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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (43,574) $ (110,470)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 826 643
Net amortization of premiums and discounts on marketable securities (2,402) (3,191)
Stock-based compensation 9,085 13,050
Non-cash operating lease expense 1,512 1,344
Other non-cash items 153 319
Changes in operating assets and liabilities:    
Accounts receivable (1,570) 30,000
Prepaid expenses and other current assets 321 (1,992)
Other assets (500) 0
Accounts payable (4,174) 3,337
Accrued expenses (4,116) (9,502)
Operating lease liabilities (1,476) (1,421)
Deferred revenue (8,597) (12,956)
Net cash used in operating activities (54,512) (90,839)
Cash flows from investing activities    
Maturities of marketable securities 40,000 119,000
Purchase of marketable securities (106,901) (121,733)
Purchase of property and equipment (132) (1,310)
Net cash used in investing activities (67,033) (4,043)
Cash flows from financing activities    
Net proceeds from at-the-market facilities 5,780 93,620
Proceeds from exercise of stock options 56 427
Proceeds from purchases of common stock under ESPP 258 963
Payment of debt issuance costs 0 (150)
Payments under finance lease obligations (112) (131)
Net cash provided by financing activities 5,982 94,729
Decrease in cash, cash equivalents and restricted cash (115,563) (153)
Cash, cash equivalents and restricted cash, beginning of period 175,039 129,363
Cash, cash equivalents and restricted cash, end of period 59,476 129,210
Supplemental cash flow information:    
Purchases of property and equipment in accounts payable and accrued expenses 0 367
Common stock issuance costs in accounts payable and accrued expenses 0 81
Cash paid for interest $ 1,751 $ 1,637