XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (82,663) $ (65,561)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,091 166
Stock-based compensation expense 13,013 8,709
Amortization of operating leases, right-of-use assets 848 1,064
Change in fair value of CVR liability (1,700)  
Net amortization (accretion) of premiums (discounts) on marketable securities (1,780)  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (685) (909)
Other assets (30) (1,168)
Accounts payable 1,319 9
Accrued expenses and other current liabilities (708) 3,173
Operating lease liability (288) (273)
Net cash used in operating activities (71,583) (54,790)
Cash flows from investing activities:    
Purchases of property and equipment (2,360) (1,585)
Purchases of marketable securities (185,417)  
Maturities and sales of marketable securities 170,000  
Net cash used in investing activities (17,777) (1,585)
Cash flows from financing activities:    
Proceeds from issuance of shares of common stock, net of offering costs of $10.7 million 161,989  
Proceeds from issuance of shares of common stock and pre-funded warrants, net of offering costs of $10.8 million   162,115
Proceeds from issuance of stock from employee stock purchase plan 313 129
Proceeds from issuance of common stock upon stock option exercises 234 9
Net cash provided by financing activities 162,536 162,253
Net increase in cash, cash equivalents and restricted cash 73,176 105,878
Cash, cash equivalents and restricted cash at beginning of period 141,141 220,939
Cash, cash equivalents and restricted cash at end of period 214,317 326,817
Supplemental disclosure of cash flow information:    
Right-of-use assets obtained in exchange for new operating lease liabilities   25,184
Supplemental disclosure of noncash investing and financing information:    
Offering costs included in accounts payable and accrued expenses 200 200
Property & equipment included in accounts payable and accrued expenses 43 466
Conversion of Series A Convertible Preferred stock into common shares $ 3,520 $ 14,000