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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (38,587) $ (30,634)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 529 69
Stock-based compensation expense 5,850 4,175
Amortization of operating leases, right-of-use assets 194 491
Change in fair value of CVR liability (1,700)  
Net amortization (accretion) of premiums (discounts) on marketable securities (1,043)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (316) (737)
Other assets (30) (1,879)
Accounts payable (1,670) 532
Accrued expenses and other current liabilities (2,557) 199
Operating lease liability (187) (550)
Net cash used in operating activities (39,517) (28,334)
Cash flows from investing activities:    
Purchases of property and equipment (1,103) (441)
Purchases of marketable securities (59,013)  
Maturities and sales of marketable securities 120,000  
Net cash (used in) provided by investing activities 59,884 (441)
Cash flows from financing activities:    
Proceeds from issuance of stock from employee stock purchase plan 313 129
Proceeds from issuance of common stock upon stock option exercises 132 9
Net cash provided by financing activities 445 138
Net (decrease) increase in cash, cash equivalents and restricted cash 20,812 (28,637)
Cash, cash equivalents and restricted cash at beginning of period 141,141 220,939
Cash, cash equivalents and restricted cash at end of period 161,953 192,302
Supplemental disclosure of cash flow information:    
Right-of-use assets obtained in exchange for new operating lease liabilities   917
Supplemental disclosure of noncash investing and financing information:    
Property & equipment included in accounts payable and accrued expenses 674  
Conversion of Series A Convertible Preferred stock into common shares $ 3,520 $ 7,000