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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net loss $ (48,557) $ (40,928)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 11,968 9,385
Lease Impairment Charge 4,925 0
Depreciation and amortization 1,461 879
Premiums and discounts on available-for-sale marketable securities (3,072) (1,326)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (3,005) (1,641)
Accounts Receivable 15,000 0
Contract asset 1,732 (783)
Accounts payable 75 2,217
Accrued expenses and other current liabilities (15,394) (10,037)
Deferred revenue (8,257) (6,145)
Operating lease right-of-use assets 619 1,138
Operating lease liabilities 2,636 2,915
Other assets and liabilities 278 358
Net cash used in operating activities (39,591) (43,968)
Investing activities    
Purchase of property and equipment, net (7,402) (4,009)
Purchases of investments (422,704) (61,835)
Maturities of investments 99,499 90,428
Net cash provided by investing activities (330,607) 24,584
Financing activities    
Proceeds from issuance of common stock and accompanying pre-funded warrants from public offering, net of underwriting discounts and issuance costs 301,373 0
Proceeds from issuance of common stock through at-the market sales agreement, net of issuance costs 48,740 0
Proceeds from stock option exercises 3,933 1,486
Payments on finance leases (290) (327)
Net cash provided by financing activities 353,756 1,159
Net increase in cash, cash equivalents and restricted cash (16,442) (18,225)
Cash, cash equivalents and restricted cash at beginning of period 115,777 74,524
Cash, cash equivalents and restricted cash at end of period 99,335 56,299
Supplemental disclosure of cash flow activities    
Right-of-use assets obtained in exchange for new operating lease liabilities 0 48,833
Cash paid for interest 49 52
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 1,205 1,100
Cash and cash equivalents 93,510 50,152
Restricted cash 5,825 6,147
Total cash, cash equivalents, and restricted cash $ 99,335 $ 56,299