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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (76,038) $ (22,417)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation 2,347 882
Non-cash interest expense 118 0
Accretion of premium and interest on marketable securities (34) 0
Depreciation expense 17 13
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (352) (1,826)
Accounts payable 14 (244)
Accrued expenses 6,294 2,339
Net cash used in operating activities (67,634) (21,253)
Investing activities    
Purchases of property and equipment (86) 0
Purchase of marketable securities (98,493) 0
Proceeds from sales and maturities of marketable securities 43,000 0
Net cash used in investing activities (55,579) 0
Financing activities    
Proceeds from issuance of common stock upon initial public offering, net of issuance costs 0 97,062
Proceeds from issuance of long-term debt 30,000 0
Payment of debt issuance cost (470) 0
Cash paid for issuance costs of convertible preferred stock 0 (11)
Proceeds from issuance of common stock upon stock option exercises 19 0
Common stock repurchase 31 0
Net cash provided by financing activities 29,518 97,051
(Decrease) increase in cash and cash equivalents (93,695) 75,798
Cash and cash equivalents, beginning of period 146,284 79,400
Cash and cash equivalents, end of period 52,589 155,198
Supplemental disclosure of cash flow information    
Interest paid 254 0
Supplemental disclosure of non-cash financing activities    
Conversion of convertible preferred stock upon IPO $ 0 $ 97,188