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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (129,874) $ (79,413)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Issuance of common stock under license agreement 0 7,500
Share-based compensation expense 19,765 14,465
Non-cash interest expense and amortization of debt issuance costs 228 87
Depreciation and amortization 255 120
Accretion and amortization of premiums and discounts on available-for-sale securities (210) 965
Realized gain on investments 0 (4)
Loss on sale of equipment 0 77
Non-cash lease expenses 36 (102)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (3,339) (1,496)
Accounts payable 11,524 1,655
Accrued and other liabilities 7,716 1,380
Unbilled revenue 349 (451)
Deferred revenue (288) 636
Net cash used in operating activities (93,838) (54,581)
Cash flows from investing activities:    
Purchases of short-term investments (223,264) (188,431)
Proceeds from sales and maturities of short-term investments 108,935 114,398
Proceeds from sale of property and equipment 0 79
Purchases of property and equipment (797) (338)
Net cash used in investing activities (115,126) (74,292)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, pursuant to 2022 and 2021 Public Offering and September 2022 and April 2021 ATM Agreement 291,874 114,242
Proceeds from the issuance of Series B preferred stock 44,000 16,960
Proceeds from the exercise of warrants 935 1,285
Proceeds from issuance of long-term debt 5,000 0
Payment of debt issuance costs (446) 0
Proceeds from issuance of common stock upon the exercise of stock options 2,762 1,027
Proceeds from the issuance of common stock for cash under employee stock purchase plan 183 39
Net cash provided by financing activities 322,244 125,275
Net increase (decrease) in cash and cash equivalents 113,280 (3,598)
Cash and cash equivalents at beginning of period 42,299 45,897
Cash and cash equivalents at end of period 155,579 42,299
Supplemental disclosure of cash flow information    
Interest paid 293 0
Supplemental disclosure of non-cash investing and financing activities    
Purchase of property and equipment in accounts payable and accrued liabilities 380 4
Amortization of public offering costs 75 87
Common Stock    
Cash flows from financing activities:    
Payment of issuance costs (19,072) (6,987)
Preferred Stock    
Cash flows from financing activities:    
Payment of issuance costs $ (2,992) $ (1,291)