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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (86,450) $ (88,502)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 171 552
Non-cash lease expense 233 720
(Accretion) amortization of short-term investment (discounts) premiums (1,253) 49
Stock-based compensation expense 20,317 21,418
Changes in operating assets and liabilities:    
Interest receivable 51 (41)
Prepaid expenses and other current assets and prepaid expenses to related party 2,856 1,423
Other assets (72) 245
Income tax payable (1) (853)
Accounts payable, accrued expenses and amount due to related party 4,908 (10,365)
Net cash used in operating activities (59,240) (75,354)
Cash flows from investing activities    
Purchase of short-term investments (14,196) (92,783)
Maturities of short-term investments 93,814 37,325
Net cash provided by (used in) investing activities 79,618 (55,458)
Cash flows from financing activities    
Proceeds from issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs 70,169  
Proceeds from issuance of stock under the 2020 Employee Stock Purchase Plan 315 244
Net cash provided by financing activities 70,484 244
Net increase (decrease) in cash, cash equivalents, and restricted cash 90,862 (130,568)
Cash, cash equivalents, and restricted cash at beginning of period 106,944 202,513
Cash, cash equivalents, and restricted cash at end of period 197,806 71,945
Non-cash investing and financing activities    
Unrealized gain (loss) on available-for-sale securities 243 (289)
Deferred offering costs included in accounts payable and accrued expenses 331  
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 350 1,003
Cash and cash equivalents 196,954 71,093
Restricted cash 852 852
Total cash, cash equivalents, and restricted cash $ 197,806 $ 71,945