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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (38,599) $ (27,850)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 45 24
Amortization of right-of-use assets 64 101
Foreign currency gain (64) (21)
Amortization of debt issuance costs 203 266
(Accretion) amortization on premium to short-term investments (3,345) 432
Stock-based compensation 2,817 1,480
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,142 1,257
Non-current assets (792) (828)
Accounts payable and accrued expenses and other current liabilities 3,071 (764)
Net cash used in operating activities (35,458) (25,903)
Cash flows from investing activities:    
Purchase of property and equipment (272) (9)
Purchase of available-for-sale securities, net (155,415) (16,004)
Maturities of available-for-sale securities 92,000 116,593
Sale of available-for-sale securities, net   11,276
Net cash provided by (used in) investing activities (63,687) 111,856
Cash flows from financing activities:    
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 registered direct offering, net of offering costs 74,874  
Proceeds from exercise of stock options 194  
Repurchase of shares for minimum tax withholdings (183) (2)
Net cash provided by financing activities 74,885 86
Effect of exchange rate changes on cash and cash equivalents (150) (210)
Increase (decrease) in cash and cash equivalents (24,410) 85,829
Cash and cash equivalents beginning of period 52,100 34,012
Cash and cash equivalents end of period 27,690 119,841
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 1,504 $ 1,186
[1] As discussed in Note 6. Long-term Debt, the Amended Loan Agreement (as defined herein) executed on April 21, 2022 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 (as defined herein) from Silicon Valley Bank.