Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net loss $ (60,047) $ (59,627)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,288 1,342
Non-cash lease expense 69 131
Stock-based compensation expense 5,459 5,552
Change in fair value of warrant liabilities (5,760) (2,604)
Net amortization of premiums and discounts on marketable securities (1,165) 140
Amortization of debt-discount and accretion of deferred debt costs 281 378
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 502 (131)
Unbilled receivable (62) 686
Other long-term assets 3,119 (791)
Accounts payable 282 2,328
Accrued expenses (638) 3,405
Deferred revenue (2,145) (6,590)
Operating lease liabilities (470) (414)
Net cash used in operating activities (59,287) (56,195)
Investing activities    
Purchases of property and equipment (234) (239)
Purchases of marketable securities (50,968)  
Maturities of marketable securities 58,377 23,511
Net cash provided by investing activities 7,175 23,272
Financing activities    
Payments on financing lease obligations (57) (142)
Proceeds from the issuance of shares through ESPP 144 109
Payment of issuance costs related to the merger and financing activities   (283)
Net cash provided by (used in) financing activities 87 (316)
Net decrease in cash, cash equivalents and restricted cash (52,025) (33,238)
Cash and cash equivalents, Beginning of period 170,553 95,388
Cash and cash equivalents, End of period 118,528 62,150
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 2,173 1,573
Non-cash investing and financing activities:    
Property and equipment received but unpaid as of period end   155
Offering costs incurred but unpaid as of period end   $ 1,459