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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (38,150) $ (43,014)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 31 136
Amortization of right-of-use assets 136 231
Non-cash interest income   (103)
Foreign currency loss 19 99
Amortization of debt issuance costs 334 552
Amortization on premium to short-term investments, net 75 1,604
Stock-based compensation 2,041 3,260
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,336 (1,039)
Non-current assets (57)  
Accounts payable and accrued expenses and other current liabilities (319) (1,763)
Long-term liabilities   (44)
Net cash used in operating activities (34,554) (40,081)
Cash flows from investing activities:    
Purchase of property and equipment (9) (57)
Purchase of available-for-sale securities, net (89,415) (161,069)
Maturity of available-for-sale securities 130,793 83,470
Sale of available-for-sale securities, net 11,276 8,200
Net cash provided by (used in) investing activities 52,645 (69,456)
Cash flows from financing activities:    
Repurchase of outstanding pre-funded warrants   (3,909)
Repayment of long-term debt [1] (26,350)  
Proceeds from long-term debt, net [1] 26,438  
Issuance of common stock and pre-funded warrants in public offering, net of offering costs   122,231
Issuance of common stock upon exercise of warrants, net   2,546
Proceeds from exercise of stock options 2 16
Repurchase of shares for minimum tax withholdings (3) (78)
Net cash provided by financing activities 87 120,806
Effect of exchange rate changes on cash and cash equivalents (90) (137)
Increase in cash and cash equivalents 18,088 11,132
Cash and cash equivalents beginning of period 34,012 22,880
Cash and cash equivalents end of period 52,100 34,012
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 1,614 $ 1,969
[1] As discussed in Note 7. Debt Facility, the Amended Loan Agreement (as defined herein) was accounted for as a modification. The Company used the proceeds from the Amended Loan Agreement to repay the outstanding amounts under the Loan Agreement from Silicon Valley Bank.