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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (98,218,000) $ (64,980,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,131,000 1,849,000
Stock-based compensation expense 14,028,000 13,857,000
In-process research and development expenses 22,500,000  
Accretion on marketable securities, net (4,719,000) (2,386,000)
Impairment charge on operating lease assets and property and equipment 4,653,000  
Impairment charge on investment in equity securities 402,000  
Changes in operating assets and liabilities:    
Prepaid expenses and other current and long-term assets (840,000) 1,794,000
Accounts payable (77,000) (255,000)
Accrued expenses and other current and long-term liabilities (2,313,000) (5,721,000)
Operating lease assets and liabilities, net 19,000 3,533,000
Net cash used in operating activities (62,434,000) (52,309,000)
Cash flows from investing activities:    
Purchases of marketable securities (144,333,000) (199,450,000)
Maturities of marketable securities 90,250,000 126,950,000
In-process research and development (22,500,000) (20,000,000)
Purchases of property and equipment (55,000) (1,453,000)
Net cash used in investing activities (76,638,000) (93,953,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock in private placement, net of fees and expenses 43,637,000  
Proceeds from issuance of common stock in underwritten offering, net of discounts and offering costs 174,638,000  
Proceeds from the exercise of stock options 129,000 305,000
Proceeds from issuance of common stock under the Employee Stock Purchase Plan 395,000 527,000
Net cash provided by financing activities 218,799,000 832,000
Net increase (decrease) in cash, cash equivalents and restricted cash 79,727,000 (145,430,000)
Cash, cash equivalents and restricted cash at beginning of the period 93,483,000 284,625,000
Cash, cash equivalents and restricted cash at end of the period 173,210,000 139,195,000
Supplemental disclosure of noncash investing and financing activities:    
Amounts accrued for purchases of property and equipment   33,000
Vesting of early exercised options 310,000 $ 895,000
Amounts accrued for offering costs 245,000  
Amounts accrued for deferred offering costs 170,000  
Obligation accrued for investment in equity securities $ 235,000