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CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (25,987) $ (19,373)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 4,097 3,347
Depreciation and amortization 610 301
Accretion and amortization of premiums and discounts on investments, net 727 758
Non-cash lease expense 1,380 137
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,460 825
Operating lease right-of-use assets 1,319  
Operating lease liabilities 295  
Accounts payable and accrued and other liabilities (2,159) (642)
Net cash used in operating activities (18,258) (14,647)
Cash flows from investing activities    
Purchases of property and equipment (1,770) (1,033)
Purchases of short-term investments (28,472) (35,161)
Maturities of short-term investments 29,216 16,000
Net cash used in investing activities (1,026) (20,194)
Cash flows from financing activities    
Proceeds from stock option exercises 79 756
Proceeds from early exercise of stock options   1
Net cash provided by financing activities 79 757
Net increase in cash and cash equivalents (19,205) (34,084)
Cash, cash equivalents, and restricted cash beginning of period 62,914 97,105
Cash, cash equivalents, and restricted cash end of period 43,709 63,021
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet:    
Cash and cash equivalents 41,611 62,608
Restricted cash 2,098 413
Total cash, cash equivalents and restricted cash $ 43,709 $ 63,021