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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (171,670) $ (204,212) $ (170,060)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 1,517 927 855
Net amortization of premiums and discounts on marketable securities (4,569) (1,462) 0
Stock-based compensation 21,136 21,522 18,409
Non-cash operating lease expense 2,780 2,777 1,829
Other non-cash items 687 763 723
Changes in operating assets and liabilities:      
Accounts receivable 30,000 (30,000) 0
Prepaid expenses and other current assets 3,534 3,863 (2,734)
Other assets 0 0 (718)
Accounts payable (6,080) 947 483
Accrued expenses (20,935) 13,594 12,570
Operating lease liabilities (3,143) (2,539) (1,827)
Deferred revenue (22,139) 143,709 (43)
Other liabilities 0 748 525
Net cash used in operating activities (168,882) (49,363) (139,988)
Cash flows from investing activities      
Maturities of marketable securities 277,970 97,000 0
Purchase of marketable securities (155,919) (247,519) 0
Purchase of property and equipment (2,168) (2,197) (648)
Net cash provided by (used in) investing activities 119,883 (152,716) (648)
Cash flows from financing activities      
Proceeds from exercise of stock options 427 1,331 1,837
Proceeds from purchases of common stock under ESPP 1,121 1,065 640
Payment of employee tax obligations related to vesting of restricted stock units 0 0 (259)
Proceeds from issuance of debt, net of issuance costs (150) 0 24,042
Repayment of debt 0 0 (5,486)
Payments under finance lease obligations (262) (272) (215)
Net cash provided by financing activities 94,675 153,017 63,646
Increase (decrease) in cash, cash equivalents and restricted cash 45,676 (49,062) (76,990)
Cash, cash equivalents and restricted cash, beginning of period 129,363 178,425 255,415
Cash, cash equivalents and restricted cash, end of period 175,039 129,363 178,425
Supplemental disclosures of non-cash activities:      
Purchases of property and equipment in accounts payable and accrued expenses 132 753 0
Debt financing costs in accrued expenses 0 150 0
Common stock issuance costs in accounts payable and accrued expenses 0 131 0
Cash paid for interest 3,380 2,463 429
Right-of-use assets obtained in exchange for operating lease liabilities 0 298 3,783
Right-of-use assets obtained in exchange for financing lease liabilities 0 0 609
At Market Equity Offering Program      
Cash flows from financing activities      
Net proceeds from at-the-market facilities $ 93,539 $ 150,893 $ 43,087