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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (40,501) $ (130,722)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization   257
Non-cash lease expense 145 3,790
Non-cash gain on lease termination and remeasurement (8,872)  
Accretion of short-term investment discounts (1,245) (2,486)
Stock-based compensation expense 15,889 30,785
Changes in operating assets and liabilities:    
Interest receivable 153 (77)
Prepaid expenses and other current assets and prepaid expenses to related party 2,858 2,633
Other assets 122 (813)
Income tax payable   (128)
Accounts payable, accrued expenses, other liabilities and amount due to related party (32,687) 3,045
Net cash used in operating activities (64,138) (93,716)
Cash flows from investing activities    
Purchase of short-term investments   (116,046)
Maturities of short-term investments 90,000 128,813
Net cash provided by (used in) investing activities 90,000 12,767
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 21 315
Net cash provided by financing activities 21 70,484
Net increase (decrease) in cash, cash equivalents, and restricted cash 25,883 (10,465)
Cash, cash equivalents, and restricted cash at beginning of period 90,973 106,944
Cash, cash equivalents, and restricted cash at end of period 116,856 96,479
Non-cash investing and financing activities    
Unrealized (loss) gain on available-for-sale securities (72) 268
Deferred offering costs included in accounts payable and accrued expenses   46
Reduction of right-of-use asset due to modification and remeasurement 2,044  
Supplemental disclosure of cash flows    
Income taxes paid, net of refunds   351
Cash and cash equivalents 116,856 95,627
Restricted cash   852
Total cash, cash equivalents, and restricted cash $ 116,856 $ 96,479