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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (132,154) $ (99,266)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 328 208
Accretion and amortization on investments, net (8,335) (9)
Amortization of debt issuance costs/debt discounts 742 1,103
Stock-based compensation for services by non-employees 650 140
Stock-based compensation for employees and directors 14,110 5,813
Amortization of right-of-use assets 464 431
Changes in assets and liabilities:    
Current and noncurrent assets (13,694) (24,506)
Current and noncurrent liabilities 11,084 23,888
Net cash used in operating activities (126,805) (92,198)
Cash flows from investing activities:    
Purchases of property and equipment (766) (291)
Purchases of marketable securities (459,727) (97,336)
Proceeds from maturities of marketable securities 232,602 140,706
Net cash (used in) provided by investing activities (227,891) 43,079
Cash flows from financing activities:    
Proceeds from issuances of common stock from equity plans 9,492 1,962
Proceeds from issuance of common stock from public offering and pre-funded warrant, net of paid issuance costs 213,337 69,916
Proceeds from exercise of warrants 105,912 3,638
Debt discount and issuance costs for debt financing   (175)
Net cash provided by financing activities 328,741 75,341
Effect of exchange rates on cash, cash equivalents and restricted cash (9) 10
Net increase in cash, cash equivalents and restricted cash (25,964) 26,232
Cash, cash equivalents and restricted cash at the beginning of the period 57,209 35,235
Cash, cash equivalents and restricted cash at the end of the period $ 31,245 $ 61,467