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Condensed Statements of Cash Flows (Unaudited)
$ in Thousands
9 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Cash flows from operating activities:    
Net loss $ (51,830) $ (4,837)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 404 45
Noncash lease expense 356  
Interest expense related to convertible notes   40
Stock-based compensation expense 5,425 37
Change in fair value of the Series A redeemable convertible preferred stock tranche liability 10,341 (380)
Changes in assets and liabilities:    
Prepaid expenses and other current assets and other assets (5,002) (257)
Accounts payable 1,115 393
Accrued compensation 1,193 170
Accrued research costs (34) 977
Accrued expenses and other current liabilities and other liabilities 716 362
Operating lease liabilities 57  
Net cash used in operating activities (37,259) (3,450)
Cash flows from investing activities:    
Purchases of property and equipment (4,759) (933)
Net cash used in investing activities (4,759) (933)
Cash flows from financing activities:    
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 165,521 9,887
Proceeds from issuance of initial public offering, net of issuance costs 251,323  
Proceeds from issuance of convertible note to related party   5,000
Proceeds from issuance of common stock upon exercise of stock options 21  
Proceeds from issuance of common stock shares upon early exercises of stock options 289 69
Net cash provided by financing activities 417,154 14,956
Net increase in cash, cash equivalents and restricted cash 375,136 10,573
Cash, cash equivalents and restricted cash, at beginning of period 19,817 6
Cash, cash equivalents and restricted cash, at end of period 394,953 10,579
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position:    
Cash and cash equivalents 394,804 10,544
Restricted cash 149 35
Cash, cash equivalents and restricted cash, at end of period 394,953 10,579
Supplemental disclosures of non-cash investing and financing information:    
Issuance of redeemable convertible preferred stock upon conversion of outstanding related party convertible note and accrued interest   5,020
Issuance costs of redeemable convertible preferred stock in accrued expenses and accounts payable   66
Related party convertible note and accrued interest cancellation   (2,225)
Purchases of property and equipment included in accounts payable 53 131
Settlement of redeemable convertible preferred stock tranche liability (39,403)  
Conversion of redeemable convertible preferred stock to common stock at closing of initial public offering 260,532  
Additions to right-of-use assets from new operating lease liabilities 9,433  
Vesting of early exercised stock options $ 69 $ 5