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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (41,502) $ (28,278)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,993 1,151
Loss on disposal of fixed asset (1)  
Depreciation expense 238 105
Amortization of premium on marketable securities (12) 11
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,085 (1,840)
Accounts payable (877) (4,193)
Accrued expenses 2,123 713
Right-of-use assets 396 247
Operating lease liabilities (378) (281)
Other assets (252) 23
Net cash used in operating activities: (34,187) (32,342)
Cash flows from investing activities:    
Purchase of property and equipment (324) (63)
Purchase of marketable debt securities (8,247)  
Maturities and sales of marketable debt securities 26,250  
Cash, cash equivalents, and restricted cash acquired in connection with the Merger   41,934
Merger transaction costs   (1,236)
Net cash provided by investing activities 17,679 40,635
Cash flows from financing activities:    
Capital contribution from related party   17,995
Proceeds from issuance of equity securities, net of issuance costs 19,885 75,350
Net cash provided by financing activities 19,885 93,345
Net increase in cash, cash equivalents and restricted cash 3,377 101,638
Cash, cash equivalents and restricted cash at beginning of period 69,487 1,009
Cash, cash equivalents and restricted cash at end of period 72,864 102,647
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of net assets acquired in the Merger, including $1.0 million of marketable debt securities and excluding cash acquired   (4,815)
Property and equipment included in accounts payable and accrued expenses $ 9  
Merger transaction costs included in accounts payable and accrued expenses   60
Leased assets obtained in exchange for new operating lease liabilities   $ 448