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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (58,769,000) $ (190,418,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization   398,000
Non-cash lease expense 145,000 7,893,000
Non-cash gain on lease termination and remeasurement (8,872,000)  
Impairment costs 0 18,570,000
Accretion of short-term investment discounts (1,251,000) (3,698,000)
Stock-based compensation expense 26,347,000 40,779,000
Changes in operating assets and liabilities:    
Interest receivable 206,000 (49,000)
Prepaid expenses and other current assets and prepaid expenses to related party 3,229,000 5,614,000
Other assets 122,000 (900,000)
Income tax payable   (128,000)
Accounts payable, accrued expenses, other liabilities and amount due to related party (28,862,000) (2,512,000)
Net cash used in operating activities (67,705,000) (124,451,000)
Cash flows from investing activities    
Purchase of short-term investments   (125,827,000)
Maturities of short-term investments 95,000,000 163,812,000
Net cash provided by investing activities 95,000,000 37,985,000
Cash flows from financing activities    
Proceeds from issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs   70,169,000
Proceeds from issuance of stock under the 2020 Employee Stock Purchase Plan 21,000 326,000
Net cash provided by financing activities 21,000 70,495,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 27,316,000 (15,971,000)
Cash, cash equivalents, and restricted cash at beginning of period 90,973,000 106,944,000
Cash, cash equivalents, and restricted cash at end of period 118,289,000 90,973,000
Non-cash investing and financing activities    
Unrealized (loss) gain on available-for-sale securities (73,000) 406,000
Reduction of right-of-use asset due to termination and remeasurement (2,044,000) (4,904,000)
Supplemental disclosure of cash flows    
Income taxes paid, net of refunds   220,000
Cash and cash equivalents 118,289,000 90,121,000
Restricted cash 0 852,000
Total cash, cash equivalents, and restricted cash $ 118,289,000 $ 90,973,000