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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (119,943) $ (66,317)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 26,571 16,294
Depreciation and amortization 2,159 1,708
Premiums and discounts on available-for-sale marketable securities 1,794 4,171
Loss on disposal of property and equipment 18
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (512) (1,068)
Receivables—due from related parties 577
Contract asset—due from related parties (2,747) (717)
Accounts payable 2,321 1,082
Accrued expenses and other current liabilities 1,677 8,803
Deferred revenue (24,172) (54,217)
Operating lease right-of-use assets 378 305
Operating lease liabilities (738) (794)
Other assets and liabilities (337) (439)
Net cash (used in) provided by operating activities (113,549) (90,594)
Investing activities    
Purchase of property and equipment, net (2,463) (1,096)
Purchases of investments (298,736) (292,006)
Maturities of investments 371,384 261,286
Net cash used in investing activities 70,185 (31,816)
Financing activities    
Issuance of Common Stock and accompanying Pre-Funded Warrants at Private Placement, net of issuance costs 149,825 0
Proceeds from stock option exercises 1,790 5,874
Proceeds from employee stock purchase plan 256 307
Payments of offering costs in connection with initial public offering (397)
Payments on finance leases (825) (693)
Proceeds from follow on offering, net of underwriting discounts and offering costs 240,788
Proceeds from concurrent private placement follow on 2,347
Net cash provided by financing activities 151,046 248,226
Net (decrease) increase in cash, cash equivalents and restricted cash 107,682 125,816
Cash, cash equivalents and restricted cash at beginning of period 54,092 32,593
Cash, cash equivalents and restricted cash at end of period 161,774 158,409
Supplemental disclosure of cash flow activities    
Cash paid for interest 124 106
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 340 65
Purchase of property and equipment through finance lease 87 1,918
Offering costs included in accrued expenses 28
Cash and cash equivalents 155,658 156,819
Restricted cash 6,116 1,590
Total cash, cash equivalents, and restricted cash $ 161,774 $ 158,409