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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:        
Net loss $ (20,287) $ (21,009) $ (43,446) $ (37,518)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation     498 451
Stock-based compensation expense     8,037 5,957
Loss on fixed asset disposals     0 3
(Accretion of discount) amortization of premium on investments, net     (52) 870
Changes in operating assets and liabilities:        
Prepaid expenses and other assets     (2,112) 307
Accounts payable and accrued other liabilities     (3,419) (1,185)
Net cash used in operating activities     (40,494) (31,115)
Cash flows from investing activities:        
Acquisitions of property and equipment     (1,390) (317)
Purchases of investments     (145,473) (25,171)
Maturities of investments     10,000 148,500
Net cash (used in) provided by investing activities     (136,863) 123,012
Cash flows from financing activities:        
Issuance costs associated with financings     0 (339)
Proceeds from issuance of common stock under the Employee Stock Purchase Plan     354 0
Proceeds from stock option exercises     77 74
Net cash provided by (used in) financing activities     431 (265)
Net (decrease) increase in cash, cash equivalents and restricted cash     (176,926) 91,632
Cash, cash equivalents and restricted cash at beginning of period     226,474 78,446
Cash, cash equivalents and restricted cash at end of period 49,548 170,078 49,548 170,078
Cash and cash equivalents 49,080 170,078 49,080 170,078
Restricted cash included in other assets 468 0 468 0
Total cash, cash equivalents and restricted cash $ 49,548 $ 170,078 $ 49,548 $ 170,078