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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (168,710) $ (171,962)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 723 189
Non-cash lease expense 1,842 928
(Accretion) amortization of short-term investment (premiums) discounts (1,076) 1,197
Stock-based compensation expense 41,315 43,975
Changes in operating assets and liabilities:    
Interest receivable (107) 400
Prepaid expenses and other current assets and prepaid expenses to related party (3,028) (1,241)
Other assets 490 (1,102)
Income tax payable (879) 1,007
Accounts payable, accrued expenses and amount due to related party (12,622) 20,290
Net cash used in operating activities (142,052) (106,319)
Cash flows from investing activities    
Purchase of property and equipment   (26)
Purchase of short-term investments (228,806) (76,591)
Maturities of short-term investments 148,328 262,600
Net cash (used in) provided by investing activities (80,478) 185,983
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 536  
Proceeds from exercise of stock options   232
Net cash provided by financing activities 126,961 232
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   (44)
Net (decrease) increase in cash, cash equivalents, and restricted cash (95,569) 79,852
Cash, cash equivalents, and restricted cash at beginning of period 202,513 122,661
Cash, cash equivalents, and restricted cash at end of period 106,944 202,513
Non-cash investing and financing activities    
Unrealized (loss) gain on available-for-sale securities (313) 1
Right-of-use assets obtained in exchange for operating lease liability 14,717 26,386
Reduction of right-of-use asset due to modification (5,506)  
Purchase of property and equipment included in AP and accrued expenses 104 899
Supplemental disclosure of cash flows    
Income taxes paid, net of refunds 613  
Cash and cash equivalents 106,092 201,661
Restricted Cash 852 852
Total cash, cash equivalents, and restricted cash $ 106,944 $ 202,513