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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (130,574) $ (114,021)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 637 95
Non-cash lease expense 834 468
Accretion (amortization) of short-term investment premiums (discounts) (206) 1,130
Stock compensation expense 32,273 28,115
Changes in operating assets and liabilities:    
Interest receivable (211) 299
Prepaid expenses and other current assets and prepaid expenses to related party (1,862) (1,943)
Other assets 367 (1,206)
Income tax payable (853)  
Accounts payable, accrued expenses and amount due to related party (10,886) 8,812
Net cash used in operating activities (110,481) (78,251)
Cash flows from investing activities    
Purchase of property and equipment   (396)
Purchase of short-term investments (191,340) (30,098)
Maturities of short-term investments 97,325 230,000
Net cash (used in) provided by investing activities (94,015) 199,506
Cash flows from financing activities    
Proceeds from issuance of common stock in registered direct offering, net of issuance costs 126,425  
Proceeds from issuance of stock under the 2020 Employee Stock Purchase Plan 244  
Proceeds from exercise of stock options   167
Net cash provided by financing activities 126,669 167
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   (44)
Net (decrease) increase in cash, cash equivalents, and restricted cash (77,827) 121,378
Cash, cash equivalents, and restricted cash at beginning of period 202,513 122,661
Cash, cash equivalents, and restricted cash at end of period 124,686 244,039
Non-cash investing and financing activities    
Unrealized (loss) gain on available-for-sale securities (408) 23
Right-of-use assets obtained in exchange for operating lease liability   26,386
Reduction of right-of-use asset due to modification (5,506)  
Purchase of property and equipment included in accounts payable and accrued expenses 32  
Supplemental disclosure of cash flows    
Cash paid for income taxes 1,003  
Cash and cash equivalents 123,834 243,187
Restricted cash 852 852
Total cash, cash equivalents, and restricted cash $ 124,686 $ 244,039