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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (83,736) $ (57,363)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,823 1,894
Stock-based compensation expense 10,079 7,277
Net amortization of premiums on marketable securities 753 287
Changes in operating assets and liabilities:    
Accounts receivable 2,487 2,000
Unbilled accounts receivable 347 (637)
Prepaid expenses and other current assets (936) (570)
Operating lease assets and liabilities (207) (359)
Other assets (1,556) 59
Accounts payable (2,079) (203)
Accrued expenses and other liabilities (1,007) 2,745
Deferred revenue (3,322) (11,750)
Net cash used in operating activities (77,354) (56,620)
Investing activities    
Purchases of marketable securities (67,864) (181,349)
Maturities of marketable securities 118,486 61,968
Purchases of property and equipment (1,847) (1,194)
Net cash provided by (used in) investing activities 48,775 (120,575)
Financing activities    
Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs 80,853 182,934
Principal payments on capital lease obligations 0 (17)
Proceeds from issuance of common stock under benefit plans, net 3,252 2,699
Net cash provided by financing activities 84,105 185,616
Net increase (decrease) in cash, cash equivalents and restricted cash 55,526 8,421
Cash, cash equivalents, and restricted cash, beginning of period 36,504 58,144
Cash, cash equivalents, and restricted cash, end of period 92,030 66,565
Supplemental cash flow information    
Cash paid for operating lease liabilities 2,219 0
Non-cash investing and financing activities:    
Offering costs unpaid at end of period 49 76
Property and equipment purchases unpaid at end of period 20 314
Cash and cash equivalents 90,938 65,473
Restricted cash $ 1,092 $ 1,092