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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 $ (142,181) $ (72,754) $ (43,843)
Adjustments to reconcile net loss to net cash used in operating activities:      
Acquired in-process research and development assets 0 8,000 0
Share-based compensation expense 27,242 13,321 526
Depreciation expense 63 20 16
Accretion of discounts on short-term investments, net (2,030) 0 0
Amortization of operating right-of-use assets 468 179 139
Non-cash interest expense 0 0 30
Changes in derivative tranche liabilities 0 0 30,000
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (546) (3,717) (1,336)
Deposits and other long-term assets (300) (62) (107)
Accounts payable (1,484) 1,542 132
Accrued expenses and other current liabilities 9,241 5,114 1,127
Operating lease liabilities (347) (182) (173)
Net cash used in operating activities (109,874) (48,539) (13,489)
Cash flows from investing activities      
Cash paid for purchase of short-term investments (394,206) 0 0
Cash paid for purchase of property and equipment (26) 0 (92)
Proceeds from maturity of short-term investment 139,158 0 0
Cash paid for acquired in-process research and development assets 0 (8,000) 0
Net cash used in investing activities (255,074) (8,000) (92)
Cash flows from financing activities      
Proceeds from issuance of common stock, net 161,610 167,045 0
Proceeds from issuance of common stock upon stock option exercises 3,649 0
Proceeds from issuance of common stock upon ESPP purchase 642 318 0
Net cash provided by financing activities 165,901 297,120 29,977
Net (decrease) increase in cash and cash equivalents (199,047) 240,581 16,396
Cash and cash equivalents, beginning of period 284,309 43,728 27,332
Cash and cash equivalents, end of period 85,262 284,309 43,728
Supplemental disclosures of noncash activities      
Lease liability obtained in exchange for right-of-use asset 940 0 545
Transfers to redeemable convertible noncontrolling interest 0 0 3,551
Exchange of 45,331,483 preferred, common, and incentive shares in connection with the Conversion (Note 1) 0 224,892 0
Exchange of redeemable convertible noncontrolling interest to 6,470,382 shares of common stock (Note 11) 0 3,592 0
Series A Preferred Stock [Member]      
Cash flows from financing activities      
Proceeds from issuance of redeemable convertible preferred shares, net of issuance costs 0 29,977
Series B Preferred Stock [Member]      
Cash flows from financing activities      
Proceeds from issuance of redeemable convertible preferred shares, net of issuance costs $ 129,757 $ 0