XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (29,990) $ (92,257)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 20 1
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability 81,157
Stock-based compensation expense 2,173 557
Amortization of premiums and accretion of discounts on marketable securities, net 575 (6)
Amortization of right-of-use asset 100
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,058 (4,297)
Other assets (78) (13)
Accounts payable 996 (149)
Operating lease liability (100)
Accrued expenses and other current liabilities 296 685
Net cash used in operating activities (23,950) (14,322)
Cash flows from investing activities    
Purchases of marketable securities (12,129) (94,095)
Proceeds from maturities and sales of marketable securities 71,860
Purchases of property and equipment (126) (14)
Net cash provided by (used in) investing activities 59,605 (94,109)
Cash flows from financing activities    
Proceeds from issuance of Series B milestone shares, net of issuance costs 30,031
Proceeds from issuance of common stock upon initial public offering, net of offering costs 168,559
Payment of deferred offering costs (296)
Proceeds from the exercise of stock options 19 2
Net cash provided by (used in) financing activities (277) 200,456
Net change in cash and cash equivalents 35,378 92,025
Cash and cash equivalents at the beginning of the period 122,162 43,777
Cash and cash equivalents at the end of the period 157,540 135,802
Supplemental disclosure of noncash investing and financing activities    
Right-of-use asset obtained in exchange for operating lease liabilities 233
Deferred offering costs in accrued expenses and other current liabilities 41 0
Reclassification of preferred stock tranche rights liability upon share issuance 0 81,190
Conversion of convertible preferred stock into common stock upon initial public offering 0 174,504
Reclassification of warrant liability upon exercise of preferred stock warrant   5,380
Series A -1 Convertible Preferred Stock Warrant Liability [Member]    
Cash flows from financing activities    
Proceeds from exercise of warrants 1,250
Common Stock Warrants [Member]    
Cash flows from financing activities    
Proceeds from exercise of warrants $ 614