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Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (20,719) $ (34,967)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,038 924
Stock-based compensation 11,382 10,974
Accretion of discounts on investments, net (4,760) (3,519)
Changes in operating assets and liabilities:    
Accounts receivable (7,500) 0
Prepaid expenses and other current assets (2,933) (590)
Other long-term assets (131) (1,043)
Accounts payable (1,150) (278)
Accrued expenses 1,487 883
Deferred revenue (1,611) (1,980)
Operating lease right-of-use assets and liabilities, net 39 631
Net cash used in operating activities (24,858) (28,965)
Cash flows from investing activities    
Purchases of property and equipment (292) (865)
Purchases of short-term investments (414,079) (148,251)
Maturities of short-term investments 109,750 158,250
Net cash provided by (used in) investing activities (304,621) 9,134
Cash flows from financing activities    
Proceeds from exercise of common stock options and employee stock purchase plan 4,877 2,108
Proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs 320,059 0
Net cash provided by financing activities 324,936 2,108
Net decrease in cash, cash equivalents and restricted cash (4,543) (17,723)
Cash, cash equivalents and restricted cash - beginning of year 20,021 52,242
Cash, cash equivalents and restricted cash - end of period 15,478 34,519
Supplemental disclosure of noncash investing and financing activities    
Unpaid property and equipment 0 460
Vesting of restricted common stock 10 139
Unrealized gain (loss) on available-for-sale securities, net $ (2,281) $ 475