XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (32,066) $ (13,945)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 87 39
Stock-based compensation expenses 3,279 792
Change in fair value of preferred stock purchase right liability   980
Change in fair value of preferred stock warrant liability   105
Common stock issued in exchange for services   3
Noncash interest expense   508
Changes in operating assets and liabilities:    
Accounts receivable (209) 113
Prepaid expenses and other current assets 388 (4,258)
Other assets   (468)
Accounts payable 746 609
Accrued compensation (3,762) (1,119)
Accrued expenses and other current liabilities 3,879 (1,051)
Payable to PLI 192 (897)
Deferred revenue (1,937) (405)
Operating lease right-of-use assets and liabilities, net 15  
Net cash used in operating activities (29,388) (18,994)
Cash flows from investing activities    
Purchase of property and equipment (955) (298)
Net cash used in investing activities (955) (298)
Cash flows from financing activities    
Proceeds from issuance of convertible preferred stock, net of issuance costs   73,749
Proceeds from sale of common stock in initial public offering   218,500
Payment of financing costs   (16,001)
Deferred financing costs (226)  
Proceeds from issuance of common stock upon stock option exercises 349 74
Net cash provided by financing activities 123 276,322
Net increase in cash and cash equivalents (30,220) 257,030
Cash and cash equivalents at beginning of period 257,254 54,201
Cash and cash equivalents cash at end of period 227,034 311,231
Supplemental schedule of non-cash investing and financing activities    
Conversion of convertible preferred stock into common stock upon completion of initial public offering   210,810
Reclassification of preferred stock purchase right liability to equity due to issuance of Series D convertible preferred stock   4,880
Reclassification of warrant liability to equity due to conversion from preferred stock warrant to common stock warrant upon completion of initial public offering   169
Issuance of Series D-2 convertible preferred stock for the settlement of deferred purchase price   6,144
Financing costs incurred, but not paid, included in accrued expenses and accounts payable 339 1,209
Vesting of early exercised stock options 6 9
Costs incurred, but not paid, in connection with capital expenditures included in accounts payable $ 291 $ 237