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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended 54 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Cash flows from operating activities:        
Net loss $ (151,078) $ (88,444) $ (16,117) $ (263,000)
Adjustments to reconcile net loss to cash used in operating activities:        
Depreciation and amortization 1,977 839 356  
Net amortization/accretion on marketable securities 3,997 326 (4)  
Change in accrued interest on marketable securities 485 265 45  
Change in fair value of convertible notes payable 0 27,408 0  
Debt issuance costs on convertible notes payable 0 3,889 0  
Acquired in-process research and development 0 3,565 0  
Stock-based compensation expense 26,211 3,753 113  
Noncash lease expense 2,104 4,027 249  
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets (975) (5,226) (607)  
Other long-term assets 54 261 (153)  
Accounts payable (3,195) 2,807 716  
Accrued expenses 4,786 3,229 620  
Other liabilities (2,309) 4,704 (48)  
Right-of-use operating assets and liabilities, net 19 685 (252)  
Net cash used in operating activities (117,924) (37,912) (15,082)  
Cash flows from investing activities:        
Purchase of property and equipment (4,260) (9,568) (2,948)  
Purchase of marketable securities (177,734) (229,328) (64,633)  
Maturities of marketable securities 226,245 78,661 0  
Sale of marketable securities 19,473 0 0  
Net cash provided by (used in) investing activities 63,724 (160,235) (67,581)  
Cash flows from financing activities:        
Proceeds from initial public offering, net of commission and issuance costs 0 263,725 0  
Proceeds from issuance of convertible notes, net of issuance costs 0 151,275 0  
Principal payments on finance lease (5) (32) (30)  
Proceeds from issuance of common stock upon exercise or vesting of stock options 3,127 645 115  
Proceeds from issuance of common stock under the employee stock purchase plan 1,338 0 0  
Proceeds from issuance of preferred stock, net of financing fees 0 0 104,922  
Net cash provided by financing activities 4,460 415,613 105,007  
Net increase (decrease) in cash and cash equivalents (49,740) 217,466 22,344  
Cash, cash equivalents and restricted cash at beginning of period 250,036 32,570 10,226  
Cash, cash equivalents and restricted cash at end of period 200,296 250,036 32,570 200,296
Supplemental disclosures of non-cash activities:        
Common stock issued on conversion of convertible preferred stock 0 122,907 0  
Common stock issued on conversion of convertible notes payable 0 186,137 0  
Property and equipment additions included in accounts payable and accrued expenses 226 1,280 116  
Reduction of right-of-use asset due to modification (1,741) 0 0  
Right-of-use asset obtained in exchange for operating lease liability 3,764 28,839 4  
Cash and cash equivalents 198,270 248,009 32,570 198,270
Restricted cash 2,026 2,027 0 2,026
Cash, cash equivalents and restricted cash at end of period $ 200,296 $ 250,036 $ 32,570 $ 200,296