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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 18 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Cash flows from operating activities          
Net loss     $ (38,756) $ (33,535)  
Adjustments to reconcile net loss to net cash used in operating activities          
Amortization of investment premiums     (2,355) 1,127  
Amortization of financing costs $ 32 $ 12 60 24  
Stock-based compensation 4,620 2,220 8,189 4,577  
Amortization of right-of-use assets     145 77  
Realized loss on investment       42  
Interest expense related to operating lease liability     23 4  
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets     5,093 (2,521)  
Accrued interest, net of interest received on maturity of investments     176 348  
Accounts payable     (2,919) 4,661  
Accrued expenses     (5,561) 1,217  
Lease liability     (173) 7  
Net cash used in operating activities     (36,078) (23,972)  
Cash flows from investing activities          
Purchases of investments     (301,371) (66,380)  
Proceeds from sales and maturities of investments     99,086 86,979  
Net cash provided by (used in) investing activities     (202,285) 20,599  
Cash flows from financing activities          
Public offering and financing costs     269,833    
Value of shares withheld related to employee tax withholding     (7,121) (499)  
Repurchase of common stock       (6,795)  
Proceeds from warrant and option exercises and stock issuances under employee stock purchase plan     6,581 698  
ATM offering, net of fees     1,969    
Net cash provided by (used in) financing activities     271,262 (6,596)  
Net increase (decrease) in cash and cash equivalents     32,899 (9,969)  
Cash and cash equivalents beginning of period     36,632 26,371 $ 26,371
Effect of exchange rate changes on cash     (12) (176)  
Cash and cash equivalents end of period $ 69,519 $ 16,226 69,519 16,226 $ 69,519
Supplemental disclosure of non-cash investing and financing transactions          
Unpaid deferred public offering and other financing costs     $ 34 50  
Right-of-use asset obtained in exchange for lease obligation       $ 1,664