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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 15 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Cash flows from operating activities      
Net loss $ (27,356) $ (19,531)  
Adjustments to reconcile net loss to net cash used in operating activities      
Amortization of investment premiums (2,821) (389)  
Amortization of financing costs 28 28  
Stock-based compensation 7,981 3,569  
Amortization of right-of-use assets 74 72  
Interest expense related to operating lease liability 9 12  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 1,748 (2,258)  
Accrued interest, net of interest receivable on maturity of investments 655 243  
Accounts payable (2,287) (4,732)  
Accrued expenses 15,923 (1,572)  
Lease liability (88) (85)  
Net cash used in operating activities (6,134) (24,643)  
Cash flows from investing activities      
Purchases of investments (596,601) (57,395)  
Proceeds from maturities of investments 136,809 59,593  
Net cash (used in) provided by investing activities (459,792) 2,198  
Cash flows from financing activities      
Public offering, net of offering costs 597,119 (37)  
Value of shares withheld related to employee tax withholding (42,101) (1,714)  
Proceeds from option exercises 4,361 3,966  
ATM offering, net of fees 46,658 1,969  
Net cash provided by financing activities 606,037 4,184  
Net Increase (decrease) in cash and cash equivalents 140,111 (18,261)  
Cash and cash equivalents beginning of period 55,516 36,632 $ 36,632
Effect of exchange rate changes on cash (48) (9)  
Cash and cash equivalents end of period 195,579 18,362 $ 195,579
Supplemental disclosure of non-cash investing and financing transactions      
Unpaid deferred public offering and other financing costs $ 69 $ 52