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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows used in operating activities:    
Net loss $ (45,761) $ (39,397)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation expense 5,209 1,681
Non cash lease expense 3,348 2,831
Depreciation expense 1,315 1,052
Change in fair value of short-term investment — related party (1,166) 1,701
Amortization of premiums and discount on short-term investments (675) (611)
Deferred income taxes 134 (202)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,794) (1,285)
Accounts payable (5,880) (504)
Accrued expenses and other current liabilities (4,475) (4,046)
Accrued settlement payment — related party (13,500) 0
Lease liabilities (3,462) (2,781)
Net cash used in operating activities (67,707) (41,561)
Cash flows used in investing activities:    
Maturities of investments 72,500 35,000
Purchases of investments (107,208) (45,666)
Purchases of property and equipment (2,324) (1,999)
Net cash used in investing activities (37,032) (12,665)
Cash flows provided by financing activities:    
Proceeds from follow-on offering, net of issuance costs 132,055 0
Proceeds from issuance of pre-funded warrants, net of issuance costs 18,800 0
Proceeds from research and development funding liability 6,000 0
Proceeds from ESPP offerings 436 0
Net proceeds from stock option exercises 36 68
Net cash provided by financing activities 157,327 68
Net change in cash, cash equivalents, and restricted cash 52,588 (54,158)
Cash, cash equivalents, and restricted cash at beginning of period 55,070 201,116
Cash, cash equivalents, and restricted cash at end of period 107,658 146,958
Reconciliation of cash, cash equivalents and restricted cash:    
Cash, cash equivalents, and restricted cash at end of period 107,658 146,958
Less: restricted cash 13,496 13,496
Total cash, and cash equivalents 94,162 133,462
Supplemental cash flow information:    
Right-of-use assets obtained in exchange for new operating lease liabilities 44,935 0
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses $ 833 $ 2,603