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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net loss $ (15,443,000) $ (18,715,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 31,000 106,000
Noncash interest expense 2,303,000 1,253,000
Share-based compensation expense 1,848,000 1,791,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,846,000 (1,568,000)
Other assets 78,000 4,000
Accounts payable (913,000) 4,071,000
Accrued expense (1,067,000) (2,242,000)
Other liabilities (68,000) (3,000)
Cash used in operating activities (11,385,000) (15,303,000)
Investing activities:    
Purchases of short-term investments (15,651,000) (6,931,000)
Proceeds from sales of short-term investments 25,660,000 20,000,000
Purchase of property and equipment (13,000) (186,000)
Cash provided by investing activities 9,996,000 12,883,000
Financing activities:    
Proceeds from the sale of common stock, net of issuance costs 1,117,000 0
Proceeds from exercise of stock options 58,000 235,000
Cash provided by financing activities 1,175,000 235,000
Net decrease in cash and cash equivalents (214,000) (2,185,000)
Cash and cash equivalents at beginning of period 19,859,000 15,872,000
Cash and cash equivalents at end of period 19,645,000 13,687,000
Supplemental schedule of non-cash financing activities:    
Unrealized loss on marketable securities $ (47,000) $ (2,000)