XML 84 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net loss $ (100,217) $ (45,593) $ (41,246)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 24,972 5,190 1,196
Depreciation and amortization 2,397 1,763 825
Premiums and discounts on available-for-sale marketable securities 5,807 1,571
Loss on disposal of property and equipment 18
Non-cash research and development expense 332 443
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (4,016) (3,816) (564)
Accounts receivable—due from related party 577 (577)
Contract asset due from related party 721 (856)
Other receivables due from related party 148
Accounts payable 54 990 904
Accrued expenses and other current liabilities 12,599 5,754 2,248
Deferred revenue (69,356) 117,400 52,991
Operating lease right-of-use assets 419 8,444 1,350
Operating lease liabilities (1,015) (2,647) (383)
Other non-current assets (1,992) (30)
Other non-current liabilities 86 205 (7)
Net cash (used in) provided by operating activities (128,946) 88,130 17,905
Investing activities      
Purchase of property and equipment, net (1,597) (9,096) (532)
Purchase of marketable securities (456,404) (529,382) (15,954)
Maturities of marketable securities 358,166 115,890
Net cash used in investing activities (99,835) (422,588) (16,486)
Financing activities      
Proceeds from stock option exercises 7,632 162 74
Proceeds from employee stock purchase plan 788
Payments of offering costs in connection with initial public offering (397)
Payments on financing leases (849) (554) (371)
Proceeds from follow on offering, net of underwriting discounts and offering costs 240,760
Proceeds from initial public offering, net of underwriting discounts and offering costs 183,146
Proceeds from concurrent private placement 2,346 13,527
Net cash provided by financing activities 250,280 289,262 34,911
Net increase (decrease) in cash, cash equivalents and restricted cash 21,499 (45,196) 36,330
Cash, cash equivalents and restricted cash at beginning of period 32,593 77,789 41,459
Cash, cash equivalents and restricted cash at end of period 54,092 32,593 77,789
Supplemental disclosure of cash flow activities      
Cash paid for interest 158 115 46
Supplemental disclosure of noncash investing and financing activities      
Purchases of property and equipment through finance and lease liabilities 1,918 1,642
Property and equipment purchases included in accounts payable and accrued expenses 42 27 315
Offering costs included in accounts payable 397
Supplemental disclosure of noncash operating activities      
Right-of-use assets obtained in exchange for operating lease liabilities 16,522
Tenant improvement receivable included in other assets 287
Reduction of right-of-use asset and liability due to lease modification 2,161
Cash and cash equivalents 47,976 31,004 76,015
Restricted cash 6,116 1,589 1,774
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Total 54,092 32,593 77,789
Series B Convertible Preferred Stock      
Financing activities      
Proceeds from the issuance of Convertible Preferred Stock, net of issuance costs 21,183
Series B-1 Convertible Preferred      
Financing activities      
Proceeds from the issuance of Convertible Preferred Stock, net of issuance costs 4,800 14,025
Series C Convertible Preferred Stock      
Financing activities      
Proceeds from the issuance of Convertible Preferred Stock, net of issuance costs $ 88,181