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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (30,299) $ (41,183)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization   86
Non-cash lease expense 80 461
Non-cash gain on lease termination (5,583)  
Accretion of short-term investment discounts (745) (729)
Stock-based compensation expense 5,034 10,029
Changes in operating assets and liabilities:    
Interest receivable 26 (87)
Prepaid expenses and other current assets and prepaid expenses to related party 2,715 (333)
Other assets 122 122
Income tax payable   2
Accounts payable, accrued expenses, other liabilities and amount due to related party (15,730) (486)
Net cash used in operating activities (44,380) (32,118)
Cash flows from investing activities    
Purchase of short-term investments   (11,756)
Maturities of short-term investments 40,000 53,480
Net cash provided by (used in) investing activities 40,000 41,724
Cash flows from financing activities    
Net (decrease) increase in cash, cash equivalents, and restricted cash (4,380) 9,606
Cash, cash equivalents, and restricted cash at beginning of period 90,973 106,944
Cash, cash equivalents, and restricted cash at end of period 86,593 116,550
Non-cash investing and financing activities    
Unrealized gain (loss) on available-for-sale securities (76) 167
Supplemental disclosure of cash flows    
Cash and cash equivalents 86,039 115,698
Restricted cash 554 852
Total cash, cash equivalents, and restricted cash $ 86,593 $ 116,550