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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net loss $ (37,735) $ (24,921)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,898 1,035
Depreciation and amortization 1,037 776
Premiums and discounts on available-for-sale marketable securities 2,511  
Non-cash research and development expense   222
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (91) (2,182)
Receivables—due from related parties (327)  
Contract asset—due from related parties 856  
Accounts payable 4,005 (372)
Accrued expenses and other current liabilities 4,092 3,136
Deferred revenue (35,455) (6,716)
Operating lease right-of-use assets 197 7,349
Operating lease liabilities (579) (1,796)
Other assets and liabilities (743)  
Net cash used in operating activities (53,334) (23,469)
Investing activities    
Purchase of property and equipment, net (790) (5,250)
Purchases of investments (46,164) (110,527)
Maturities of investments 152,000 31,500
Net cash provided by (used in) investing activities 105,046 (84,277)
Financing activities    
Proceeds from stock option exercises 2,618 29
Proceeds from employee stock purchase plan 307  
Payments of offering costs in connection with initial public offering (397)  
Payments on finance leases (341) (293)
Net cash provided by financing activities 2,187 92,717
Net increase in cash, cash equivalents and restricted cash 53,899 (15,029)
Cash, cash equivalents and restricted cash at beginning of period 32,593 77,789
Cash, cash equivalents and restricted cash at end of period 86,492 62,760
Supplemental disclosure of cash flow activities    
Cash paid for interest 54 65
Supplemental disclosure of noncash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses 320 1,076
Purchase of property and equipment through finance lease 1,231  
Offering costs included in accrued expenses 154  
Supplemental disclosure of noncash operating activities    
Tenant improvements included in other assets   833
Reduction of right-of-use asset and liability due to lease modification   2,161
Cash and cash equivalents 84,903 60,971
Restricted cash $ 1,589 1,789
Series B Convertible Preferred Stock    
Financing activities    
Proceeds from the issuance of Convertible Preferred Stock, net of issuance costs   4,800
Series C Convertible Preferred Stock    
Financing activities    
Proceeds from the issuance of Convertible Preferred Stock, net of issuance costs   $ 88,181