v3.23.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (39,231) $ (28,264)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation 262 174
Stock-based compensation 7,145 4,977
Amortization of premiums on investment securities, net (2,539) (39)
Non-cash lease expense 20 35
Other   4
Change in operating assets and liabilities:    
Prepaid expense and other assets 1,790 (1,020)
Accounts payable and other liabilities 1,325 1,813
Accounts payable and other liabilities-related party   (7)
Net cash used in operating activities (31,228) (22,327)
Cash flows from investing activities    
Purchases of investment securities (95,984) (157,976)
Proceeds from maturities of investment securities 127,875 1,715
Proceeds from sale of asset   39
Purchases of property and equipment (176) (320)
Net cash provided by (used in) investing activities 31,715 (156,542)
Cash flows from financing activities    
Issuance of common stock through employee stock purchase plan 206 225
Proceeds from the exercise of stock options 4 156
Payment of deferred issuance costs   (427)
Net cash provided by (used in) financing activities 210 (46)
Net increase (decrease) in cash and cash equivalents 697 (178,915)
Cash and cash equivalents at beginning of period 26,500 298,569
Cash and cash equivalents at end of period $ 27,197 119,654
Supplemental disclosures    
Initial recognition of right-of-use asset and operating lease liability   590
Deferred financing costs in accrued expenses   75
Purchases of property and equipment included in accounts payable and accrued expenses   $ 222