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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net loss $ (48,562) $ (59,998)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,133 1,212
Stock-based compensation expense 7,616 6,726
Net (accretion of discounts) amortization of premiums on marketable securities (3,078) 641
Changes in operating assets and liabilities:    
Accounts receivable 0 2,143
Unbilled accounts receivable 427 394
Prepaid expenses and other current assets (242) 25
Operating lease assets and liabilities 337 (42)
Other assets (110) (1,563)
Accounts payable 251 471
Accrued expenses and other liabilities (1,428) 3,448
Deferred revenue (421) (2,929)
Net cash used in operating activities (44,901) (49,472)
Investing activities    
Purchases of marketable securities (143,832) (15,166)
Maturities of marketable securities 70,132 67,784
Purchases of property and equipment (366) (1,564)
Net cash (used in) provided by investing activities (74,066) 51,054
Financing activities    
Proceeds from issuance of common stock in connection with follow-on offering, net of issuance costs 117,345 0
Proceeds from issuance of common stock under benefit plans, net 490 3,159
Net cash provided by financing activities 117,835 3,159
Net (decrease) increase in cash, cash equivalents and restricted cash (1,132) 4,741
Cash, cash equivalents, and restricted cash, beginning of period 36,190 36,504
Cash, cash equivalents, and restricted cash, end of period 35,058 41,245
Supplemental cash flow information    
Cash paid for operating lease liabilities 1,646 1,400
Non-cash investing and financing activities:    
Property and equipment purchases unpaid at end of period 47 151
Cash and cash equivalents 33,966 40,153
Restricted cash $ 1,092 $ 1,092