XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (57,453) $ (30,459)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 142 11
Non-cash lease costs 514 204
Stock-based compensation 11,337 4,037
Net amortization of premiums and accretion of discounts on investments 103  
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (196) (531)
Other assets (318) (9,038)
Accounts payable 5,116 5,802
Payable and accrued liabilities due to related party 894 716
Accrued expenses and other current liabilities 2,761 1,210
Other non-current liabilities (572) 2,291
Net cash used in operating activities (37,672) (25,757)
Investing activities    
Purchase of investments (279,207)  
Sales and maturities of investments 20,000  
Purchase of property and equipment (846) (7)
Net cash used in investing activities (260,053) (7)
Financing activities    
Proceeds from exercise of stock options under equity incentive plan 340 1,479
Proceeds from issuance of common stock under employee stock purchase plan 302 103
Principal payments on finance leases (140) (73)
Net cash provided by financing activities 502 1,509
Net decrease in cash, cash equivalents and restricted cash (297,223) (24,255)
Cash, cash equivalents and restricted cash at beginning of year 363,667 434,219
Cash, cash equivalents and restricted cash at end of period 66,444 409,964
Supplemental disclosure of non-cash investing and financing activities    
Purchase of property and equipment in accounts payable and accrued expenses 266 127
Right-of-use asset acquired under operating leases 4,684 1,812
Right-of-use asset acquired under finance leases   834
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 66,378 409,964
Restricted cash (included in other assets) 66  
Total cash and cash equivalents and restricted cash $ 66,444 $ 409,964