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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net loss $ (88,502) $ (68,511)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 552 51
Non-cash lease expense 720 210
Amortization and accretion of discounts on short-term investments 49 897
Stock compensation expense 21,418 17,829
Changes in operating assets and liabilities:    
Interest receivable (41) 41
Prepaid expenses and other current assets 1,423 1,638
Other assets 245 (692)
Income tax payable (853)  
Accounts payable, accrued expenses and amount due to related party (10,365) 6,723
Net cash used in operating activities (75,354) (41,814)
Cash flows from investing activities    
Purchase of property and equipment   (363)
Purchase of short-term investments (92,783) (30,098)
Maturities of short-term investments 37,325 175,000
Net cash (used in) provided by investing activities (55,458) 144,539
Cash flows from financing activities    
Proceeds from issuance of stock under the 2020 Employee Stock Purchase Plan 244  
Net cash provided by financing activities 244  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   61
Net (decrease) increase in cash, cash equivalents, and restricted cash (130,568) 102,786
Cash, cash equivalents, and restricted cash at beginning of period 202,513 122,661
Cash, cash equivalents, and restricted cash at end of period 71,945 225,447
Non-cash investing and financing activities    
Unrealized (loss) gain on available-for-sale securities (289) 26
Right-of-use assets obtained in exchange for operating lease liability   3,089
Reduction of right-of-use asset due to modification (5,506)  
Purchase of property and equipment included in accounts payable and accrued expenses   91
Supplemental disclosure of cash flows    
Cash paid for income taxes 1,003  
Cash and cash equivalents 71,093 225,447
Restricted cash 852  
Total cash, cash equivalents, and restricted cash $ 71,945 $ 225,447