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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (171,962) $ (69,784)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 189 73
Non-cash lease expense 928  
Amortization and accretion of discounts on short-term investments 1,197 502
Stock compensation expense 43,975 9,429
Changes in operating assets and liabilities:    
Unbilled grant receivables   298
Accrued interest 400 (188)
Prepaid expenses and other current assets (1,241) (3,867)
Other assets (1,102)  
Income tax payable 1,007  
Accounts payable, accrued expenses and amount due to related party 20,290 2,726
Net cash used in operating activities (106,319) (60,811)
Cash flows from investing activities    
Purchase of property and equipment (26) (235)
Purchase of short-term investments (76,591) (300,262)
Maturities of short-term investments 262,600 131,000
Net cash provided by (used in) investing activities 185,983 (169,497)
Cash flows from financing activities    
Payment of initial public offering costs   (3,474)
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts of $22,238   295,449
Proceeds from exercise of stock options 232  
Net cash provided by financing activities 232 291,975
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (44) (90)
Net increase in cash, cash equivalents, and restricted cash 79,852 61,577
Cash, cash equivalents, and restricted cash at beginning of period 122,661 61,084
Cash, cash equivalents, and restricted cash at end of period 202,513 122,661
Non-cash investing and financing activities    
Unrealized gain (loss) on available-for-sale securities 1 (90)
Right-of-use assets obtained in exchange for operating lease liability 26,386  
Purchase of property and equipment included in AP and accrued expenses 899 300
Conversion of preferred stock to common stock upon initial public offering   173,127
Cash and cash equivalents 201,661 122,661
Restricted Cash 852  
Total cash, cash equivalents, and restricted cash $ 202,513 $ 122,661