XML 83 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (36,458,000) $ (18,017,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 403,000 149,000
Stock-based compensation expense 4,442,000 795,000
In-process research and development expenses 2,000,000 3,680,000
Amortization on marketable securities, net 17,000 13,000
Change in fair value of preferred stock purchase right liability   (1,615,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and long-term assets (5,515,000) (1,158,000)
Accounts payable 1,898,000 175,000
Accrued expenses and other current liabilities (3,656,000) 353,000
Operating lease assets and liabilities, net 11,063,000 (41,000)
Net cash used in operating activities (25,806,000) (15,666,000)
Cash flows from investing activities:    
Purchases of marketable securities (9,758,000) (21,990,000)
Maturities of marketable securities 19,300,000 27,950,000
In-process research and development (2,000,000) (6,000,000)
Payment made for investment in equity securities (2,000,000)  
Purchases of property and equipment (7,336,000) (122,000)
Net cash used in investing activities (1,794,000) (162,000)
Cash flows from financing activities:    
Proceeds from the issuance of convertible preferred stock, net of issuance costs   119,393,000
Proceeds from the exercise of stock options, net of repurchases 460,000 1,144,000
Net cash provided by financing activities 460,000 120,537,000
Net (decrease) increase in cash, cash equivalents and restricted cash (27,140,000) 104,709,000
Cash, cash equivalents and restricted cash at beginning of the period 360,895,000 65,688,000
Cash, cash equivalents and restricted cash at end of the period 333,755,000 170,397,000
Supplemental disclosure of noncash investing and financing activity:    
Issuance of common stock in connection with asset acquisition   1,680,000
Amounts accrued for purchases of property and equipment 1,324,000  
Vesting of early exercised options 479,000 174,000
Amounts accrued for deferred offering costs   $ 183,000
Supplemental Disclosure of Noncash Operating Activities [Abstract]    
Tenant improvement allowance included in operating lease liabilities $ 6,483,000