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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net loss $ (21,244) $ (23,647)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,713 1,826
Operating lease right-of-use assets 259 100
Accretion/accrual of term loan discounts and debt issuance costs 180 419
Depreciation and amortization 88 28
Loss on disposal of property, equipment and leasehold improvements 10  
Accretion of available-for-sale marketable securities, net (1,774) (268)
Change in fair value of term loan derivative liability   147
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,935) (579)
Accounts payable (1,676) (527)
Accrued expenses and other liabilities 28 657
Net cash used in operating activities (25,351) (21,844)
Investing activities:    
Proceeds from maturities of available-for-sale marketable securities 55,679 2,001
Purchases of available-for-sale marketable securities (8,981) (61,025)
Purchases of property, equipment and leasehold improvements (115) (43)
Net cash provided by (used in) investing activities 46,583 (59,067)
Financing activities:    
Proceeds from at-the-market sales, net of commissions 1,710  
Proceeds from exercises of stock options 73 139
Proceeds from employee stock purchase plan 33 23
Repayments of term loan, term loan final fee and prepayment premium (9,409) (4,083)
Payments of offering costs (200) (195)
Payments of finance lease (63)  
Proceeds from sale of common stock and warrants in public offering and private placement, net of issuance costs   103,010
Proceeds from exercises of warrants   11,782
Payments of financing costs of term loan   (21)
Net cash (used in) provided by financing activities (7,856) 110,655
Net increase in cash and cash equivalents 13,376 29,744
Cash and cash equivalents at beginning of period 12,589 36,830
Cash and cash equivalents at end of period $ 25,965 $ 66,574