XML 38 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (81,351) $ (58,365)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 480 229
Amortization (accretion) on marketable securities (99) 0
Non-cash interest expense 83 78
Non-cash lease expense 593 360
Stock-based compensation expense 10,541 6,958
Income tax benefit 0 (52)
Gain on forgiveness of Paycheck Protection Program note 0 (426)
Impairment on note receivable 0 761
Other 479 26
Changes in assets and liabilities:    
Prepaid expenses and other current assets 91 (742)
Accounts payable and accrued expenses 9,487 3,498
Lease obligations (383) (366)
Other assets 0 100
Net cash used in operating activities (60,079) (47,941)
Cash flows from investing activities    
Purchases of marketable securities (13,271) 0
Purchases of property and equipment (4,457) (939)
Asset acquisition 0 (127)
Issuance of note receivable 0 (750)
Repayment of note receivable 761 0
Net cash used in investing activities (16,967) (1,816)
Cash flows from financing activities    
Proceeds from issuance of common stock, net 59,567 129,211
Payment of equity issuance costs (549) (8,525)
Proceeds from issuance of debt 500 0
Payments of debt issuance costs (43) 0
Financing lease principal payments 0 (10)
Net cash provided by financing activities 59,475 120,676
Effect of changes in exchange rate on cash, cash equivalents, and restricted cash 25 0
Net (decrease) increase in cash, cash equivalents, and restricted cash (17,546) 70,919
Cash, cash equivalents, and restricted cash at beginning of period 95,109 24,190
Cash, cash equivalents, and restricted cash at end of period 77,563 95,109
Supplemental disclosure of non-cash investing and financing transactions:    
Series B Convertible Preferred Stock issuance 0 4,988
Exercise of warrants 0 603
Forgiveness of Paycheck Protection Program note 0 426
Purchase of property and equipment 911 16
Right-of-use assets related to operating leases 2,916 1,226
Debt issuance costs $ 37 $ 0