XML 47 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows used in operating activities:      
Net loss $ (83,892) $ (66,335) $ (34,099)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:      
Stock-based compensation expense 21,512 3,432 1,642
Depreciation and amortization 1,492 1,617 1,595
Accretion of discount (premium) on investments 1,879 (95) 334
Reduction in carrying amount of right-of-use asset 1,415 1,224 1,144
Amortization of debt discount—related party 719 409  
Change in fair value of warrant liability   5,676  
Gain on disposal of fixed assets     16
Changes in operating assets and liabilities:      
Accounts receivable (1,232) 139 81,815
Prepaid expenses and other current and long-term assets (6,116) (3,257) (814)
Accounts payable (1,179) 467 4,231
Accrued expenses and other current liabilities 4,377 2,558 3,719
Operating lease liability (888) (881) (734)
Deferred revenue (25,052) (12,203) (3,235)
Net cash (used in) provided by operating activities (86,965) (67,249) 55,614
Cash flows used in investing activities:      
Proceeds from maturities of marketable securities 349,681 104,000 78,666
Purchase of marketable securities (537,740) (293,855) (79,000)
Purchases of property and equipment (1,277) (650) (1,349)
Proceeds from sale of property and equipment     63
Net cash used in investing activities (189,336) (190,505) (1,620)
Cash flows provided by financing activities:      
Proceeds from follow-on offering, net of issuance costs paid of $11.3 million 169,465    
Proceeds from exercises of stock options 2,330 887 274
Proceeds from initial public offering, net of underwriting discount of $14.7 million   195,074  
Payment of initial public offering costs (286) (3,606)  
Proceeds from issuance of Series B shares, net of issuance costs of $4.5 million   145,525  
Proceeds from long-term debt and warrant—related party, net of issuance costs of $0.5 million   11,973  
Repurchase of common stock   (194) (30)
Vested stock option settlement   (727)  
Other (109)    
Net cash provided by financing activities 171,400 348,932 244
Net change in cash, cash equivalents and restricted cash (104,901) 91,178 54,238
Cash, cash equivalents and restricted cash at beginning of period 184,304 93,126 38,888
Cash, cash equivalents and restricted cash at end of period 79,403 184,304 93,126
Reconciliation of cash, cash equivalents and restricted cash:      
Cash, cash equivalents and restricted cash at end of period 79,403 184,304 93,126
Less: restricted cash (3,279) (2,577) (2,577)
Cash and cash equivalents at end of the year 76,124 181,727 90,549
Supplemental disclosure of cash flow information:      
Cash paid for interest 1,308 820  
Cash paid for taxes   143 1,088
Supplemental disclosures of non-cash investing and financing activities:      
Operating lease liabilities arising from obtaining right-of-use assets $ 20,131    
Conversion of redeemable convertible preferred stock to common stock upon closing of the initial public offering   256,520  
Warrant liability reclassification to equity   8,001  
Initial public offering costs in accounts payable and accrued expenses   $ 296  
Capital expenditures in accounts payable     172
Stock option repurchases included in accrued expenses     $ 16