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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (168,099) $ (149,291)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 15,178 17,542
Depreciation and amortization expense 1,683 1,088
Amortization (accretion) of premium (discount) on marketable securities 1,276 2,580
Loss on sale of marketable securities 34 8
Non-cash lease expense 1,662 (746)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,144) (1,506)
Right-of-use assets 0 (2,940)
Accounts payable and other liabilities (1,235) 13,702
Net cash used in operating activities (153,645) (119,563)
Cash flows from investing activities:    
Purchases of property and equipment (3,067) (3,618)
Purchases of marketable securities (121,176) (236,721)
Maturities of marketable securities 208,291 98,010
Sales of marketable securities 3,154 4,437
Net cash used in investing activities 87,202 (137,892)
Cash flows from financing activities:    
Proceeds from follow-on public offering of common stock, net of issuance costs 36,861 157,237
Proceeds from exercise of stock options 529 584
Net cash provided by financing activities 37,390 157,821
Net increase (decrease) in cash, cash equivalents and restricted cash (29,053) (99,634)
Cash, cash equivalents and restricted cash, beginning of year 203,519 303,153
Cash, cash equivalents and restricted cash, end of year 174,466 203,519
Supplemental disclosure of non-cash investing and financing information:    
Purchase of property and equipment in accounts payable 85 202
Right-of-use assets acquired under operating leases $ 0 $ 34,228