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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (120,227) $ (88,261)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,377 1,368
Stock-based compensation expense 35,331 11,743
Non-cash operating lease expense 1,833 1,260
Accretion on short-term investments (10,215) (264)
Changes in operating assets and liabilities:    
Accounts receivable 1,983 516
Prepaid expenses and other current assets (3,583) 2,605
Other non-current assets 367 441
Accounts payable 1,797 254
Accrued liabilities 2,082 8,315
Operating lease liabilities (2,004) (1,369)
Net cash used in operating activities (91,259) (63,392)
Cash flows from investing activities    
Purchase of short-term investments (525,572) (289,402)
Maturity of short-term investments 367,499 120,770
Purchase of property and equipment (860) (1,594)
Net cash used in investing activities (158,933) (170,226)
Cash flows from financing activities    
Proceeds from issuances of common stock under benefit plans 4,769 1,305
Payment of offering costs (834) (786)
Payment of debt issuance costs 0 (150)
Proceeds from term loan 0 10,000
Proceeds from sale of common stock in a public offering 270,251 216,201
Net cash provided by financing activities 274,186 226,570
Net increase (decrease) in cash and cash equivalents 23,994 (7,048)
Cash and cash equivalents at beginning of period 33,685 51,665
Cash and cash equivalents at end of period 57,679 44,617
Supplemental disclosures of cash flow information:    
Cash paid for interest 864 332
Supplemental disclosures of noncash investing and financing activities:    
Net unrealized loss on short-term investments 51 2,253
Purchase of property and equipment in accounts payable 0 33
Offering costs in accounts payable 0 14
Right-of-use assets obtained in exchange for new operating lease liabilities 0 950
Decrease in right-of -use assets and liabilities from lease modifications $ 1,821 $ 0