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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (78,715) $ (73,703) $ (26,883)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 897 970 1,028
Stock-based compensation expense 12,853 5,278 1,094
Non-cash stock consideration, acquisition 0 19,843 0
Loss on fixed asset disposals 2 8
Amortization of discount on investments, net 1,349 299 0
Changes in operating assets and liabilities:      
Prepaid expenses and other assets 1,142 (2,258) 234
Accounts payable and accrued other liabilities 2,931 4,303 986
Net cash used in operating activities (59,541) (45,268) (23,533)
Cash flows from investing activities:      
Acquisitions of property and equipment (939) (667) (768)
Purchases of investments (69,626) (225,485)  
Sales and maturities of investments 229,000 10,000  
Proceeds from notes receivable 0 193  
Net cash used in investing activities 158,435 (215,959) (768)
Cash flows from financing activities:      
Proceeds from issuance of common stock 50,000 271,308  
Issuance costs associated with financings (1,852) (21,237) (99)
Proceeds from issuance of preferred stock, net of issuance costs 0 0 70,792
Proceeds from stock option exercises 986 443 131
Net cash provided by financing activities 49,134 250,514 70,824
Net (decrease) increase in cash and cash equivalents 148,028 (10,713) 46,523
Cash and cash equivalents, beginning of period 78,446 89,159 42,636
Cash and cash equivalents, end of period 226,474 78,446 89,159
Supplemental disclosure of non-cash investing and financing activities:      
Amounts accrued for purchase of property and equipment 436 43  
Conversion of preferred stock to common stock 0 178,058  
Unpaid deferred financing costs $ 0 $ 0 $ 1,244