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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (78,740) $ (57,646)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 929 914
Stock-based compensation expense 24,969 6,934
Non-cash operating lease expense 1,236 684
(Accretion) amortization on short-term investments (6,512) 443
Changes in operating assets and liabilities:    
Accounts receivable 403 (2,991)
Prepaid expenses and other current assets (1,809) 1,907
Accounts payable 738 202
Accrued liabilities 5,087 5,404
Operating lease liabilities (1,336) (745)
Net cash used in operating activities (55,035) (44,894)
Cash flows from investing activities    
Purchase of short-term investments (411,096) (78,048)
Maturity of short-term investments 214,676 86,972
Purchase of property and equipment (766) (898)
Net cash (used in) provided by investing activities (197,186) 8,026
Cash flows from financing activities    
Proceeds from issuances of common stock under benefit plans 3,995 498
Payment of offering costs (759) (75)
Payment of debt issuance costs 0 (150)
Proceeds from term loan 0 10,000
Proceeds from sale of common stock in a public offering 270,251 0
Net cash provided by financing activities 273,487 10,273
Net increase (decrease) in cash and cash equivalents 21,266 (26,595)
Cash and cash equivalents at beginning of period 33,685 51,665
Cash and cash equivalents at end of period 54,951 25,070
Supplemental disclosures of cash flow information:    
Cash paid for interest 570 72
Supplemental disclosures of noncash investing and financing activities:    
Net unrealized loss on short-term investments (283) (1,058)
Purchase of property and equipment in accounts payable and accrued liabilities 10 0
Reclassification of restricted stock awards from liabilities to common stock upon vesting $ 0 $ 1