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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (190,418) $ (168,710)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 398 723
Non-cash lease expense 7,893 1,842
Impairment costs 18,570  
Accretion of short-term investment discounts (3,698) (1,076)
Stock-based compensation expense 40,779 41,315
Changes in operating assets and liabilities:    
Interest receivable (49) (107)
Prepaid expenses and other current assets and prepaid expenses to related party 5,614 (3,028)
Other assets (900) 490
Income tax payable (128) (879)
Accounts payable, accrued expenses, other liabilities and amount due to related party (2,512) (12,622)
Net cash used in operating activities (124,451) (142,052)
Cash flows from investing activities    
Purchase of short-term investments (125,827) (228,806)
Maturities of short-term investments 163,812 148,328
Net cash provided by (used in) investing activities 37,985 (80,478)
Cash flows from financing activities    
Proceeds from issuance of common stock in public offering, net of underwriting discounts, commissions and offering costs 70,169  
Proceeds from issuance of common stock in registered direct offering, net of issuance costs   126,425
Proceeds from issuance of stock under the 2020 Employee Stock Purchase Plan 326 536
Net cash provided by financing activities 70,495 126,961
Net decrease in cash, cash equivalents, and restricted cash (15,971) (95,569)
Cash, cash equivalents, and restricted cash at beginning of period 106,944 202,513
Cash, cash equivalents, and restricted cash at end of period 90,973 106,944
Non-cash investing and financing activities    
Unrealized gain (loss) on available-for-sale securities 406 (313)
Right-of-use assets obtained in exchange for operating lease liability   14,717
Reduction of right-of-use asset due to modification and remeasurement (4,904) (5,506)
Purchase of property and equipment included in AP and accrued expenses   104
Supplemental disclosure of cash flows    
Income taxes paid, net of refunds 220 613
Cash and cash equivalents 90,121 106,092
Restricted cash 852 852
Total cash, cash equivalents, and restricted cash $ 90,973 $ 106,944