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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (65,504) $ (38,514)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 8,246 3,188
Depreciation expense 606 353
Non-cash lease expense 154 111
Amortization of premiums and accretion of discounts on available-for-sale securities, net (67) 347
Changes in operating assets and liabilities:    
Unbilled grant receivable 636 (779)
Prepaid expenses and other current assets (1,605) 5,152
Accounts payable and accrued liabilities 944 4,913
Operating lease liability (212) 308
Net cash used in operating activities (56,802) (24,921)
Investing activities    
Purchases of available-for-sale securities (85,117) (269,378)
Maturities of available-for-sale securities 119,274 226,420
Proceeds from sales of available-for-sale securities   18,052
Purchases of property and equipment (1,140) (546)
Net cash provided by (used in) investing activities 33,017 (25,452)
Financing activities    
Proceeds from exercise of common stock options 507 314
Proceeds from public offering, net of issuance costs   96,762
Net cash provided by financing activities 507 97,076
Net (decrease) increase in cash, cash equivalents and restricted cash (23,278) 46,703
Cash, cash equivalents and restricted cash, beginning of period 110,537 60,625
Cash, cash equivalents and restricted cash, end of period $ 87,259 107,328
Supplemental disclosures of cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liability   $ 680