XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (7,802,000) $ (4,232,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 599,000 134,000
Depreciation expense 70,000 8,000
Changes in assets and liabilities:    
Prepaid expenses and other current assets 78,000 18,000
Operating lease right-of-use assets 232,000 219,000
Accounts payable 452,000 432,000
Accrued expenses and other current liabilities (983,000) (381,000)
Operating lease liabilities (236,000) (215,000)
Net cash used in operating activities (7,590,000) (4,017,000)
Cash flows from investing activities:    
Purchases of property and equipment (1,160,000) (8,000)
Net cash used in investing activities (1,160,000) (8,000)
Cash flows from financing activities:    
Payment of deferred offering costs   (773,000)
Proceeds from exercise of stock options 262,000  
Net cash provided by financing activities 262,000 29,464,000
Net (decrease) increase in cash and cash equivalents (8,488,000) 25,439,000
Cash and cash equivalents and restricted cash, beginning of period 74,922,000 10,137,000
Cash and cash equivalents and restricted cash, end of period $ 66,434,000 35,576,000
Supplemental disclosure of non-cash financing and investing activities:    
Property and equipment purchases included in accounts payable   49,000
Accretion of redeemable convertible preferred stock to redemption value   85,000
Deferred offering costs included in accounts payable and accrued expense   702,000
Series C Preferred Stock    
Cash flows from financing activities:    
Proceeds from the sale of Series C redeemable convertible preferred stock   30,392,000
Payment of offering costs related to sale of Series C redeemable convertible preferred stock   (155,000)
Supplemental disclosure of non-cash financing and investing activities:    
Allocation of Series C redeemable convertible preferred stock to common stock warrant   740,000
Series C redeemable convertible preferred stock stock issuance costs included in accounts payable and accrued expense   $ 51,000