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Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (48,778) $ (46,535)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,548 1,424
Stock-based compensation 26,769 15,522
Accretion of discounts on investments, net (7,658) (5,627)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,077) (60)
Other long-term assets (314) (924)
Accounts payable 25 (50)
Accrued expenses 6,060 (1,104)
Deferred revenue (1,705) (3,979)
Operating lease right-of-use assets and liabilities, net 41 659
Net cash used in operating activities (27,089) (40,674)
Cash flows from investing activities    
Purchases of property and equipment (317) (1,335)
Purchases of short-term investments (446,545) (284,232)
Maturities of short-term investments 154,915 233,250
Net cash used in investing activities (291,947) (52,317)
Cash flows from financing activities    
Proceeds from exercise of common stock options and employee stock purchase plan 6,526 2,187
Proceeds from the issuance of common stock and pre-funded common stock warrants, net of issuance costs 320,059 56,530
Net cash provided by financing activities 326,585 58,717
Net increase (decrease) in cash, cash equivalents and restricted cash 7,549 (34,274)
Cash, cash equivalents and restricted cash - beginning of year 20,021 52,242
Cash, cash equivalents and restricted cash - end of period 27,570 17,968
Supplemental disclosure of noncash investing and financing activities    
Unpaid property and equipment 42 430
Vesting of restricted common stock 13 144
Unrealized gain on available-for-sale securities, net $ 7,166 $ 360