XML 43 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (101,052) $ (70,760)
Adjustments to reconcile net loss to net cash used in operations:    
Net amortization of premiums and discounts on investments in marketable securities (1,600) 0
Depreciation and amortization 2,352 734
Noncash lease expense 5,994 1,460
Stock-based compensation expense 13,534 7,871
Change in fair value of the Series A redeemable convertible preferred stock tranche liability 0 10,341
Changes in assets and liabilities:    
Prepaid expenses and other current assets and other assets (3,211) (3,914)
Accounts payable 194 1,825
Accrued compensation 1,110 2,223
Accrued research costs 87 (1,131)
Accrued expenses and other current liabilities and other liabilities 94 257
Operating lease liabilities (5,482) (1,758)
Net cash used in operating activities (87,980) (52,852)
Cash flows from investing activities:    
Purchases of property and equipment (6,594) (5,740)
Purchases of investments in marketable securities (405,519) 0
Proceeds from maturities of marketable securities 170,250 0
Net cash used in investing activities (241,863) (5,740)
Cash flows from financing activities:    
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 0 165,521
Proceeds from initial public offering, net of issuance costs 0 251,323
Proceeds from issuance of common stock upon exercise of vested stock options 20 28
Proceeds from employee stock purchase plan 656 306
Proceeds from issuance of common stock upon early exercises of stock options 0 289
Repurchase of unvested early exercised shares (79) 0
Net cash provided by financing activities 597 417,467
Net increase (decrease) in cash, cash equivalents and restricted cash (329,246) 358,875
Cash, cash equivalents and restricted cash, at beginning of period 378,692 19,817
Cash, cash equivalents and restricted cash, at end of period 49,446 378,692
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position:    
Cash and cash equivalents 47,730 376,976
Restricted cash 1,716 1,716
Cash, cash equivalents and restricted cash in statement of financial position 49,446 378,692
Supplemental disclosures of non-cash investing and financing information:    
Conversion of redeemable convertible preferred stock to common stock at closing of initial public offering 0 260,532
Property and equipment purchases in accounts payable and accrued expenses (36) (75)
Settlement of redeemable convertible preferred stock tranche liability 0 (39,403)
Additions to right-of-use assets from new operating lease liabilities 0 13,034
Lessor funded lease incentives included in property and equipment 11,920 0
Vesting of early exercised stock options 131 144
Repurchase of unvested early exercised shares included in accounts payable $ (17) (42)
Proceeds from issuance of common stock upon exercise of stock options included in accounts receivable   $ (14)