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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (83,354) $ (61,714)
Adjustments to reconcile net loss to net cash used in operating activities:    
Issuance of common stock for in-process research and development expense 0 3,787
Stock-based compensation 11,304 6,468
Depreciation and amortization 150 141
Non-cash lease expense 228 24
Change in fair value of warrant liability (9,866) (332)
Amortization of premium on marketable securities 4,099 2,989
Realized loss (gain) on marketable securities 1,099 (56)
Net loss on disposal of property and equipment 32 0
Change in operating assets and liabilities (net of assets and liabilities acquired in the Merger)    
Prepaid expenses and other current assets (1,452) (1,788)
Interest receivable on marketable securities 689 (722)
Lease security deposit 283 0
Accounts payable (930) 3,034
Accrued expenses (2,221) 3,461
Net cash used in operating activities (79,939) (44,708)
Cash flow from investing activities:    
Purchases of marketable securities (382,598) (354,848)
Proceeds from sale of marketable securities 468,182 89,590
Purchases of property and equipment (305) (147)
Proceeds from sale of property and equipment 7 0
Net cash provided by (used in) investing activities 85,286 (265,405)
Cash flow from financing activities:    
Proceeds from the Merger, net of offering costs paid 0 624,769
Proceeds from issuance of common stock under ESPP 292 0
Proceeds from exercises of options 628 220
Net cash provided by financing activities 920 624,989
Net increase in cash and cash equivalents 6,267 314,876
Cash and cash equivalents, beginning of the period 132,423 29,755
Cash and cash equivalents, end of the period 138,690 344,631
Non-cash operating activities    
Right-of-use assets recognized 2,171 3,917
Operating lease liabilities recognized 2,171 4,074
Reclassification of deferred rent 0 (157)
Non-cash investing and financing activities:    
Purchase of property and equipment included in accounts payable 0 66
Issuance of common stock for in-process research and development 0 3,787
Issuance costs from Business Merger in account payable and accrued expenses $ 0 $ 62