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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (92,773) $ (55,025)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 237 17
Non-cash lease costs 816 460
Stock-based compensation 17,544 8,228
Net amortization of premiums and accretion of discounts on investments (256)  
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (2,613) (2,042)
Other assets (267) (10,653)
Accounts payable 2,052 3,620
Payable and accrued liabilities due to related party 1,129 386
Accrued expenses and other current liabilities 6,412 2,333
Other non-current liabilities (836) 2,063
Net cash used in operating activities (68,555) (50,613)
Investing activities    
Purchase of investments (315,820)  
Maturities of investments 70,500  
Purchase of property and equipment (1,038) (405)
Net cash used in investing activities (246,358) (405)
Financing activities    
Proceeds from exercise of stock options under equity incentive plan 345 2,022
Proceeds from issuance of common stock under employee stock purchase plan 302 103
Principal payments on finance leases (281) (177)
Net cash provided by financing activities 366 1,948
Net decrease in cash, cash equivalents and restricted cash (314,547) (49,070)
Cash, cash equivalents and restricted cash at beginning of year 363,667 434,219
Cash, cash equivalents and restricted cash at end of period 49,120 385,149
Supplemental disclosure of non-cash investing and financing activities    
Purchase of property and equipment in accounts payable and accrued expenses 876 129
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 49,054 385,149
Restricted cash (included in other assets) 66  
Total cash and cash equivalents and restricted cash $ 49,120 $ 385,149