XML 50 R7.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (188,679) $ (64,969)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,321 1,041
Loss on disposal of property and equipment 3 3
Noncash operating lease expense 903  
Right of use asset expensed 63,278  
Amortization of premiums and discounts on marketable securities (2,125) 210
Share-based compensation 21,544 6,754
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets (5,695) (6,059)
Accounts payable and other current liabilities 7,419 974
Accrued liabilities (395) 7,764
Operating lease liabilities 3,123
Deferred rent   44
Net cash used in operating activities (99,303) (54,238)
Cash flows from investing activities    
Purchases of property and equipment (2,277) (5,783)
Purchases of marketable securities (273,737) (74,193)
Proceeds from maturities of marketable securities 158,340  
Net cash used in investing activities (117,674) (79,976)
Cash flows from financing activities    
Proceeds from issuance of common stock (initial public offering), net of transactions costs 129,156  
Proceeds from issuance of common stock (private placement), net of transactions costs 9,958  
Proceeds from issuance of common stock (follow-on offering), net of transactions costs 120,719  
Proceeds from issuance of Series C redeemable convertible preferred stock, net of transaction costs   119,118
Proceeds from exercise of stock options and early exercise of restricted stock 2,467 432
Payments for repurchase of restricted stock   (24)
Payments under finance leases (9,675)  
Payments under capital leases   (387)
Payments of deferred offering costs   (688)
Net cash provided by financing activities 252,625 118,451
Net increase in cash and cash equivalents and restricted cash 35,648 (15,763)
Cash and cash equivalents and restricted cash, beginning of the year 31,032 46,795
Cash and cash equivalents and restricted cash, end of the period 66,680 31,032
Supplemental disclosures of noncash investing and financing activities:    
Purchase of property and equipment included in accounts payable and accrued liabilities $ 770 278
Deferred offering costs included in accounts payable and accrued liabilities   $ 1,301