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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (58,643) $ (58,412)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation expense 1,812 1,707
Non-cash lease expense 2,483 2,317
Stock-based compensation 5,874 8,306
Interest amortization on marketable securities (1,126) (2,447)
Changes in operating assets and liabilities:    
Operating lease liabilities (1,840) (1,729)
Prepaid expenses and other current assets (690) 2,214
Accounts payable and accrued liabilities (1,931) 19
Other assets 1,749 (343)
Net cash used in operating activities (52,312) (48,368)
Cash flow from investing activities    
Purchases of marketable securities (9,914) (58,370)
Proceeds from maturities of marketable securities 107,000 79,000
Purchases of property and equipment (123) (493)
Net cash provided by investing activities 96,963 20,137
Cash flow from financing activities    
Payment of issuance costs related to underwritten public offering and concurrent private placement   (717)
Proceeds from the issuance of common stock from at-the-market sales agreement, net of issuance costs 186 4,201
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards (233) (945)
Proceeds from stock option exercises and the issuance of shares under ESPP 112 198
Net cash provided by financing activities 65 2,737
Net decrease in cash, cash equivalents and restricted cash equivalents 44,716 (25,494)
Cash, cash equivalents and restricted cash equivalents, beginning of period 33,773 60,119
Cash, cash equivalents and restricted cash equivalents, end of period 78,489 34,625
Supplemental disclosure of non-cash activities    
Right-of-use assets obtained in exchange for lease obligations 0 107
Financing costs associated with the sale of common stock included in accounts payable and accrued expenses $ 0 $ 24