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Condensed Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (99,419) $ (79,925)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 920 636
Stock-based compensation expense 18,557 12,746
Amortization of premiums and discounts on marketable securities, net (5,071) 223
Non-cash operating lease costs 1,420 1,379
Changes in operating assets and liabilities:    
Prepaid and other assets (5,642) (251)
Accounts payable and accrued liabilities (816) 6,582
Accrued compensation (4,663) (4,253)
Operating lease liabilities (1,594) (251)
Deferred revenue (2,466) (2,006)
Net cash used in operating activities (98,774) (65,120)
Cash flows from investing activities    
Maturities of marketable securities 128,215 21,525
Purchases of marketable securities (275,404) (212,564)
Purchases of property and equipment (2,442) (2,080)
Net cash used in investing activities (149,631) (193,119)
Cash flows from financing activities    
Proceeds from issuance of common stock in public offerings, net of issuance costs 60,547 62,384
Proceeds from issuance of common stock under employee incentive equity plans 1,386 513
Net cash provided by financing activities 61,933 62,897
Net decrease in cash, cash equivalents and restricted cash (186,472) (195,342)
Cash, cash equivalents and restricted cash at beginning of period 340,647 320,699
Cash, cash equivalents and restricted cash at end of period $ 154,175 $ 125,357