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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (99,250) $ (67,630)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,602 2,697
Amortization of deferred financing cost 230 229
Non-cash operating lease expense 1,086 650
Stock based compensation 7,937 3,026
Change in operating assets and liabilities:    
Escrow deposit 376 658
Prepaid expenses and other assets (395) (2,995)
Operating lease liability 3,194 176
Deferred revenue 118,509  
Accounts payable (3,155) (4,140)
Accrued expenses and other liabilities 2,825 2,678
Net cash provided by (used in) operating activities 36,959 (64,651)
Cash flows from investing activities    
Acquisition of property and equipment (24,336) (28,249)
Acquisition of fixed maturity securities, available for sale (203,663) (288,146)
Sale of fixed maturity securities, available for sale 219,144 38,659
Net cash used in investing activities (8,855) (277,736)
Cash flows from financing activities    
Proceeds from initial public offering, net of underwriting discounts and commissions   221,402
Proceeds from issuance of common stock 250 130
Proceeds from early exercises of common stock options   2,282
Proceeds from subscription receivable   31,900
Proceeds from issuance of Series C preferred stock, net of issuance costs   159,628
Cash contributed as a result of merger   2,326
Proceeds from sale of common stock to collaboration partner 26,813  
Net cash provided by financing activities 27,063 417,668
Net increase in cash, cash equivalents, and restricted cash 55,167 75,281
Cash, cash equivalents and restricted cash, beginning of period 58,162 27,728
Cash, cash equivalents and restricted cash, end of period 113,329 103,009
Supplemental disclosure of cash and non-cash operating activities:    
Cash paid for interest 778 727
Release of escrow deposit 520 523
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock upon initial public offering   339,388
Purchase of property and equipment, accrued and unpaid $ 1,238 $ 7,700