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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (124,989) $ (196,743)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 14,341 15,743
Net amortization of premiums and accretion of discounts on marketable securities (6,256) 92
Amortization of operating lease right-of-use assets 1,152 242
Depreciation expense 360 14
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (292) 22,366
Other non-current assets 4 3,061
Accounts payable 7,685 10,371
Accrued expenses (5,452) (27,554)
Operating lease liabilities (1,159) 222
Other current liabilities (18) (53)
Other non-current liabilities 700 (6)
Net cash used in operating activities (113,924) (172,583)
Cash flows from investing activities:    
Purchase of marketable securities (91,202) (140,360)
Maturities of marketable securities 294,583 49,000
Purchases of property and equipment (615) (494)
Net cash provided by (used in) investing activities 202,766 (91,854)
Cash flows from financing activities:    
Proceeds from exercises of stock options 709 220
Proceeds from issuance of common stock under the employee stock purchase plan 196 149
Payments for repurchases of unvested restricted common stock (1) (4)
Net cash provided by financing activities 904 365
Net increase (decrease) in cash and cash equivalents 89,746 (264,072)
Cash and cash equivalents at beginning of period 92,076 542,224
Cash and cash equivalents at end of period 181,822 278,152
Supplemental disclosure of cash flow information    
Operating lease right-of-use asset recognized upon adoption of ASC 842 0 1,728
Purchases of property and equipment in accounts payable and accrued expenses $ 0 $ 867