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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (122,773) $ (87,349)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 373 220
Accretion and amortization on investments, net (4,893) (4,963)
Amortization of debt issuance costs/debt discounts 1,492 487
Stock-based compensation for services by non-employees 107 211
Stock-based compensation for employees and directors 17,502 6,906
Amortization of right-of-use assets 331 306
Changes in assets and liabilities:    
Inventory (774)  
Accounts receivable, net (874)  
Prepaid expenses, interest receivable and other assets (1,309) 2,411
Current and noncurrent liabilities (4,913) 5,805
Net cash used in operating activities (115,731) (75,966)
Cash flows from investing activities:    
Purchases of property and equipment (821) (574)
Purchases of marketable securities (226,333) (355,718)
Proceeds from maturities of marketable securities 225,215 133,115
Net cash used in investing activities (1,939) (223,177)
Cash flows from financing activities:    
Proceeds from issuances of common stock from equity plans 23,122 8,448
Proceeds from issuance of common stock from public offering and pre-funded warrant, net of paid issuance costs 140,729 213,337
Proceeds from exercise of warrants 414 77,602
Proceeds from employee stock purchase plan 366  
Net cash provided by financing activities 164,631 299,387
Effect of exchange rates on cash, cash equivalents and restricted cash (31) (15)
Net increase in cash, cash equivalents and restricted cash 46,930 229
Cash, cash equivalents and restricted cash at the beginning of the period 71,138 57,209
Cash, cash equivalents and restricted cash at the end of the period $ 118,068 $ 57,438