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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net loss $ (32,450) $ (27,544)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,820 6,582
Depreciation 1,427 1,554
Amortization of premium on marketable securities 518 570
Non-cash lease expense 475 441
Other non-cash expenses 460 (315)
Changes in operating assets and liabilities:    
Related party receivable from collaboration 4,842 8
Related party contract asset 0 1,500
Prepaid expenses and other assets 241 (1,299)
Accounts payable (431) (2,128)
Accrued and other liabilities (4,747) (427)
Operating lease liability (1,236) (1,167)
Contract liabilities (12,657) 0
Net cash used in operating activities (35,738) (22,225)
Investing activities    
Purchase of marketable securities (86,904) (144,996)
Proceeds from maturities of marketable securities 80,336 28,000
Purchases of property and equipment (285) (160)
Net cash used in investing activities (6,853) (117,156)
Financing activities    
Proceeds from follow on offering, net 0 134,570
Proceeds from exercise of stock options 668 5,907
Net cash provided by financing activities 668 140,477
Net (decrease) increase in cash and cash equivalents (41,923) 1,096
Cash, cash equivalents and restricted cash, at beginning of period 153,294 148,516
Cash, cash equivalents and restricted cash, at end of period 111,371 149,612
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment purchases accrued and not yet paid 436 637
Right of use asset acquired under operating lease on the adoption of ASC 842 0 5,855
Vesting of common stock from early exercises $ 0 $ 41