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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 21 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Cash flows from operating activities          
Net loss     $ (61,290) $ (49,308)  
Adjustments to reconcile net loss to net cash used in operating activities          
Amortization of investment premiums     (5,500) 1,270  
Amortization of financing costs $ 2 $ 27 62 51  
Stock-based compensation 4,481 1,940 12,670 6,517  
Amortization of right-of-use assets     218 219  
Realized loss on investment       42  
Interest expense related to operating lease liability     33 29  
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets     6,466 (1,698)  
Accrued interest, net of interest receivable on maturity of investments     422 499  
Accounts payable     (2,819) 1,698  
Accrued expenses     (5,738) 3,315  
Lease liability     (260) (105)  
Net cash used in operating activities     (55,736) (37,471)  
Cash flows from investing activities          
Purchases of investments     (380,770) (76,825)  
Proceeds from sales and maturities of investments     165,951 124,318  
Net cash (used in) provided by investing activities     (214,819) 47,493  
Cash flows from financing activities          
Public offering, net of offering costs     269,760 10  
Value of shares withheld related to employee tax withholding     (7,121) (499)  
Repurchase of common stock       (6,795)  
Proceeds from warrant and option exercises and stock issuances under employee stock purchase plan     6,580 698  
ATM offering, net of fees     1,969    
Net cash provided by (used in) financing activities     271,188 (6,586)  
Net increase in cash and cash equivalents     633 3,436  
Cash and cash equivalents beginning of period     36,632 26,371 $ 26,371
Effect of exchange rate changes on cash     (80) (399)  
Cash and cash equivalents end of period $ 37,185 $ 29,408 37,185 29,408 $ 37,185
Supplemental disclosure of non-cash investing and financing transactions          
Unpaid deferred public offering and other financing costs     $ 50 25  
Right-of-use asset obtained in exchange for lease obligation       $ 1,664