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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (45,315) $ (22,840)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 5,826 2,083
Depreciation expense 375 230
Non-cash lease expense 92 68
Amortization of premiums and accretion of discounts on available-for-sale securities, net 149 226
Changes in operating assets and liabilities:    
Unbilled grant receivable 2,336 (1,289)
Prepaid expenses and other current assets 1,149 3,217
Accounts payable and accrued liabilities 365 3,318
Operating lease liability (139) 365
Net cash used in operating activities (35,162) (14,622)
Investing activities    
Purchases of available-for-sale securities (51,670) (173,563)
Maturities of available-for-sale securities 71,951 152,740
Proceeds from sales of available-for-sale securities   9,988
Purchases of property and equipment (896) (418)
Net cash provided by (used in) investing activities 19,385 (11,253)
Financing activities    
Proceeds from exercise of common stock options 507 189
Proceeds from public offering, net of issuance costs   96,762
Net cash provided by financing activities 507 96,951
Net (decrease) increase in cash, cash equivalents and restricted cash (15,270) 71,076
Cash, cash equivalents and restricted cash, beginning of period 110,537 60,625
Cash, cash equivalents and restricted cash, end of period $ 95,267 131,701
Supplemental disclosures of cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liability   $ 680