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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (88,261) $ (72,732)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,368 1,117
Stock-based compensation expense 11,743 7,669
Non-cash operating lease expense 1,260 863
Other (264) 914
Changes in operating assets and liabilities:    
Accounts receivable 516 7,669
Prepaid expenses and other current assets 2,605 (900)
Other non-current assets 441 (380)
Accounts payable 254 401
Accrued liabilities 8,315 719
Other long-term liabilities 0 0
Operating lease liabilities (1,369) (918)
Net cash used in operating activities (63,392) (55,578)
Cash flows from investing activities    
Purchase of short-term investments (289,402) (181,967)
Maturity of short-term investments 120,770 231,244
Purchase of property and equipment (1,594) (1,361)
Net cash (used in ) provided by investing activities (170,226) 47,916
Cash flows from financing activities    
Proceeds from issuances of common stock 1,305 2,443
Payment of deferred offering costs (786) (432)
Payment of debt issuance costs (150) 0
Proceeds from term loan 10,000 0
Proceeds from sale of common stock in a public offering, net of expenses 216,201 0
Net cash provided by financing activities 226,570 2,011
Net decrease in cash and cash equivalents (7,048) (5,651)
Cash and cash equivalents at beginning of period 51,665 50,882
Cash and cash equivalents at end of period 44,617 45,231
Supplemental disclosures of cash flow information:    
Cash paid for interest 332 0
Supplemental disclosures of noncash investing and financing activities:    
Purchase of property and equipment in accounts payable and accrued liabilities 33 330
Reclassification of restricted stock awards from liabilities to common stock upon vesting 0 7
Deferred offering costs in accounts payable and accrued liabilities 14 17
Net unrealized loss (gain) on short-term investments 2,253 (8)
Right-of-use assets obtained in exchange for new operating lease liabilities $ 950 $ 0