Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (79,248,000) $ (51,771,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net amortization of premiums and discounts on marketable securities (2,466,000) 83,000
Depreciation and amortization 1,503,000 1,018,000
Noncash lease expense 2,815,000 2,938,000
Stock-based compensation expense 6,108,000 6,702,000
Loss on sale/ disposal of assets 71,000 0
Impairment of assets 36,061,000 0
Changes in assets and liabilities:    
Assets held for sale (1,628,000) 0
Prepaid expenses and other current assets and other assets 7,109,000 527,000
Accounts payable (1,089,000) 883,000
Accrued compensation (1,531,000) (508,000)
Accrued research costs (143,000) (173,000)
Accrued expenses and other current liabilities and other liabilities (53,000) 55,000
Operating lease liabilities (2,238,000) (3,088,000)
Net cash used in operating activities (34,729,000) (43,334,000)
Cash flows from investing activities:    
Purchases of property and equipment (5,993,000) (4,658,000)
Proceeds from sales of property and equipment 337,000 0
Purchases of investments in marketable securities (28,130,000) (254,225,000)
Proceeds from maturities of marketable securities 149,175,000 0
Net cash provided by (used in) investing activities 115,389,000 (258,883,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of vested stock options 18,000 13,000
Proceeds from employee stock purchase plan 157,000 414,000
Repurchase of unvested early exercised shares and founders' shares (59,000) (15,000)
Net cash provided by financing activities 116,000 412,000
Net increase (decrease) in cash, cash equivalents and restricted cash 80,776,000 (301,805,000)
Cash, cash equivalents and restricted cash, at beginning of period 49,446,000 378,692,000
Cash, cash equivalents and restricted cash, at end of period 130,222,000 76,887,000
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position:    
Cash and cash equivalents 128,506,000 75,171,000
Restricted cash 1,716,000 1,716,000
Cash, cash equivalents and restricted cash in statement of financial position 130,222,000 76,887,000
Supplemental disclosures of non-cash investing and financing information:    
Property and equipment purchases in accounts payable and accrued expenses 0 (395,000)
Lessor funded lease incentive additions included in property and equipment 7,193,000 0
Proceeds from sale of property and equipment in accounts receivable 119,000 0
Additions to right-of-use assets from new operating lease liabilities 31,974,000 0
Additions to ROU assets from new operating lease liabilities 43,000 96,000
Repurchase of unvested early exercised shares included in accounts payable $ (6,000) $ 0