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Condensed Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (52,394) $ (34,235)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 391 314
Stock-based compensation expense 9,104 6,238
Amortization of premiums and discounts on marketable securities, net (2,231) 164
Non-cash operating lease costs 688 689
Changes in operating assets and liabilities:    
Prepaid and other assets 1,491 (2,080)
Accounts payable and accrued liabilities 1,158 4,957
Accrued compensation (5,181) (4,699)
Operating lease liabilities (774) 0
Deferred revenue (1,219) (922)
Net cash used in operating activities (48,967) (29,574)
Cash flows from investing activities    
Maturities of marketable securities 57,490 0
Purchases of marketable securities (251,350) (174,717)
Purchases of property and equipment (1,820) (758)
Net cash used in investing activities (195,680) (175,475)
Cash flows from financing activities    
Proceeds from issuance of common stock in public offerings, net of issuance costs 22,441 24,103
Proceeds from issuance of common stock under employee incentive equity plans 520 10
Net cash provided by financing activities 22,961 24,113
Net decrease in cash, cash equivalents and restricted cash (221,686) (180,936)
Cash, cash equivalents and restricted cash at beginning of period 340,647 320,699
Cash, cash equivalents and restricted cash at end of period 118,961 139,763
Supplemental schedule of noncash investing and financing activities:    
Costs incurred, but not paid, in connection with purchases of property and equipment included in accounts payable and accrued liabilities $ 162 $ 0