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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (91,690) $ (69,605)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 3,397 4,081
Accretion of marketable securities (2,347) (235)
Non-cash interest expense related to note payable 600 655
Stock-based compensation 6,835 3,708
Changes in current assets and liabilities:    
Prepaid expenses and other assets (932) 1,034
Right-of-use assets and lease liabilities, net 995 543
Accounts payable 1,011 589
Accrued expense and other liabilities 870 2,542
Deferred revenue (2,149) 19,096
Net cash used in operating activities (83,410) (37,592)
Cash flows from investing activities:    
Purchases of property and equipment (2,937) (2,677)
Purchases of marketable securities (194,116) (59,995)
Maturities of marketable securities 117,147  
Net cash provided by (used in) investing activities (79,906) (62,672)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering costs 33,131 42,414
Proceeds from issuance of pre-funded warrants, net of offering costs 128,272 92,318
Proceeds from exercise of stock options 1,672 692
Net cash provided by financing activities 163,075 135,424
Net increase (decrease) in cash, cash equivalents and restricted cash (241) 35,160
Cash, cash equivalents, and restricted cash - beginning of period 138,390 125,064
Cash, cash equivalents, and restricted cash - end of period 138,149 160,224
Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:    
Cash and cash equivalents 133,118 155,193
Restricted cash 5,031 5,031
Total cash, cash equivalents, and restricted cash 138,149 160,224
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,269 2,261
Supplemental disclosure of non-cash investing and financing activities:    
Purchase of property and equipment in accounts payable and accrued liabilities $ 480 $ 343