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STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows used in operating activities:    
Net loss $ (78,852) $ (37,679)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 625 409
Noncash lease expense 928  
Stock-based compensation 15,156 2,461
Amortization of premium and discount on marketable securities, net 356  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,532) (1,924)
Accounts payable 7,834 1,931
Accrued expenses and other liabilities (393) 3,472
Operating lease liabilities (951)  
Net cash used in operating activities (57,829) (31,330)
Cash flows used in investing activities:    
Purchases of marketable securities (259,973)  
Purchases of property and equipment (2,026) (292)
Net cash used in investing activities (261,999) (292)
Cash flows provided by financing activities:    
Proceeds from the issuance of common stock upon initial public offering, net of offering costs   167,929
Proceeds from the sale of common stock, net of offering costs 161,424  
Payment of capital lease obligation   (258)
Proceeds from the exercise of stock options 1,519 96
Net cash provided by financing activities 162,943 247,535
Net (decrease) increase in cash and cash equivalents (156,885) 215,913
Cash and cash equivalents at beginning of period 218,309 18,879
Cash and cash equivalents at end of period 61,424 234,792
Supplemental disclosures:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 567  
Property and equipment in accounts payable 97 90
Unrealized gain (loss) on marketable securities $ (176)  
Offering costs in accounts payable   1,079
Offering costs in accrued expenses and other current liabilities   220
Series B Convertible Preferred Stock    
Cash flows provided by financing activities:    
Proceeds from the sale of convertible preferred stock, net of offering costs   29,942
Series C Convertible Preferred Stock    
Cash flows provided by financing activities:    
Proceeds from the sale of convertible preferred stock, net of offering costs   $ 49,826