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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (159,809) $ (102,408)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1 3
Stock-based compensation 3,003 67
Change in fair value of convertible promissory notes (includes related party amounts of $13,196 and $6,258, respectively) 51,469 20,204
Change in fair value of warrant liabilities - related party 43,575 25,911
Non-cash lease costs 2,251 (4)
Amortization of debt discount 292  
Issuance of PIK interest debt 87  
Acquired in-process research and development - related party 2,500 37,656
Loss on disposal of property and equipment 42  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (includes related party amounts of $0 and $48, respectively) (11,071) (116)
Accounts payable, accrued expenses and other long-term liabilities (includes related party amounts of $(4,652) and $4,803, respectively) 2,819 8,548
Accrued interest (includes related party amounts of $717 and $746, respectively) 2,852 2,844
Net cash used in operating activities (61,989) (7,295)
Cash flows from investing activities    
Cash paid for purchased in-process research and development (2,500) (2,763)
Purchases of property and equipment (4,014) (45)
Net cash used in investing activities (6,514) (2,808)
Cash flows from financing activities    
Proceeds from issuance of common stock   1
Proceeds from issuance of common stock in initial public offering 230,006  
Payment of initial public offering costs (19,702) (789)
Proceeds from issuance of long-term debt, net of issuance costs 14,665  
Proceeds from issuance of convertible promissory notes   135,000
Net cash provided by financing activities 224,969 134,212
Net increase in cash, cash equivalents and restricted cash 156,466 124,109
Cash and, cash equivalents and restricted cash-beginning of period 124,566 457
Cash, cash equivalents and restricted cash-end of period 281,032 124,566
Supplemental disclosure of cash flow information    
Cash paid for interest 193  
Supplemental disclosure of noncash investing and financing activities    
Accrued interest exchanged for convertible promissory notes   47
Operating lease 20,317 180
Issuance of Takeda Warrants in connection with Takeda License   30,534
Issuance of common stock in connection with Takeda License   4,357
Unpaid initial public offering costs   $ 1,409
Unpaid property and equipment purchases 1,573  
Conversion of convertible promissory notes and interest into common stock 215,364  
Conversion of warrant liability into equity 100,020  
Accreted final interest payment fees 252  
Settlement of ESPP liability in common stock $ 173