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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net loss $ (120,717) $ (75,975)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 709 647
Stock-based compensation 15,764 6,441
Non-cash research and development expenses 9,281 20,000
Non-cash lease expense 1,127 604
Non-cash loss from equity method investment in joint venture   50
Changes in fair value of derivative liability   6,231
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,381) (2,444)
Accounts payable (8,328) 4,643
Accrued expenses and other current liabilities 11,951 5,092
Operating lease liabilities 4,259 (615)
Net cash used in operating activities (89,335) (35,326)
Investing activities    
Purchase of property and equipment (6,399) (540)
Investment in joint venture   (50)
Net cash used in investing activities (6,399) (590)
Financing activities    
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs   151,581
Proceeds from issuance of common stock in initial public offering, net of issuance costs   152,296
Proceeds from the exercise of stock options 183 167
Net cash provided by financing activities 183 304,044
Net (decrease) increase in cash, cash equivalents, and restricted cash (95,551) 268,128
Cash, cash equivalents and restricted cash at beginning of year 276,316 8,188
Cash, cash equivalents and restricted cash at end of period 180,765 276,316
Supplemental cash flow information:    
Cash received for interest 2,166  
Cash paid for taxes 17  
Noncash investing and financing activities:    
Property and equipment in accounts payable and accrued expenses 4,479 11
Operating lease right-of-use asset obtained in exchange for operating lease liabilities 14,497  
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 179,293 274,735
Restricted cash 1,472 1,581
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 180,765 $ 276,316