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Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (45,785) $ (27,470)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 666 451
Loss on disposal of fixed assets 0 3
Non-cash consideration for licensing and collaboration revenue (205) 0
Change in fair value of equity securities 104 0
Stock-based compensation expense 5,942 936
Change in fair value of MSKCC success payments liability (2,648) 1,181
Acquired in-process research and development 300 1,000
Extinguishment of PPP Loan 0 (1,578)
Amortization of investment premiums 449 0
Non-cash lease expense 1,000 0
Changes in operating assets and liabilities:    
Accounts receivable 629 148
Contract assets (606) 498
Other receivables 2,388 (3,894)
Prepaid expenses and other current assets (347) (1,842)
Other assets (326) (151)
Accounts payable (3,557) 1,031
Accrued expenses and other current liabilities 1,117 1,009
Deferred revenue, current and long-term (2,470) 31,791
Deferred rent and lease incentive liability 0 738
Operating lease liabilities (182) 0
Other liabilities (15) (14)
Net cash (used in) provided by operating activities (43,546) 3,837
CASH FLOWS FROM INVESTING ACTIVITIES:    
Maturities of marketable securities 99,009 0
Purchases of marketable securities (181,746) 0
Purchases of property and equipment (3,343) (506)
Net cash used in investing activities (86,080) (506)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs 0 108,827
Proceeds from exercise of stock options and purchases of common stock under employee stock purchase plan 1,352 1,130
Repayment of promissory note 0 1,150
Payments on capital lease 0 (119)
Payment of deferred issuance costs 0 (702)
Net cash provided by financing activities 1,352 110,286
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (128,274) 113,617
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - BEGINNING OF PERIOD 240,420 15,953
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - END OF PERIOD 112,146 129,570
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH    
Cash and cash equivalents 112,146 129,524
Restricted cash 46 46
TOTAL CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 112,192 129,570
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income taxes 0 11
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITES:    
Acquisition of property and equipment included in accrued expenses and other current liabilities 707 869
Deferred issuance costs related to initial public offering unpaid at period end 0 1,884
Acquired in-process research and development accrued 300 1,000
Extinguishment of PPP Loan 0 1,578
Right-of-use assets obtained in exchange for new operating lease liabilities $ 26,249 $ 0