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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (64,993) $ (45,355)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,182 1,165
Stock-based compensation 5,684 5,944
Purchase net premium on marketable securities 351 (374)
Non-cash operating lease expense 292 334
Net amortization of premium (accretion of discount) on marketable securities (175) 490
Other 0 2
Changes in operating assets and liabilities:    
Accounts payable 859 (390)
License and development receivables 146 0
Prepaid expenses and other assets (2,863) (1,555)
Accrued and other liabilities (1,293) (828)
Deferred revenue (897) 6,405
Operating lease liabilities (297) (286)
Net cash used in operating activities (62,004) (34,448)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (38) (573)
Purchases of marketable securities (35,000) (119,829)
Proceeds from maturities and sales of marketable securities 78,046 88,120
Net cash provided by (used in) investing activities 43,008 (32,282)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock and pre-funded warrants in registered direct offering, net of offering costs 42,874 0
Proceeds from employee stock plan purchases and stock option exercises 222 1,654
Principal payments on finance lease obligation (410) (341)
Net cash provided by financing activities 42,686 1,313
Effect of exchange rate on cash, cash equivalents, and restricted cash (152) (18)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 23,538 (65,435)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH    
Beginning of period 16,980 91,937
End of period 40,518 26,502
Supplemental Disclosure of Non-Cash Investing and Financing Information:    
Leased assets obtained in exchange for lease obligations $ 0 $ 872