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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (110,470) $ (99,477)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 643 432
Net amortization of premiums and discounts on marketable securities (3,191) (104)
Stock-based compensation 13,050 10,833
Other non-cash items 319 381
Changes in operating assets and liabilities:    
Accounts receivable 30,000 0
Prepaid expenses and other current assets (1,992) 419
Accounts payable 3,337 (4,383)
Accrued expenses (9,502) 4,904
Operating lease right-of-use assets 1,344 1,493
Operating lease liabilities (1,421) (1,199)
Deferred revenue (12,956) 33,970
Net cash used in operating activities (90,839) (52,731)
Cash flows from investing activities    
Maturities of marketable securities 119,000 0
Purchase of marketable securities (121,733) (89,813)
Purchase of property and equipment (1,310) (986)
Net cash used in investing activities (4,043) (90,799)
Cash flows from financing activities    
Net proceeds from at-the-market facilities 93,620 100,361
Proceeds from exercise of stock options 427 96
Proceeds from purchases of common stock under ESPP 963 606
Payment of debt issuance costs (150) 0
Payments under finance lease obligations (131) (142)
Net cash provided by financing activities 94,729 100,921
Decrease in cash, cash equivalents and restricted cash (153) (42,609)
Cash, cash equivalents and restricted cash, beginning of period 129,363 178,425
Cash, cash equivalents and restricted cash, end of period 129,210 135,816
Supplemental disclosures of non-cash activities:    
Purchases of property and equipment in accounts payable and accrued expenses 367 333
Common stock issuance costs in accounts payable and accrued expenses 81 0
Cash paid for interest 1,637 1,100
Right-of-use assets obtained in exchange for operating lease liabilities $ 0 $ 298