XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.3
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 $ (86,990) $ (59,273)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 635 607
Stock-based compensation expense 19,276 10,226
Revaluation of contingent consideration (600) (2,400)
Changes in operating assets and liabilities:    
Accounts receivable 138 26
Prepaid expenses and other assets (9,293) 3,408
Accounts payable (1,079) (2,319)
Accrued expenses 6,349 1,273
Net cash used in operating activities (71,564) (48,452)
Cash flows from investing activities:    
Purchases of property and equipment (868) (500)
Purchases of marketable securities (135,675) (118,729)
Proceeds from sales and maturities of marketable securities 175,213 129,155
Net cash provided by investing activities 38,670 9,926
Cash flows from financing activities:    
Proceeds from issuance of common stock under the at-the-market sales agreement, net of issuance costs 26,714 72,744
Payments of employee withholding taxes related to restricted stock unit award vesting (102) (34)
Proceeds from exercise of employee stock options and the issuance of stock 45 120
Net cash provided by financing activities 26,657 72,830
Net (decrease) increase in cash and cash equivalents (6,237) 34,304
Cash and cash equivalents at beginning of period 45,277 27,349
Cash and cash equivalents at end of period 39,040 61,653
Supplemental disclosure of non-cash investing and financing activities:    
Additions to property and equipment included in accounts payable $ 376 $ 4