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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net loss $ (83,838) $ (69,204)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of premium (accretion of discounts) on marketable securities (296) 1,270
Depreciation and amortization 1,047 996
Stock-based compensation expense 11,264 9,952
Gain on foreign currency translation 627 258
Non- cash operating lease expense 1,760 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,421) (1,764)
Accounts payable, accrued expenses, and other current liabilities 3,710 933
Deferred revenue (1,527) (3,432)
Deferred rent, net of current portion 0 (35)
Operating lease liabilities (2,097) 0
Net cash used in operating activities (70,771) (61,026)
Investing activities    
Purchase of marketable securities (190,856) (164,977)
Proceeds from maturities of marketable securities 146,211 84,385
Proceeds from sale of equipment 0 0
Purchase of property and equipment (845) (755)
Net cash used in investing activities (45,490) (81,347)
Financing activities    
Proceeds from issuances of common stock under employee stock plans 1,392 2,022
Net cash provided by financing activities 131,180 141,482
Net increase (decrease) in cash and cash equivalents 14,919 (891)
Cash and cash equivalents at beginning of year 24,027 24,918
Cash and cash equivalents at end of year 38,946 24,027
Supplemental disclosures of non-cash investing and financing information    
Right-of-use asset obtained in exchange for lease obligation 8,063 0
Public Offering    
Financing activities    
Proceeds from equity offerings, net of issuance costs 124,810 134,770
At The Market    
Financing activities    
Proceeds from equity offerings, net of issuance costs $ 4,978 $ 4,690