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Condensed Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (151,777) $ (123,524)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,486 1,006
Stock-based compensation expense 28,377 19,832
Amortization of premiums and discounts on marketable securities, net (8,037) 184
Non-cash operating lease costs 2,154 2,068
Changes in operating assets and liabilities:    
Prepaid and other assets (435) (3,242)
Accounts payable and accrued liabilities (588) 12,028
Accrued compensation (25) (1,193)
Operating lease liabilities (2,412) (1,002)
Deferred revenue (4,308) (3,236)
Net cash used in operating activities (135,565) (97,079)
Cash flows from investing activities    
Maturities of marketable securities 229,450 85,975
Purchases of marketable securities (407,195) (266,189)
Purchases of property and equipment (3,365) (1,973)
Net cash used in investing activities (181,110) (182,187)
Cash flows from financing activities    
Proceeds from issuance of common stock in public offerings, net of issuance costs 60,547 101,701
Proceeds from issuance of common stock under employee incentive equity plans 1,426 816
Net cash provided by financing activities 61,973 102,517
Net decrease in cash, cash equivalents and restricted cash (254,702) (176,749)
Cash, cash equivalents and restricted cash at beginning of period 340,647 320,699
Cash, cash equivalents and restricted cash at end of period 85,945 143,950
Supplemental schedule of noncash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities $ 1,741 $ 0