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STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows used in operating activities:    
Net loss $ (86,797) $ (78,852)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 962 625
Noncash lease expense 1,281 928
Stock-based compensation 19,299 15,156
Amortization of premium and discount on marketable securities, net 2,770 356
Changes in operating assets and liabilities:    
Prepaid expenses and other current and long-term assets (3,591) (2,532)
Accounts payable 2,893 7,834
Accrued expenses and other liabilities 3,661 (393)
Operating lease liabilities (1,280) (951)
Net cash used in operating activities (60,802) (57,829)
Cash flows provided by (used in) investing activities:    
Purchases of marketable securities (85,972) (259,973)
Proceeds from maturities of marketable securities 168,934  
Purchases of property and equipment (2,626) (2,026)
Net cash provided by (used in) investing activities 80,336 (261,999)
Cash flows provided by financing activities:    
Proceeds from the sale of common stock, net of offering costs   161,424
Proceeds from the issuance of common stock under ESPP 300  
Proceeds from the issuance of common stock in connection with the exercise of stock options 360 1,519
Net cash provided by financing activities 660 162,943
Net increase in cash and cash equivalents 20,194 (156,885)
Cash, cash equivalents, and restricted cash at beginning of period 35,872 218,309
Cash, cash equivalents, and restricted cash at end of period 56,066 61,424
Supplemental disclosures:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 928 567
Property and equipment in accounts payable 323 97
Unrealized loss on marketable securities $ (1,652) $ (176)