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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net loss $ (123,482) $ (83,463) $ (45,740)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 342 51 202
Non-cash lease costs 1,124 685  
Acquired in-process research and development   4,739  
Stock-based compensation 23,839 13,914 5,436
Net amortization of premiums and accretion of discounts on investments (940)    
Accretion of term loan discount and issuance costs 44   421
Changes in fair value of compound derivative liability and warrants     650
Gain on assignment of lease     (126)
Loss on early debt extinguishment     621
Changes in operating assets and liabilities      
Receivables due from related-party     536
Prepaid expenses and other current assets (1,476) (1,662) (1,514)
Other assets 750 (9,682) (10)
Accounts payable 4,506 3,290 (3,744)
Payable and accrued liabilities due to related party 20 1,419  
Accrued expenses and other current liabilities 7,027 3,306 4,983
Other non-current liabilities (977) (698) (4)
Net cash used in operating activities (89,223) (68,101) (38,289)
Investing activities      
Purchase of investments (376,789)    
Maturities of investments 142,800    
Purchase of property and equipment (1,427) (666) (31)
Acquisition of in-process research and development   (4,257)  
Proceeds from assets held for sale     641
Net cash provided by (used in) investing activities (235,416) (4,923) 610
Financing activities      
Proceeds from common stock offerings, net     368,256
Payments of offering costs     (3,848)
Proceeds from exercise of stock options under equity incentive plan 567 2,551 299
Proceeds from issuance of common stock under employee stock purchase plan 336 202  
Proceeds from issuance of convertible preferred stock, net     104,680
Principal payments on finance leases (388) (281)  
Proceeds from issuance of term loan, net 10,000    
Payments of debt issuance costs (655)    
Cash paid for early debt extinguishment     (6,506)
Net cash provided by financing activities 9,860 2,472 462,881
Net increase (decrease) in cash, cash equivalents and restricted cash (314,779) (70,552) 425,202
Cash, cash equivalents and restricted cash at beginning of year 363,667 434,219 9,017
Cash, cash equivalents and restricted cash at end of period 48,888 363,667 434,219
Supplemental disclosure      
Cash paid for interest 103 11 427
Cash paid for taxes   274 47
Supplemental disclosure of non-cash investing and financing activities      
Vesting of early exercised stock options     27
Purchase of property and equipment in accounts payable and accrued expenses 2,145 237 7
Acquisition of in-process research and development in accounts payable and accrued expenses   482  
Conversion of convertible preferred stock into common stock upon closing of initial public offering     175,043
Accumulated dividend on convertible preferred stock     3
Right-of-use asset acquired under operating leases 4,613 1,780  
Right-of-use asset acquired under finance leases   776  
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 48,822 363,667 434,219
Restricted cash (included in other assets) 66    
Total cash and cash equivalents and restricted cash $ 48,888 $ 363,667 $ 434,219