XML 15 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (70,522) $ (92,182)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 135 65
Loss on disposal of fixed assets 100  
Gain on lease termination (88)  
Amortization of right-of-use assets - operating 589 208
Stock-based compensation 12,314 14,435
Accretion of marketable securities, net (4,793) (4,569)
Changes in operating assets and liabilities    
Prepaid expenses and other assets (5,391) (1,515)
Operating lease liabilities (377) (197)
Accounts payable 828 (2,371)
Accrued expenses (4,958) 5,923
Net cash used in operating activities (72,163) (80,203)
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (176,160) (172,821)
Proceeds from maturities of marketable securities, available-for-sale 142,640 189,000
Purchases of property and equipment (235) (255)
Net cash (used in) provided by investing activities (33,755) 15,924
Cash flows from financing activities    
Proceeds from issuance of common stock from private placement, net of offering costs 95,046  
Proceeds from issuance of common stock from at-the-market offering,net of commissions and offering expenses   48,408
Proceeds from exercise of stock options 118 2,570
Proceeds from issuance of common stock under employee stock purchase plan 114 214
Deferred offering costs   (73)
Net cash provided by financing activities 95,278 51,119
Effect of exchange rates on cash, cash equivalents and restricted cash (14) 58
Net decrease in cash, cash equivalents and restricted cash (10,654) (13,102)
Cash, cash equivalents and restricted cash, beginning of period 52,554 64,819
Cash, cash equivalents and restricted cash, end of period $ 41,900 51,717
Supplemental disclosure for investing and financing non-cash activities:    
Purchases of property and equipment included in accounts payable and accrued expenses   30
Exercise of stock options   54
Unpaid deferred offering costs   $ 66