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Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Operating activities:    
Net loss $ (184,968) $ (127,195)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 30,087 11,189
Non-cash operating lease expense 2,436 2,469
Depreciation and amortization 474 502
Net accretion of investments in marketable securities (4,638) (3,068)
Other noncash expenses 21 54
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 15,306 (3,274)
Accounts payable 5,770 1,331
Accrued liabilities 5,401 8,646
Operating lease liabilities (2,485) (2,490)
Net cash used in operating activities (132,596) (111,836)
Investing activities:    
Purchases of marketable securities (205,324) (89,000)
Proceeds from maturities of marketable securities 234,341 139,783
Cash paid for acquisition of assets (775)  
Purchases of property and equipment   (73)
Net cash provided by investing activities 28,242 50,710
Financing activities:    
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions   232,565
Proceeds from exercise of stock options 6,255 2,517
Proceeds from issuance of common stock   810
Repurchase of unvested early exercised shares   (491)
Payments for offering costs in connection with at-the-market offering and initial public offering (225) (2,984)
Net cash provided by financing activities 6,030 232,417
Net change in cash and cash equivalents and restricted cash (98,324) 171,291
Cash and cash equivalents and restricted cash at beginning of year 375,251 242,206
Cash and cash equivalents and restricted cash at end of period 276,927 413,497
Components of cash and restricted cash:    
Cash and cash equivalents 275,714 412,284
Restricted Cash 1,213 1,213
Total cash and cash equivalents and restricted cash 276,927 413,497
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 473  
Offering costs in connection with at-the-market offering included in accrued liabilities $ 321  
Conversion of preferred stock into common stock upon completion of initial public offering   843,687
Offering costs related to initial public offering included in accounts payable and accrued liabilities   $ 2,963