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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (19,306) $ (56,163)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 423 319
Net amortization of premiums and discounts on marketable securities (1,117) (1,411)
Stock-based compensation 4,660 6,407
Non-cash operating lease expense 745 669
Other non-cash items 70 152
Changes in operating assets and liabilities:    
Accounts receivable 0 30,000
Prepaid expenses and other current assets 580 620
Accounts payable (4,166) 4,728
Accrued expenses (6,042) (10,327)
Operating lease liabilities (630) (697)
Deferred revenue (7,874) (3,302)
Net cash used in operating activities (32,657) (29,005)
Cash flows from investing activities    
Maturities of marketable securities 15,000 66,000
Purchase of marketable securities (87,415) (63,693)
Purchase of property and equipment (132) (911)
Net cash (used in) provided by investing activities (72,547) 1,396
Cash flows from financing activities    
Net proceeds from at-the-market facilities 5,846 21,730
Proceeds from exercise of stock options 48 34
Payment of debt issuance costs 0 (150)
Payments under finance lease obligations (65) (65)
Net cash provided by financing activities 5,829 21,549
Decrease in cash, cash equivalents and restricted cash (99,375) (6,060)
Cash, cash equivalents and restricted cash, beginning of period 175,039 129,363
Cash, cash equivalents and restricted cash, end of period 75,664 123,303
Supplemental cash flow information:    
Purchases of property and equipment in accounts payable and accrued expenses 0 169
Common stock issuance costs in accounts payable and accrued expenses 65 66
Cash paid for interest $ 871 $ 791