XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (18,841,000) $ (8,772,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,255,000 753,000
Depreciation expense 373,000 21,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 297,000 (2,400,000)
Operating lease right-of-use assets 467,000 440,000
Accounts payable 743,000 138,000
Accrued expenses and other current liabilities (22,000) (1,237,000)
Operating lease liabilities (481,000) (438,000)
Deferred revenue 12,000,000  
Net cash used in operating activities (4,209,000) (11,495,000)
Cash flows from investing activities:    
Purchases of property and equipment (1,785,000) (85,000)
Net cash used in investing activities (1,785,000) (85,000)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriting discounts   59,892,000
Payment of initial public offering costs   (1,708,000)
Payment of deferred offering expenses (146,000)  
Proceeds from exercise of stock options 593,000  
Net cash provided by financing activities 447,000 88,371,000
Net (decrease) increase in cash and cash equivalents (5,547,000) 76,791,000
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 69,375,000 86,928,000
Supplemental disclosure of non-cash financing and investing activities:    
Property and equipment purchases included in accounts payable 363,000 30,000
Conversion of redeemable convertible preferred stock   160,227,000
Accretion of redeemable convertible preferred stock to redemption value   115,000
Right-of-use asset obtained in exchange of operating lease obligations   13,000
Deferred offering costs included in accounts payable and accrued expense $ 97,000 630,000
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   (205,000)
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   $ 1,000