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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (45,343) $ (31,816)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 141 120
Non-cash lease expense 840 616
Stock-based compensation expense 5,008 3,838
Non-cash imputed interest expense related to the sale of future royalties 28 9
Net amortization of premiums and discounts on marketable securities 651 1,013
Gain on forgiveness of PPP Loan 0 (890)
Changes in operating assets and liabilities:    
Accounts receivable 338 84
Prepaid expenses and other current assets (875) (1,870)
Other assets (2,022) 0
Accounts payable and accrued and other liabilities (187) 1,025
Operating lease liability (648) (1,577)
Total adjustments 3,274 2,368
Net cash used in operating activities (42,069) (29,448)
Cash flows from investing activities:    
Purchase of investments (49,419) (70,977)
Sales and maturities of investments 79,395 26,605
Purchase of property and equipment (416) 0
Net cash provided by (used in) investing activities 29,560 (44,372)
Cash flows from financing activities:    
Proceeds from issuance of common stock associated with 2021 Sales Agreement, net of issuance costs 5,663 0
Proceeds from issuance of common stock under the Company's share-based compensation plan 149 217
Payment of liability of future royalties, net of imputed interest (3,557) (3,077)
Net cash provided by (used in) financing activities 2,255 (2,860)
Net decrease in cash and cash equivalents and restricted cash (10,254) (76,680)
Cash and cash equivalents and restricted cash, beginning of period 40,740 130,426
Cash and cash equivalents and restricted cash, end of period 30,486 53,746
Supplemental cash flow data:    
Issuance costs in accrued expenses and accounts payable 69 0
Cash paid for interest 3,093 3,357
Decrease in right-of-use assets and operating lease liabilities resulting from lease modification $ (191) $ 0