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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 $ (32,602) $ (44,850)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 1,271 853
Stock‑based compensation expense 5,874 4,306
Net amortization of premium (accretion of discount) on marketable securities (1,928) 287
Changes in operating assets and liabilities:    
Collaboration receivable (3,744) 0
Prepaid expenses and other current assets 10,884 (2,508)
Right-of-use assets, operating leases 6,881 3,587
Other non-current assets (9,311) (3)
Accounts payable (3,846) 3,601
Accrued expenses and other current liabilities (943) (800)
Incomes taxes payable 7,359 0
Operating lease liabilities (8,743) (3,473)
Deferred revenue 197,156 0
Net cash provided by (used in) operating activities 168,308 (39,000)
Cash flows from investing activities:    
Purchases of property and equipment (3,190) (1,369)
Purchases of marketable securities (241,897) (182,653)
Maturities of marketable securities 91,386 26,714
Net cash used in investing activities (153,701) (157,308)
Cash flows from financing activities:    
Proceeds from issuance of common stock in connection with the Vertex Agreement 19,407 0
Proceeds from exercise of stock options 386 61
Proceeds from issuance of common stock under the employee stock purchase plan 186 0
Net cash provided by financing activities 19,979 61
Net increase (decrease) in cash, cash equivalents, and restricted cash 34,586 (196,247)
Cash, cash equivalents, and restricted cash at beginning of period 49,107 291,064
Cash, cash equivalents, and restricted cash at end of period 83,693 94,817
Supplemental cash flow disclosures:    
Purchases of property and equipment included in accounts payable and accrued expenses 889 667
Right-of-use assets obtained in exchange for operating lease liabilities 77,584 0
Right-of-use assets surrendered as part of lease modification 7,761 0
Recognition of right-of use asset upon adoption of ASC 842 0 32,991
Transfer of deposits for equipment from operating to investing cash flows 617 495
Vesting of options early exercised subject to repurchase $ 51 $ 69