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Condensed Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (123,524) $ (79,471)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,006 431
Stock-based compensation expense 19,832 12,540
Amortization of premiums and discounts on marketable securities, net 184 87
Gain on disposal of property and equipment 0 (16)
Changes in operating assets and liabilities:    
Prepaid and other assets (3,242) (5,654)
Accounts payable and accrued liabilities 12,028 3,869
Accrued compensation (1,193) 3,001
Operating lease right-of-use assets and liabilities, net 1,066 449
Deferred revenue (3,236) (3,834)
Net cash used in operating activities (97,079) (68,598)
Cash flows from investing activities    
Maturities of marketable securities 85,975 3,580
Purchases of marketable securities (266,189) 0
Purchases of property and equipment (1,973) (2,033)
Net cash (used in) provided by investing activities (182,187) 1,547
Cash flows from financing activities    
Proceeds from issuance of common stock in public offerings, gross 104,846 165,600
Payment of issuance costs related to public offerings (3,145) (10,399)
Proceeds from issuance of common stock under employee stock purchase plan 499 318
Proceeds from exercise of stock options 317 156
Payment of deferred financing costs 0 (73)
Net cash provided by financing activities 102,517 155,602
Net (decrease) increase in cash, cash equivalents and restricted cash (176,749) 88,551
Cash, cash equivalents and restricted cash at beginning of period 320,699 321,713
Cash, cash equivalents and restricted cash at end of period 143,950 410,264
Supplemental schedule of noncash investing and financing activities:    
Costs incurred, but not paid, in connection with public offering included in accounts payable and accrued liabilities 0 119
Costs incurred, but not paid, in connection with deferred financing costs included in accounts payable and accrued liabilities 0 61
Costs incurred, but not paid, in connection with purchases of property and equipment included in accounts payable and accrued liabilities $ 485 $ 134