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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (68,855) $ (52,394)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 641 391
Stock-based compensation expense 10,306 9,104
Amortization of premiums and discounts on marketable securities, net (2,960) (2,231)
Non-cash operating lease costs 828 688
Changes in operating assets and liabilities:    
Prepaid and other assets (2,528) 1,491
Accounts payable and accrued liabilities 2,575 1,158
Accrued compensation (6,539) (5,181)
Operating lease liabilities (887) (774)
Deferred revenue (2,961) (1,219)
Net cash used in operating activities (70,380) (48,967)
Cash flows from investing activities    
Maturities of marketable securities 109,725 57,490
Purchases of marketable securities (141,557) (251,350)
Purchases of property and equipment (915) (1,820)
Net cash used in investing activities (32,747) (195,680)
Cash flows from financing activities    
Proceeds from issuance of common stock in public offerings, net of issuance costs 5,594 22,441
Proceeds from issuance of common stock under employee incentive equity plans 3,655 520
Proceeds from the issuance of common stock in a private placement, net of issuance costs 238,647 0
Proceeds from issuance of pre-funded warrants in a private placement, net of issuance costs 141,549 0
Net cash provided by financing activities 389,445 22,961
Net increase (decrease) in cash, cash equivalents and restricted cash 286,318 (221,686)
Cash, cash equivalents and restricted cash at beginning of period 185,377 340,647
Cash, cash equivalents and restricted cash at end of period 471,695 118,961
Supplemental schedule of noncash investing and financing activities:    
Costs incurred, but not paid, in connection with deferred financing costs included in accounts payable and accrued liabilities $ 413 $ 0