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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (112,961) $ (58,655) $ (49,762)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization 2,476 2,101 1,725
Net amortization (accretion) of premiums (discounts) on marketable securities (11,553) (695) 1,834
Stock-based compensation 18,489 11,629 8,237
Amortization of right of use assets 1,532 1,414 1,307
Changes in assets and liabilities      
Accounts receivable 193 892 774
Prepaid expenses and other assets (2,045) (2,119) (189)
Accounts payable 2,635 1,864 1,166
Accrued and other liabilities 1,635 4,572 4,212
Contract liabilities (13,753) (46,479) (23,541)
Lease liabilities (1,872) (1,699) (1,542)
Net cash used in operating activities (115,224) (87,175) (55,779)
Cash flows from investing activities      
Purchases of property and equipment, net (2,368) (3,443) (2,644)
Purchases of marketable securities (595,980) (255,808) (314,996)
Maturities of marketable securities 439,892 225,847 243,956
Sales of marketable securities 0 0 4,018
Net cash used in investing activities (158,456) (33,404) (69,666)
Cash flows from financing activities      
Proceeds from issuance of common stock in public offering, net of issuance costs 281,165 86,105 85,990
Proceeds from issuances of pre-funded warrants 42,182 0 0
Proceeds from issuance of common stock related to at-the-market offering program, net of issuance costs 28,598 8,857 57,263
Proceeds from exercise of common stock options, net of repurchases 9,559 1,448 1,504
Proceeds from ESPP purchases 1,213 755 697
Net cash provided by financing activities 362,717 97,165 145,454
Net increase (decrease) in cash, cash equivalents and restricted cash 89,037 (23,414) 20,009
Cash, cash equivalents and restricted cash, at beginning of period 68,738 92,152 72,143
Cash, cash equivalents and restricted cash, at end of period 157,775 68,738 92,152
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 157,018 68,632 92,046
Restricted cash 757 106 106
Cash, cash equivalents and restricted cash 157,775 68,738 92,152
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 0 0 4
Cash paid for interest 69 60 71
Supplemental non-cash investing and financing activities:      
Vesting of early exercised options and restricted stock 0 0 24
Purchases of property and equipment in accounts payable and accrued liabilities 147 384 92
Right-of-use asset obtained in exchange for a new operating lease liability 1,294 0 0
Unpaid offering costs $ 43 $ 39 $ 0