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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net loss $ (132,594) $ (119,943)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 32,220 26,571
Depreciation and amortization 2,674 2,159
Premiums and discounts on available-for-sale marketable securities (3,960) 1,794
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,378) (512)
Contract asset (1,241) (2,747)
Accounts payable 507 2,321
Accrued expenses and other current liabilities (3,613) 1,677
Deferred revenue (19,487) (24,172)
Operating lease right-of-use assets 2,787 378
Operating lease liabilities 15,675 (738)
Other assets and liabilities 539 (337)
Net cash used in operating activities (110,871) (113,549)
Investing activities    
Purchase of property and equipment, net (22,855) (2,463)
Purchases of investments (143,647) (298,736)
Maturities of investments 287,436 371,384
Net cash provided by investing activities 120,934 70,185
Financing activities    
Proceeds from issuance of common stock and accompanying pre-funded warrants from private placement, net of issuance costs 0 149,825
Proceeds from stock option exercises 2,297 1,790
Proceeds from employee stock purchase plan 962 256
Payments on finance leases (1,001) (825)
Net cash provided by financing activities 2,258 151,046
Net increase in cash, cash equivalents and restricted cash 12,321 107,682
Cash, cash equivalents and restricted cash at beginning of period 74,524 54,092
Cash, cash equivalents and restricted cash at end of period 86,845 161,774
Supplemental disclosure of cash flow activities    
Right-of-use assets obtained in exchange for new operating lease liabilities 48,833 0
Cash paid for interest 115 124
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 2,762 340
Purchase of property and equipment through finance lease 0 87
Cash and cash equivalents 81,051 155,658
Restricted cash 5,794 6,116
Total cash, cash equivalents, and restricted cash $ 86,845 $ 161,774