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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income (loss) $ (82,551) $ 20,726
Reconciliation of net income (loss) to net cash used in operating activities:    
Stock-based compensation 7,592 12,906
Depreciation expense 188 410
Net amortization of premiums and discounts on investments (12,292)  
Change in fair value of contingent earn-out liability (1,929) (101,774)
Change in fair value of warrant liabilities (1,888) (3,947)
Non-cash lease expense (48) (157)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,886) (914)
Accounts payable 1,074 (162)
Accrued expenses 7,194 18,974
Net cash used in operating activities (85,546) (53,938)
Investing activities:    
Purchases of property and equipment (444) (13)
Purchases of investments (628,525)  
Proceeds from maturities of investments 588,610  
Net cash used in investing activities (40,359) (13)
Financing activities:    
Transaction costs paid in connection with Business Combination and PIPE Financing   (1,363)
Proceeds from the exercise of stock options 127 40
Net cash provided by (used in) financing activities 127 (1,323)
Decrease in cash, cash equivalents and restricted cash (125,778) (55,274)
Cash, cash equivalents and restricted cash, beginning of period 494,769 1,679,175
Cash, cash equivalents and restricted cash, end of period 368,991 1,623,901
Supplemental disclosure of non-cash activities    
Purchases of property and equipment in accounts payable $ 151 $ 23