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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (85,549) $ (151,656)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 10,077 8,344
Net amortization of premiums and accretion of discounts on marketable securities (4,564) 194
Amortization of operating lease right-of-use assets 763 211
Depreciation expense 241 9
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (6,630) 18,825
Other non-current assets (100) 2,998
Accounts payable 2,629 8,449
Accrued expenses 5,334 (3,653)
Operating lease liabilities (767) (214)
Other current liabilities (6) 58
Other non-current liabilities 0 (6)
Net cash used in operating activities (78,572) (116,441)
Cash flows from investing activities:    
Purchase of marketable securities (91,202) 0
Maturities of marketable securities 199,448 49,000
Purchases of property and equipment (615) (17)
Net cash provided by investing activities 107,631 48,983
Cash flows from financing activities:    
Proceeds from exercises of stock options 674 123
Proceeds from issuance of common stock under the employee stock purchase plan 139 0
Payments for repurchases of unvested restricted common stock (1) (4)
Net cash provided by financing activities 812 119
Net increase (decrease) in cash and cash equivalents 29,871 (67,339)
Cash and cash equivalents at beginning of period 92,076 542,224
Cash and cash equivalents at end of period 121,947 474,885
Supplemental disclosure of cash flow information    
Operating lease right-of-use asset recognized upon adoption of ASC 842 0 1,728
Operating lease right-of-use asset recognized $ 0 $ 1,344