XML 44 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Cash flows from operating activities:    
Net loss $ (70,760) $ (68,373)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 734 121
Noncash lease expense 1,460  
Interest expense related to convertible notes   40
Stock-based compensation expense 7,871 177
Change in fair value of the Series A redeemable convertible preferred stock tranche liability 10,341 54,833
Issuance of common stock to Stanford   2,772
Changes in assets and liabilities:    
Prepaid expenses and other current assets and other assets (3,914) (1,286)
Accounts payable 1,825 594
Accrued compensation 2,223 466
Accrued research costs (1,131) 1,764
Accrued expenses and other current liabilities and other liabilities 257 171
Operating lease liabilities (1,758)  
Net cash used in operating activities (52,852) (8,721)
Cash flows from investing activities:    
Purchases of property and equipment (5,740) (1,545)
Net cash used in investing activities (5,740) (1,545)
Cash flows from financing activities:    
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 165,521 24,816
Proceeds from issuance of common stock under 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 28  
Proceeds from issuance of common stock upon early exercises of stock options 289 261
Proceeds from issuance under employee stock purchase plan 306  
Net cash provided by financing activities 417,467 30,077
Net increase in cash, cash equivalents and restricted cash 358,875 19,811
Cash, cash equivalents and restricted cash, at beginning of period 19,817 6
Cash, cash equivalents and restricted cash, at end of period 378,692 19,817
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position:    
Cash and cash equivalents 376,976 19,782
Restricted cash 1,716 35
Cash, cash equivalents and restricted cash in statement of financial position 378,692 19,817
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
Related party convertible note and accrued interest cancellation   (2,225)
Purchases of property and equipment included in accounts payable (75) (35)
Settlement of redeemable convertible preferred stock tranche liability (39,403) (29,100)
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 13,034  
Vesting of early exercised stock options 144 $ 9
Repurchase of unvested early exercised shares included in accounts payable (42)  
Proceeds from issuance of common stock upon exercise of stock options included in accounts receivable $ (14)