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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating Activities        
Net loss     $ (82,371) $ (56,514)
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation expense $ 400 $ 200 1,095 510
Non-cash operating lease expense     1,976 426
Stock-based compensation expense     10,267 7,620
Net amortization of premiums and accretion of discounts on investments     1 136
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     1,356 (2,358)
Other assets     (1,684) 747
Accounts payable     (1,099) (13)
Accrued expenses and other current liabilities.     (1,466) 7,649
Operating lease liabilities     (1,830) (419)
Net cash used in operating activities     (73,755) (42,216)
Investing Activities        
Purchase of property and equipment     (3,362) (318)
Maturities of investments     1,150 28,360
Net cash provided by (used in) investing activities     (2,212) 28,042
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     1,373 749
Net cash provided by financing activities     163,176 749
Net increase (decrease) in cash, cash equivalents, and restricted cash     87,209 (13,425)
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 199,459 132,662 199,459 132,662
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     4 276
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 199,090 132,311 199,090 132,311
Restricted cash 369 351 369 351
Cash, cash equivalents, and restricted cash at the end of the period $ 199,459 $ 132,662 $ 199,459 $ 132,662