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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities:    
Net loss $ (58,335) $ (42,982)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization of property and equipment 1,135 767
Amortization of finance lease right of use asset 538 535
Write down of property and equipment, net 0 40
Stock-based compensation 8,915 6,270
Amortization of premium and accretion of discount on investments, net (2,343) 577
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 866 (3,936)
Accounts payable and accrued expenses (7,750) (491)
Operating lease liabilities 97 (33)
Finance lease liability 37 45
Other liabilities (720) (15)
Net cash used in operating activities (57,560) (39,223)
Investing activities:    
Purchases of investments (96,034) (143,023)
Proceeds from maturities of investments 62,335 81,983
Payments made to acquire right of use asset (7) 0
Purchases of property and equipment (3,015) (1,955)
Net cash used in investing activities (36,721) (62,995)
Financing activities:    
Issuance of common stock, pursuant to exercise of stock options 1,114 76
Exercise of warrants 7 0
Issuance of common stock pursuant to the at-the-market offering program, net of issuance costs 17,222 0
Net cash provided by financing activities 18,343 76
Net change in cash, cash equivalents and restricted cash (75,938) (102,142)
Cash, cash equivalents and restricted cash at beginning of period 141,857 234,037
Cash, cash equivalents and restricted cash at end of period 65,919 131,895
Supplemental disclosure of non-cash financing and investing activities:    
Accrued purchases of property and equipment, ending balance 1,794 1,635
Unrealized gain (loss) on investments $ 267 $ (468)