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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (16,832) $ (13,828)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,415 2,905
Depreciation and amortization 188 111
Non-cash operating lease expense 260 157
Amortization of debt discount and issuance costs 58 0
Net accretion and amortization of investments in marketable securities (699) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 316 721
Accounts payable 76 78
Accrued expenses and other current liabilities 323 653
Operating lease liabilities (259) (157)
Net cash used in operating activities (12,154) (9,360)
Cash flows from investing activities    
Purchases of marketable securities (18,629) 0
Proceeds from maturities of marketable securities 23,000 0
Purchases of property and equipment (248) (254)
Net cash used in investing activities 4,123 (254)
Cash flows from financing activities    
Proceeds from employee stock purchase plan 132 0
Tax withholdings paid on behalf of employees for net share settlement (124) 0
Net cash provided by financing activities 8 0
Net decrease in cash, cash equivalents and restricted cash equivalents (8,023) (9,614)
Cash, cash equivalents and restricted cash equivalents, Beginning Balance 27,507 117,453
Cash, cash equivalents and restricted cash equivalents, end of period 19,484 107,839
Supplemental disclosures of non-cash investing and financing activities    
Property and equipment purchases included in accounts payable and accrued expenses and other current liabilities 85 135
Right- Of- use asset obtained in exchange for operating lease liabilities 578 0
Interest income receivable included in prepaid expenses 125 0
Exchanges of Paired Interests and non-corresponding Class A Units of Rani LLC $ 0 $ 73,160