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Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (34,967) $ (30,298)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 924 189
Stock-based compensation 10,974 8,402
Accretion of discounts on investments, net (3,519) (123)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (590) (1,987)
Other long-term assets (1,043) 185
Accounts payable (278) 117
Accrued expenses 883 264
Deferred revenue (1,980) 4,797
Operating lease right-of-use assets and liabilities, net 631 859
Net cash used in operating activities (28,965) (17,595)
Cash flows from investing activities    
Purchases of property and equipment (865) (1,869)
Purchases of short-term investments (148,251) (113,874)
Maturities of short-term investments 158,250 155,850
Net cash provided by investing activities 9,134 40,107
Cash flows from financing activities    
Proceeds from exercise of vested and unvested common stock options and employee stock purchase plan 2,108 309
Net cash provided by financing activities 2,108 309
Net increase (decrease) in cash, cash equivalents and restricted cash (17,723) 22,821
Cash, cash equivalents and restricted cash -- beginning of period 52,242 36,398
Cash, cash equivalents and restricted cash -- end of period 34,519 59,219
Supplemental disclosure of noncash investing and financing activities    
Unpaid property and equipment 460 463
Vesting of restricted common stock 139 711
Unrealized gain (loss) on available-for-sale securities, net 475 (1,637)
Operating lease liabilities arising from right-of-use assets $ 0 $ 23,078