Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (149,291)
|
$ (59,437)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock-based compensation expense |
17,542
|
6,591
|
| Depreciation and amortization expense |
1,088
|
700
|
| Amortization of debt discount |
|
64
|
| Amortization (accretion) of premium (discount) on marketable securities |
2,580
|
12
|
| Loss on sale of marketable securities |
8
|
|
| Non-cash lease expense |
(746)
|
|
| Change in success fee obligation |
|
450
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other assets |
(1,506)
|
(3,455)
|
| Right-of-use assets |
(2,940)
|
|
| Accounts payable and other liabilities |
13,702
|
8,567
|
| Net cash used in operating activities |
(119,563)
|
(46,508)
|
| Cash flows from investing activities: |
|
|
| Purchases of property and equipment |
(3,618)
|
(1,161)
|
| Purchases of marketable securities |
(236,721)
|
(44,500)
|
| Maturities of marketable securities |
98,010
|
|
| Sales of marketable securities |
4,437
|
|
| Net cash used in investing activities |
(137,892)
|
(45,661)
|
| Cash flows from financing activities: |
|
|
| Proceeds from initial public offering of common stock, net of issuance costs |
|
246,388
|
| Proceeds from follow-on public offering of common stock, net of issuance costs |
157,237
|
|
| Settlement of success fee obligation |
|
(450)
|
| Proceeds from issuance of convertible preferred stock, net of issuance costs |
|
134,786
|
| Proceeds from issuance of debt, net of issuance costs |
|
9,936
|
| Repayment of debt |
|
(10,000)
|
| Proceeds from exercise of stock options |
584
|
30
|
| Net cash provided by financing activities |
157,821
|
380,690
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
(99,634)
|
288,521
|
| Cash, cash equivalents and restricted cash, beginning of year |
303,153
|
14,632
|
| Cash, cash equivalents and restricted cash, end of year |
203,519
|
303,153
|
| Supplemental cash flow information: |
|
|
| Cash paid for interest and taxes |
|
328
|
| Supplemental disclosure of non-cash investing and financing information: |
|
|
| Purchase of property and equipment in accounts payable |
202
|
|
| Right-of-use assets acquired under operating leases |
34,228
|
|
| Conversion of convertible preferred stock to common stock |
|
$ 162,215
|