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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (45,436) $ (29,908) $ (32,141)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 158 144 125
Non-cash lease expense 828 605 956
Stock-based compensation expense 5,279 2,698 2,658
Amortization of debt issuance costs 0 0 8
Non-cash imputed interest expense related to the sale of future royalties 36 45 287
Amortization of premiums and (discounts) on marketable securities 1,402 33 (64)
Gain on forgiveness of PPP loan (890) 0 0
Loss on extinguishment of debt 0 0 3,495
Loss on disposal of fixed assets 0 24 29
Changes in operating assets and liabilities:      
Accounts receivable (181) 201 (380)
Prepaid expenses and other assets (2,049) (153) (237)
Accounts payable and accrued and other liabilities 4,965 1,000 60
Operating lease liability (1,731) (428) (1,001)
Total adjustments 7,817 4,169 5,936
Net cash used in operating activities (37,619) (25,739) (26,205)
Cash flows from investing activities:      
Purchases of investments (93,125) (53,449) (11,465)
Sales and maturities of investments 45,230 5,078 7,050
Purchases of property and equipment 0 (677) (41)
Net cash used in investing activities (47,895) (49,048) (4,456)
Cash flows from financing activities:      
Proceeds from PPP Loan 0 891 0
Proceeds from issuance of common stock 0 159,447 0
Proceeds of registered direct offering 0 17,500 0
Payments of stock issuance costs (1,535) 0
Proceeds from royalty interest purchase agreement with Oberland Capital Management 0 0 65,000
Payment of transaction costs on royalty interest purchase agreement 0 0 (584)
Proceeds from issuance of common stock under the Company’s stock-based compensation plans 300 785 68
Payment of liability of future royalties, net of imputed interest (4,472) (4,287) (2,226)
Payment on termination of credit agreement with HealthCare Royalty Partners, III, L.P. 0 0 (37,162)
Payments made on Curis Royalty’s debt 0 0 (1,825)
Net cash provided by financing activities (4,172) 188,814 23,271
Net (decrease) increase in cash and cash equivalents and restricted cash (89,686) 114,027 (7,390)
Cash and cash equivalents and restricted cash, beginning of period 130,426 16,399 23,789
Cash and cash equivalents and restricted cash, end of period 40,740 130,426 16,399
Supplemental cash flow data:      
Issuance costs in accounts payable 0 416 0
Non-cash commitment shares issued to Aspire Capital 0 900 0
Cash paid for interest 4,437 5,050 4,716
Right-of-use assets obtained in exchange for lease liabilities 0 7,169 0
Aspire Capital Fund, LLC      
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 8,099 0
Demand Sales Agreement      
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 8,176 0
Payments of stock issuance costs $ 0 $ (262) $ 0