortization of premium and accretion of discounts on marketable securities, net 1,100 850
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,630) (2,860)
Other long-term assets 105 410
Accounts payable and accrued expenses (5,251) (1,452)
Other long-term liabilities 121 46
Net cash used in operating activities (32,181) (28,517)
Investing Activities    
Purchases of marketable securities (51,400) (223,158)
Maturities of marketable securities 26,487 36,969
Purchases of property and equipment (49) (31)
Net cash used in investing activities (24,962) (186,220)
Financing Activities    
Proceeds from issuance of stock under equity incentive plan 303 829
Repayment of long-term debt   (750)
Net cash (used in) provided by financing activities 303 79
Net decrease in cash, cash equivalents and restricted cash (56,840) (214,658)
Cash, cash equivalents and restricted cash at beginning of period 90,882 325,703
Cash, cash equivalents and restricted cash at end of period $ 34,042 $ 111,045