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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (90,743) $ (85,549)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 13,868 10,077
Net amortization of premiums and accretion of discounts on marketable securities 0 (4,564)
Amortization of operating lease right-of-use assets 788 763
Depreciation expense 250 241
Changes in operating assets and liabilities:    
Accounts receivable (2,888) 0
Inventory (2,636) 0
Prepaid expenses and other current assets 7,427 (6,630)
Other non-current assets (1,606) (100)
Accounts payable (594) 2,629
Accrued expenses (15,821) 5,334
Deferred revenue 1,681 0
Operating lease liabilities (825) (767)
Other current liabilities (14) (6)
Other non-current liabilities (700) 0
Net cash used in operating activities (91,813) (78,572)
Cash flows from investing activities:    
Purchase of marketable securities 0 (91,202)
Maturities of marketable securities 0 199,448
Purchases of property and equipment (140) (615)
Net cash provided by (used in) investing activities (140) 107,631
Cash flows from financing activities:    
Proceeds from exercises of stock options 188 674
Proceeds from issuance of common stock under the employee stock purchase plan 164 139
Proceeds from issuance of common stock, net of issuance costs 39,285 0
Payments for offering costs (444) 0
Payments for repurchases of unvested restricted common stock 0 (1)
Net cash provided by financing activities 39,193 812
Net (decrease) increase in cash and cash equivalents (52,760) 29,871
Cash and cash equivalents at beginning of period 200,641 92,076
Cash and cash equivalents at end of period $ 147,881 $ 121,947