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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net loss $ (50,964) $ (34,347)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 171 169
Amortization of debt issuance costs 111  
Stock-based compensation expense 8,026 3,672
Noncash lease expense 152 127
Noncash lease liability 162 187
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets and federal contract revenue receivables (1,017) (680)
Accounts payable, accrued expenses and other long term-liabilities 4,229 827
Net cash used in operating activities (39,130) (30,045)
Cash flows from investing activities    
Maturities of short-term investments 1,474 2,729
Purchases of short-term investments   (8,931)
Deposit on property and equipment (1,124)  
Purchases of property and equipment (172)  
Net cash provided by (used in) investing activities 178 (6,202)
Cash flows from financing activities    
Proceeds from exercise of stock options 801 512
Proceeds from notes payable, net of issuance costs 12,283  
Financing costs, paid (148)  
Proceeds from equity offerings, net of offering costs   43,722
Net cash provided by financing activities 12,936 44,234
Net (decrease) increase in cash and cash equivalents (26,016) 7,987
Cash and cash equivalents-beginning of period 138,509 90,943
Cash and cash equivalents-end of period 112,493 98,930
Supplemental disclosure of cash flow information    
Accrued financing costs associated with notes payable 1,423  
Contractual exit fee included in notes payable 300  
Property and equipment in accounts payable and accrued expenses $ 27  
Conversion of preferred stock to common stock   4
Accrued equity offering costs   $ 210