XML 15 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (96,573) $ (88,974)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 15,381 19,203
Depreciation 27 33
Non-cash lease expense 174 162
Net amortization of premiums and discounts on short-term investments (5,908) 182
Amortization of debt issuance costs and discount 328 110
Fair value change in warrant liability 118 29
Write-off of deferred offering costs 337  
Unrealized foreign exchange gain and loss (26) (12)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (17,793) 2,657
Accounts payable 3,584 (708)
Accrued expenses and other current liabilities 3,782 460
Operating lease liability (171) (151)
Net cash used in operating activities (96,740) (67,009)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of short-term and long-term marketable securities (374,909)  
Proceeds from maturities of short-term marketable securities 138,500 37,620
Net cash (used in) provided by investing activities (236,409) 37,620
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the exercise of stock options 2,817 2,229
Proceeds from the issuance of common stock pursuant to employee stock purchase plan purchases 313 178
Proceeds from the issuance of common in a follow-on public offering   216,200
Proceeds from the issuance of common stock pursuant to the ATM offering 124,212  
Proceeds from the issuance of common stock pursuant to registered direct offering 211,217  
Proceeds from the issuance of common stock pursuant to private offering   25,000
Proceeds from loan payable 15,000 10,000
Payment of debt and equity issuance costs (745) (698)
Net cash provided by financing activities 352,814 252,909
Net increase in cash, cash equivalents and restricted cash 19,665 223,520
Cash, cash equivalents and restricted cash at the beginning of the period 249,881 150,591
Cash, cash equivalents and restricted cash at the end of the period 269,546 374,111
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 1,715 189
NON-CASH INVESTING AND FINANCING INFORMATION:    
Change in net unrealizable (loss) gain on marketable securities $ (543) 27
Warrant liability costs reclassified to additional paid-in equity on vested warrants issued 330  
Debt and equity issuance costs included in accounts payable and accrued expenses and other current liabilities   371
Deferred offering costs reclassified to additional paid-in equity $ 364 $ 150
Stock options exercises included in other current assets $ 67