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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (120,314) $ (45,704) $ (19,297)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 1,535 1,328 106
Non-cash research and development license expense in operating activity in cash flow 0 0 2,781
Non-cash lease expense 1,842 0
Amortization of premium on marketable securities 1,508 380 (72)
Stock-based compensation 7,072 850 446
Change in fair value of preferred stock tranche liabilities 0 (2,507) 4,883
Change in fair value of antidilution rights 25,574 5,359 982
Change in fair value of success payments liabilities 7,815 2,387 68
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (7,528) (1,582) (182)
Accounts payable 6,829 (1,898) 1,735
Accrued expenses and other liabilities 5,977 6,071 945
Success of payment liability (6,250) 0 0
Operating lease liabilities (1,940) 0
Deferred rent liability 0 51 163
Net cash used in operating activities (77,880) (35,265) (7,442)
Cash flows from investing activities:      
Purchases of property and equipment (4,359) (3,424) (1,857)
Purchases of marketable securities (371,494) (98,484) (22,001)
Maturities of marketable securities 136,755 50,781 11,100
Net cash used in investing activities (239,098) (51,127) (12,758)
Cash flows from financing activities      
Proceeds from issuance of Preferred Stock, net 93,759 92,616 18,040
Proceeds from initial public offering, net of underwriting discount 285,214 0
Shareholder loan given 0 (110)
Payment of initial public offering costs (3,630)
Proceeds from exercise of stock options 966 11
Payments received on shareholder loan 0 24
Proceeds from purchase of shares through employee stock purchase plan 780
Net cash provided by financing activities 377,089 92,627 17,954
Increase (decrease) in cash, cash equivalents and restricted cash 60,111 6,235 (2,246)
Cash, cash equivalents and restricted cash—beginning of period 9,456 3,221 5,467
Cash, cash equivalents and restricted cash—end of period 69,567 9,456 3,221
Supplemental disclosure of noncash investing and finnacing activities:      
Property and equipment additions included in accounts payable and accrued expenses 503 86 556
Issuance of preferred stock tranche liability   84
Settlement of tranche right liability 0 7,064
Conversion of convertible preferred stock to common stock upon closing of initial public offering 218,919
Settlement of derivative liability by issuing common stock 32,490 487 135
Right-of-use assets obtained in exchange for new operating lease liabilities $ 809