XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (49,458) $ (11,990)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 90 7
Non-cash interest expense   641
Premium amortization and discount accretion on marketable securities, net 220  
Stock-based compensation expense, including employee stock purchase plan expense 11,286 736
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets and other assets 1,232 (1,321)
Accounts payable (527) (839)
Other current liabilities 5,070 1,913
Net cash used in operating activities (32,087) (10,853)
Cash flows from investing activities:    
Purchase of equipment (876) (5)
Maturities of marketable securities 186,449  
Purchases of marketable securities (467,011)  
Net cash used in investing activities (281,438) (5)
Cash flows from financing activities:    
Proceeds from exercise of stock options 187 640
Proceeds from issuance of common stock under employee stock purchase plan 386  
Proceeds from the issuance of convertible notes   3,000
Proceeds from the settlement of non-recourse notes   88
Payments of costs related to initial public offering   (889)
Net cash provided by financing activities 573 138,614
Net (decrease) increase in cash and cash equivalents (312,952) 127,756
Cash and cash equivalents at beginning of period 338,549 68
Cash and cash equivalents at end of period 25,597 127,824
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable 114  
Deferred offering costs included in other current liabilities   587
Vesting of early exercised stock options $ 341 10
Series A Convertible Preferred Stock    
Cash flows from financing activities:    
Repurchase of shares of Series A and Series A-1 convertible preferred stock   (2,289)
Series B Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs   50,637
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible notes into Series B convertible preferred stock   3,007
Series C Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs   87,427
Supplemental disclosure of non-cash investing and financing activities:    
Series C convertible preferred stock issuance costs included in other current liabilities   $ 1,626