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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (102,072) $ (50,816)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development assets 0 8,000
Share-based compensation expense 20,409 8,224
Depreciation expense 48 15
Accretion of discounts on debt securities (1,031) 0
Amortization of operating right-of-use assets 303 133
Non-cash interest expense 0 19
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,113) (4,808)
Deposits and other long-term assets (280) (31)
Accounts payable 2,229 483
Accrued expenses and other current liabilities 7,127 3,565
Operating lease liabilities (184) (154)
Net cash used in operating activities (74,564) (35,370)
Cash flows from investing activities    
Cash paid for acquired in-process research and development assets 0 (8,000)
Cash paid for purchase of short-term investments (272,838) 0
Proceeds from maturity of short-term investments 20,000 0
Cash paid for purchase of property and equipment (26) 0
Cash used in investing activities (252,864) (8,000)
Cash flows from financing activities    
Proceeds from issuance of Series B redeemable convertible preferred shares, net of issuance costs 0 129,757
Proceeds from issuance of common stock, net 161,610 167,045
Proceeds from issuance of common stock upon stock option exercises 2,053 0
Proceeds from issuance of common stock upon ESPP purchase 320 0
Net cash provided by financing activities 163,983 296,802
Net increase in cash and cash equivalents (163,445) 253,432
Cash and cash equivalents, beginning of period 284,309 43,728
Cash and cash equivalents, end of period 120,864 297,160
Supplemental disclosures of noncash activities    
Lease liability obtained in exchange for right-of-use asset 940 0
Exchange of 45,331,483 preferred, common, and incentive shares in connection with the Conversion (Note 1) 0 224,892
Exchange of redeemable convertible noncontrolling interest to 6,470,382 shares of common stock (Note 11) $ 0 $ 3,592