v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net loss $ (100,190) $ (89,880)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,900 2,001
Impairment 373  
Non-cash lease expense 73 196
Transaction costs allocated to warrants issued in connection with private placement   5,015
Stock-based compensation expense 8,714 8,507
Change in fair value of warrant liabilities 77 (12,465)
Net amortization of premiums and discounts on marketable securities (1,314) 198
Amortization of debt-discount and accretion of deferred debt costs 424 557
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 463 (1,466)
Unbilled receivable 29 1,208
Other long-term assets 3,235 (726)
Accounts payable (3,556) 323
Accrued expenses 3,523 3,727
Deferred revenue (4,191) (8,556)
Operating lease liabilities (705) (621)
Net cash used in operating activities (91,145) (91,982)
Investing activities    
Purchases of property and equipment (234) (567)
Purchases of marketable securities (50,968)  
Maturities of marketable securities 87,017 30,031
Net cash provided by investing activities 35,815 29,464
Financing activities    
Payments on financing lease obligations (62) (216)
Proceeds from the issuance of common stock through employee stock purchase plan 144 109
Proceeds from the issuance of common stock through exercise of stock options   1
Payment to creditor related to debt modification   (300)
Cash and cash equivalents acquired in connection with merger, net of issuance costs paid   14,166
Proceeds from issuance of common stock and accompanying warrants and pre-funded warrants in private placement, net of issuance costs   128,069
Redemption of fractional shares due to the reverse stock split   (81)
Net cash provided by financing activities 82 141,748
Net (decrease) increase in cash, cash equivalents and restricted cash (55,248) 79,230
Cash and cash equivalents, Beginning of period 170,553 95,388
Cash and cash equivalents, End of period 115,305 174,618
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 3,323 2,417
Non-cash investing and financing activities:    
Property and equipment received but unpaid as of period end   678
Offering costs incurred but unpaid as of period end   $ 10,746

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