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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net loss $ (24,533) $ (14,185)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 58 5
Non-cash lease costs 318 58
Stock-based compensation 5,501 1,800
Net amortization of premiums and accretion of discounts on investments 107  
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (1,577) (453)
Other assets (317) (583)
Accounts payable 1,553 7,346
Payable and accrued liabilities due to related party (184)  
Accrued expenses and other current liabilities (1,304) 585
Other non-current liabilities (296) 292
Net cash used in operating activities (20,674) (5,135)
Investing activities    
Purchase of investments (183,332)  
Purchase of property and equipment (589) (7)
Net cash provided by (used in) investing activities (183,921) (7)
Financing activities    
Proceeds from exercise of stock options under equity incentive plan 185 778
Principal payments on finance leases (105)  
Net cash provided by financing activities 80 778
Net decrease in cash, cash equivalents and restricted cash (204,515) (4,364)
Cash, cash equivalents and restricted cash at beginning of year 363,667 434,219
Cash, cash equivalents and restricted cash at end of year 159,152 429,855
Supplemental disclosure of non-cash investing and financing activities    
Purchase of property and equipment in accounts payable and accrued expenses 147  
Right-of-use asset acquired under operating leases 3,419  
Receivables for cash in-transit on exercise of common stock under equity incentive plans   246
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 159,086 429,855
Restricted cash (included in other assets) 66  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total $ 159,152 $ 429,855