XML 19 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (105,958) $ (71,112)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,464 1,162
Non-cash lease expense 3,321 999
Net amortization of premium (accretion of discount) on marketable securities (7,551) 1,231
Stock-based compensation 17,037 9,853
Change in fair value of success payments liabilities (76) (2,615)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,955) (2,894)
Accounts payable 1,471 (1,017)
Accrued expenses and other liabilities (549) 5,176
Operating lease liabilities (4,262) (1,048)
Net cash used in operating activities (97,058) (60,265)
Cash flows from investing activities:    
Purchases of property and equipment (6,037) (5,627)
Purchases of marketable securities (246,877) (74,249)
Maturities of marketable securities 301,331 147,750
Net cash provided by investing activities 48,417 67,874
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 1,922 0
Proceeds from exercise of stock options 664 625
Issuance of common stock under employee stock purchase plan 685 325
Net cash provided by financing activities 3,271 950
Increase (decrease) in cash, cash equivalents and restricted cash (45,370) 8,559
Cash, cash equivalents and restricted cash—beginning of period 120,236 69,567
Cash, cash equivalents and restricted cash—end of period 74,866 78,126
Supplemental disclosure of noncash investing and financing activities:    
Property and equipment additions included in accounts payable and accrued expenses $ 532 $ 1,169