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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (41,183) $ (43,863)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 86 466
Non-cash lease expense 461 380
(Accretion) amortization of short-term investment (discounts) premiums (729) 76
Stock-based compensation expense 10,029 10,467
Changes in operating assets and liabilities:    
Interest receivable (87) (122)
Prepaid expenses and other current assets and prepaid expenses to related party (333) 284
Other assets 122 122
Income tax payable 2 (500)
Accounts payable, accrued expenses and amount due to related party (486) (13,786)
Net cash used in operating activities (32,118) (46,476)
Cash flows from investing activities    
Purchase of short-term investments (11,756) (60,979)
Maturities of short-term investments 53,480 6,000
Net cash provided by (used in) investing activities 41,724 (54,979)
Net increase (decrease) in cash, cash equivalents, and restricted cash 9,606 (101,455)
Cash, cash equivalents, and restricted cash at beginning of period 106,944 202,513
Cash, cash equivalents, and restricted cash at end of period 116,550 101,058
Non-cash investing and financing activities    
Unrealized gain (loss) on available-for-sale securities 167 (195)
Reduction of right-of-use asset and operating lease liability due to modification and remeasurement   (5,506)
Supplemental disclosure of cash flows    
Income taxes paid, net of refunds   500
Cash and cash equivalents 115,698 100,206
Restricted cash 852 852
Total cash, cash equivalents, and restricted cash $ 116,550 $ 101,058