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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (145,435) $ (71,514)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,875 1,341
Stock-based compensation expense 16,641 7,571
Amortization of operating right-of-use assets 5,021 910
Net amortization of premiums on investments 228 910
Loss on disposal of fixed assets 44 32
Asset impairment charges 213 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,852 (16,306)
Other assets (534) (3,030)
Operating lease liabilities 2,991 (75)
Accounts payable (575) 5,601
Accrued compensation (4) 1,791
Accrued manufacturing expenses 5,830 (5,979)
Accrued expenses 5,477 8,448
Net cash used in operating activities (105,376) (70,300)
Cash flows from investing activities:    
Purchases of property and equipment (4,701) (5,173)
Proceeds from sale of property and equipment 7 0
Purchases of investments (31,460) (295,279)
Maturities of investments 136,191 58,000
Sale of investments 10,500 30,062
Net cash provided by (used in) investing activities 110,537 (212,390)
Cash flows from financing activities:    
Proceeds from exercise of common stock options 2,363 1,444
Proceeds from issuance of common stock related to at-the-market offering, net of commissions and offering expenses 95,238 7,108
Proceeds from issuance of common stock from follow-on offering, net of issuance costs 107,624 0
Release of restricted stock units (861) 0
Proceeds from issuance of common stock under the Employee Stock Purchase Plan 550 490
Net cash provided by financing activities 204,914 9,042
Effect of exchange rate changes on cash and cash equivalents (659) 363
Net increase (decrease) in cash, cash equivalents and restricted cash 209,416 (273,285)
Cash, cash equivalents and restricted cash, beginning of period 69,856 386,200
Cash, cash equivalents and restricted cash, end of period 279,272 112,915
Cash paid for interest 2 7
Supplemental disclosures of non-cash investing and financing activities:    
Purchases of property and equipment recorded in accounts payable and accrued expenses 141 271
Stock issued for payment of accounts payable 0 10,000
Proceeds from issuance of common stock through ATM facility not yet received 0 5,011
Deferred offering costs included in accounts payable and accrued expenses $ 0 $ 154