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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (157,387) $ (120,314) $ (45,704)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 2,804 1,535 1,328
Non-cash lease expense 3,907 1,842 0
Net amortization of premium (accretion of discount) on marketable securities (1,027) 1,508 380
Stock-based compensation 22,477 7,072 850
Change in fair value of preferred stock tranche liabilities 0 0 (2,507)
Change in fair value of antidilution rights 0 25,574 5,359
Change in fair value of success payments liabilities (1,486) 7,815 2,387
Changes in operating assets and liabilities:      
Collaboration receivable (1,012) 0 0
Prepaid expenses and other current assets (9,436) (7,528) (1,582)
Accounts payable (5,216) 6,829 (1,898)
Accrued expenses and other liabilities 7,041 5,977 6,071
Success of payment liability 0 (6,250) 0
Deferred revenue 20,014 0 0
Operating lease liabilities (3,011) (1,940) 0
Deferred rent liability 0 0 51
Net cash used in operating activities (122,332) (77,880) (35,265)
Cash flows from investing activities:      
Purchases of property and equipment (13,232) (4,359) (3,424)
Purchases of marketable securities (479,401) (371,494) (98,484)
Maturities of marketable securities 336,678 136,755 50,781
Net cash used in investing activities (155,955) (239,098) (51,127)
Cash flows from financing activities      
Proceeds from issuance of Preferred Stock, net 0 93,759 92,616
Proceeds from the issuance of common stock in connection with the Vertex Agreement 39,986    
Proceeds from issuance of common shares, net of commissions 286,509 285,214 0
Payment of equity offering costs (783) (3,630) 0
Proceeds from exercise of stock options 2,175 966 11
Proceeds from purchase of shares through employee stock purchase plan 1,069 780 0
Net cash provided by financing activities 328,956 377,089 92,627
Increase (decrease) in cash, cash equivalents and restricted cash 50,669 60,111 6,235
Cash, cash equivalents and restricted cash—beginning of period 69,567 9,456 3,221
Cash, cash equivalents and restricted cash—end of period 120,236 69,567 9,456
Supplemental disclosure of noncash investing and finnacing activities:      
Property and equipment additions included in accounts payable and accrued expenses 1,706 503 86
Settlement of tranche right liability 0 0 7,064
Conversion of convertible preferred stock to common stock upon closing of initial public offering 0 218,919 0
Settlement of derivative liability by issuing common stock 0 32,490 487
Right-of-use assets obtained in exchange for new operating lease liabilities $ 83,417 $ 809 $ 0