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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities        
Net loss $ (40,501) $ (130,722) $ (190,418) $ (168,710)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization   257 398 723
Non-cash lease expense 145 3,790 7,893 1,842
Non-cash gain on lease termination and remeasurement (8,872)      
Impairment costs     18,570  
Accretion of short-term investment discounts (1,245) (2,486) (3,698) (1,076)
Stock-based compensation expense 15,889 30,785 40,779 41,315
Changes in operating assets and liabilities:        
Interest receivable 153 (77) (49) (107)
Prepaid expenses and other current assets and prepaid expenses to related party 2,858 2,633 5,614 (3,028)
Other assets 122 (813) (900) 490
Income tax payable   (128) (128) (879)
Accounts payable, accrued expenses, other liabilities and amount due to related party (32,687) 3,045 (2,512) (12,622)
Net cash used in operating activities (64,138) (93,716) (124,451) (142,052)
Cash flows from investing activities        
Purchase of short-term investments   (116,046) (125,827) (228,806)
Maturities of short-term investments 90,000 128,813 163,812 148,328
Net cash provided by (used in) investing activities 90,000 12,767 37,985 (80,478)
Cash flows from financing activities        
Proceeds from issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs   70,169 70,169  
Proceeds from issuance of common stock in registered direct offering, net of issuance costs       126,425
Proceeds from issuance of stock under the 2020 Employee Stock Purchase Plan 21 315 326 536
Net cash provided by financing activities 21 70,484 70,495 126,961
Net increase (decrease) in cash, cash equivalents, and restricted cash 25,883 (10,465) (15,971) (95,569)
Cash, cash equivalents, and restricted cash at beginning of period 90,973 106,944 106,944 202,513
Cash, cash equivalents, and restricted cash at end of period 116,856 96,479 90,973 106,944
Non-cash investing and financing activities        
Unrealized (loss) gain on available-for-sale securities (72) 268 406 (313)
Deferred offering costs included in accounts payable and accrued expenses   46    
Right-of-use assets obtained in exchange for operating lease liability       14,717
Reduction of right-of-use asset due to modification and remeasurement 2,044   (4,904) (5,506)
Purchase of property and equipment included in AP and accrued expenses       104
Supplemental disclosure of cash flows        
Income taxes paid, net of refunds   351 220 613
Cash and cash equivalents 116,856 95,627 90,121 106,092
Restricted cash   852 852 852
Total cash, cash equivalents, and restricted cash $ 116,856 $ 96,479 $ 90,973 $ 106,944