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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating Activities        
Net loss     $ (53,942) $ (33,624)
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation expense $ 400 $ 200 676 336
Non-cash operating lease expense     1,285 282
Stock-based compensation expense     6,669 4,889
Net amortization of premiums and accretion of discounts on investments     1 126
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     1,742 (1,460)
Other assets     (761) (394)
Accounts payable     (163) 1,081
Accrued expenses and other current liabilities.     (4,171) 3,618
Operating lease liabilities     (1,192) (275)
Net cash used in operating activities     (49,856) (25,421)
Investing Activities        
Purchase of property and equipment     (3,323) (368)
Maturities of investments     1,150 28,185
Net cash provided by (used in) investing activities     (2,173) 27,817
Financing Activities        
Proceeds from issuance of common stock from public offering, net of offering costs     161,803  
Proceeds from stock option exercise and purchases under the employee stock purchase plan     1,235 349
Net cash provided by financing activities     163,038 349
Net increase in cash, cash equivalents, and restricted cash     111,009 2,745
Cash, cash equivalents, and restricted cash at the beginning of the period     112,250 146,087
Cash, cash equivalents, and restricted cash at the end of the period 223,259 148,832 223,259 148,832
Non-cash financing and investing activities:        
Acquisition of operating lease right-of-use assets     11,639  
Acquisition of property and equipment in accounts payable and accrued liabilities     28  
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 222,908 148,481 222,908 148,481
Restricted cash 351 351 351 351
Cash, cash equivalents, and restricted cash at the end of the period $ 223,259 $ 148,832 $ 223,259 $ 148,832