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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net Income (Loss) $ (95,990) $ (89,056)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, amortization and accretion (4,086) (846)
Reduction in the carrying amount of operating lease right-of-use assets 2,224 2,271
Stock-based compensation 11,493 8,887
Issuance of Class A common stock for licensing payment, net of costs 0 3,592
Change in fair value of non-marketable equity securities 47 809
Changes in operating assets and liabilities:    
Prepaid expense and other current assets 173 (8,182)
Other assets (309) (111)
Accounts payable (873) 10,606
Accrued and other current liabilities (2,215) 7,036
Operating lease liabilities (2,645) (2,602)
Net cash used in operating activities (92,181) (67,596)
Cash flows from investing activities    
Purchase of property and equipment (63) (62)
Purchase of marketable securities (224,930) (148,490)
Proceeds from maturities of marketable securities 176,019 78,000
Proceeds from sale of marketable securities 9,543 0
Net cash used in investing activities (39,431) (70,552)
Cash flows from financing activities    
Proceeds from exercise of stock options and employee stock purchase plan 1,056 2,083
Proceeds from borrowings, net of costs 24,741 19,816
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) (6,097)
Net cash provided by financing activities 133,541 101,933
Net increase (decrease) in cash and cash equivalents and restricted cash 1,929 (36,215)
Cash, cash equivalents and restricted cash, beginning of year 43,752 79,967
Cash, cash equivalents and restricted cash, end of year 45,681 43,752
Supplemental disclosure of cash flow information    
Cash paid for interest 3,352 895
Cash paid for operating leases 3,000 2,734
Issuance of Class A common stock in payment of licensing fees 0 2,000
Cash and cash equivalents [Member]    
Cash flows from financing activities    
Cash, cash equivalents and restricted cash, beginning of year 43,459  
Cash, cash equivalents and restricted cash, end of year 45,681 43,459
Restricted cash [Member]    
Cash flows from financing activities    
Cash, cash equivalents and restricted cash, beginning of year 293  
Cash, cash equivalents and restricted cash, end of year $ 0 $ 293