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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (112,421) $ (74,168)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 20,141 4,738
Non-cash operating lease expense 1,603 1,619
Depreciation and amortization 318 329
Net accretion of investments in marketable securities (3,312) (2,032)
Other noncash expenses   45
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,387) 3,616
Accounts payable 745 1,025
Accrued liabilities (2,176) 2,386
Operating lease liabilities (1,624) (1,621)
Net cash used in operating activities (99,113) (64,063)
Investing activities:    
Purchases of marketable securities (205,340) (76,142)
Proceeds from maturities of marketable securities 77,369 103,073
Purchases of property and equipment   (36)
Cash paid for acquisition of assets (775)  
Net cash (used in) provided by investing activities (128,746) 26,895
Financing activities:    
Proceeds from exercise of stock options 4,499 1,006
Repurchase of unvested early exercised shares   (491)
Payments for deferred offering costs   (122)
Net cash provided by financing activities 4,499 393
Net change in cash and cash equivalents and restricted cash (223,360) (36,775)
Cash and cash equivalents and restricted cash at beginning of year 375,251 242,206
Cash and cash equivalents and restricted cash at end of year 151,891 205,431
Components of cash and restricted cash:    
Cash and cash equivalents 150,678 204,218
Restricted Cash 1,213 1,213
Total cash and cash equivalents and restricted cash $ 151,891 $ 205,431