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Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (46,535) $ (46,994)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,424 438
Stock-based compensation 15,522 12,998
Accretion of discounts on investments, net (5,627) (891)
Changes in operating assets and liabilities:    
Accounts receivable 0 (500)
Prepaid expenses and other current assets (60) (3,288)
Other long-term assets (924) (957)
Accounts payable (50) (517)
Accrued expenses (1,104) 3,151
Deferred revenue (3,979) 3,859
Operating lease right-of-use assets and liabilities, net 659 1,692
Net cash used in operating activities (40,674) (31,009)
Cash flows from investing activities    
Purchases of property and equipment (1,335) (4,389)
Purchases of short-term investments (284,232) (208,341)
Maturities of short-term investments 233,250 272,600
Net cash provided by (used in) investing activities (52,317) 59,870
Cash flows from financing activities    
Proceeds from exercise of vested common stock options and employee stock purchase plan 2,187 309
Proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs 56,530 0
Net cash provided by financing activities 58,717 309
Net increase (decrease) in cash, cash equivalents and restricted cash (34,274) 29,170
Cash, cash equivalents and restricted cash -- beginning of period 52,242 36,398
Cash, cash equivalents and restricted cash -- end of period 17,968 65,568
Supplemental disclosure of noncash investing and financing activities    
Unpaid property and equipment 430 1,189
Vesting of restricted common stock 144 880
Unrealized gain (loss) on available-for-sale securities, net 360 (2,007)
Operating lease liabilities arising from right-of-use assets $ 0 $ 23,078