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Condensed Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (50,231) $ (31,938)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, amortization and accretion (1,477) (97)
Reduction in the carrying amount of operating lease right of use assets 1,143 1,115
Stock-based compensation 5,349 3,687
Change in fair value of non-marketable equity securities 30 543
Changes in operating assets and liabilities:    
Prepaid expense and other current assets 1,451 (7,546)
Other assets (304) (32)
Accounts payable 1,289 5,699
Accrued and other current liabilities 31 1,817
Operating lease liabilities (1,345) (1,262)
Net cash used in operating activities (44,064) (28,014)
Cash flows from investing activities    
Purchase of property and equipment 0 (24)
Purchase of marketable securities (143,058) (97,524)
Proceeds from maturities of marketable securities 59,300 15,999
Proceeds from sale of marketable securities 9,543 0
Net cash used in investing activities (74,215) (81,549)
Cash flows from financing activities    
Proceeds from exercise of stock options and employee stock purchase plan 672 281
Proceeds from issuance of Class A common stock in follow-on offering 115,000 86,131
Payment of costs and underwriting discounts and commissions related to follow-on offering (7,256) (6,096)
Net cash provided by financing activities 108,416 80,316
Net decrease in cash and cash equivalents and restricted cash (9,863) (29,247)
Cash, cash equivalents and restricted cash, beginning of period 43,752 79,967
Cash, cash equivalents and restricted cash, end of period 33,889 50,720
Supplemental disclosure of cash flow information    
Cash paid for interest 1,636 217
Cash paid for operating leases 1,492 1,311
Receivable on exercise of stock options 5 0
Cash and cash equivalents [Member]    
Cash flows from financing activities    
Cash, cash equivalents and restricted cash, end of period 33,889 50,427
Restricted cash [Member]    
Cash flows from financing activities    
Cash, cash equivalents and restricted cash, end of period $ 0 $ 293