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CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (54,511,000) $ (64,102,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 8,782,000 9,396,000
Depreciation and amortization 4,517,000 1,636,000
Accretion and amortization of premiums and discounts on investments, net (3,021,000) (4,511,000)
Realized gain on investments 0 (34,000)
Impairment of right-of-use assets 0 4,100,000
Non-cash lease expense 1,154,000 1,100,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,833,000) 663,000
Operating lease liabilities (3,345,000) 7,143,000
Accounts payable and accrued and other liabilities (2,143,000) 2,078,000
Net cash used in operating activities (50,400,000) (42,531,000)
Cash flows from investing activities    
Purchases of property and equipment (2,529,000) (15,151,000)
Purchases of investments (214,311,000) (157,486,000)
Maturities of investments 130,700,000 206,395,000
Net cash (used in) provided by investing activities (86,140,000) 33,758,000
Cash flows from financing activities    
Proceeds from stock option exercises 667,000 22,000
Proceeds from ESPP purchases 158,000 374,000
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs 225,073,000  
Net cash provided by financing activities 225,898,000 396,000
Net increase (decrease) in cash and cash equivalents 89,358,000 (8,377,000)
Cash, cash equivalents, and restricted cash beginning of period 33,783,000 40,237,000
Cash, cash equivalents, and restricted cash end of period 123,141,000 31,860,000
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet:    
Cash and cash equivalents 120,398,000 29,117,000
Restricted cash 2,743,000 2,743,000
Total cash, cash equivalents and restricted cash 123,141,000 31,860,000
Supplemental disclosures of non-cash investing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities resulting from new leases 579,000 431,000
Stock issuance costs included in accrued and other current liabilities 4,000  
Acquisitions of property and equipment in accounts payable and accrued and other current liabilities $ 213,000 $ 690,000