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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net loss $ (17,428,000) $ (14,164,000)
Adjustments to reconcile net loss to cash used in operating activities    
Depreciation expense 18,000 16,000
Amortization expense - right-of-use leased assets - operating 212,000 199,000
Accretion of discount on investments (24,000) 115,000
Stock-based compensation 1,316,000 1,110,000
Non-cash interest expense 218,000 263,000
Changes in operating assets and liabilities    
Prepaid expenses and other assets 809,000 143,000
Accounts payable, accrued expenses and other liabilities 335,000 (2,568,000)
Net cash used in operating activities (14,544,000) (14,886,000)
Cash flows from investing activities    
Purchases of property and equipment (6,000)  
Maturities of short-term investments 7,000,000 26,100,000
Purchases of short-term investments (20,645,000) (7,992,000)
Net cash provided by (used in) investing activities (13,651,000) 18,108,000
Cash flows from financing activities    
Principal payments on term loan (5,000,000)  
Proceeds from employee stock purchase plan 84,000  
Proceeds from the exercise of vested stock options 21,000 9,000
Settlements of restricted stock units for tax withholding obligations   (81,000)
Net cash used in financing activities (4,895,000) (72,000)
Net increase (decrease) in cash, cash equivalents and restricted cash (33,090,000) 3,150,000
Cash, cash equivalents and restricted cash at beginning of period 74,450,000 72,001,000
Cash, cash equivalents and restricted cash at end of period 41,360,000 75,151,000
Supplemental cash flow information    
Interest paid 794,000 1,114,000
Taxes paid $ 114,000 $ 125,000