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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (48,225) $ (30,117)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 280 194
Stock-based compensation 7,188 2,531
Amortization (accretion) of premium (discount) on marketable securities, net 1,212  
Amortization of right-of-use asset 166  
Changes in assets and liabilities:    
Prepaid expenses and other assets (1,731) (1,951)
Accounts payable (529) 1,103
Accrued compensation (93) 855
Accrued other expenses (191) 3,297
Lease liability 1,108  
Net cash used in operating activities (40,815) (24,088)
Cash flows from investing activities    
Purchases of marketable securities (145,697) (273,159)
Sales of marketable securities 26,045  
Maturities of marketable securities 126,924 17,400
Purchases of property and equipment (2,253) (589)
Net cash provided by (used in) investing activities 5,019 (256,348)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of underwriting discounts and commissions 129,720  
Debt proceeds 35  
Proceeds from initial public offering of common stock, net of underwriting discounts and commissions and offering costs   186,148
Payment of preferred stock issuance costs   (124)
Exercise of stock options 380 67
Payment of offering costs and deferred offering costs (336)  
Proceeds from Employee Stock Purchase Plan 178  
Net cash provided by financing activities 129,977 186,091
Net change in cash and cash equivalents 94,181 (94,345)
Cash and cash equivalents at beginning of period 15,566 104,916
Cash and cash equivalents at end of period 109,747 10,571
Supplemental disclosures of non-cash investing and financing activities:    
Right-of-use asset obtained in exchange for new operating lease liability, net of tenant improvement receivable 1,488  
Property and equipment purchases included in accounts payable and accrued other expenses 2,580  
Offering costs and deferred offering costs included in accounts payable and accrued other expenses 470  
Property and equipment purchases included in debt $ 32  
Conversion of convertible preferred stock upon closing of initial public offering   $ 160,214