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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (65,801) $ (80,893) $ (78,254)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 1,576 996 418
Purchase net (premium) discount on marketable securities (344) (286) 504
Net amortization of premium (accretion of discount) on marketable securities 548 73 (818)
Stock-based compensation 8,038 6,256 4,876
Non-cash operating lease expense 425 628 483
Other 9 (9) (5)
Changes in operating assets and liabilities:      
License and development receivable (815) 0 0
Prepaid expenses and other assets (1,216) (1,101) (346)
Accounts payable 1,065 (544) 2,583
Operating lease liabilities (404) 251 (258)
Deferred revenue 3,576 0 0
Accrued and other liabilities (373) (1,146) 5,125
Net cash used in operating activities (53,716) (75,775) (65,692)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property and equipment (573) (4,280) (1,492)
Purchases of marketable securities (133,079) (129,000) (91,926)
Proceeds from maturities and sales of marketable securities 111,033 125,676 91,679
Net cash used in investing activities (22,619) (7,604) (1,739)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock and pre-funded warrants in public and at-the-market offerings, net of offering costs 0 153,716 64,298
Proceeds from employee stock plan purchases and stock option exercises 1,903 816 1,450
Principal payments on finance lease obligation (510) (20) (25)
Net cash provided by financing activities 1,393 154,512 65,723
Effect of exchange rate on cash, cash equivalents, and restricted cash (15) 51 0
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (74,957) 71,184 (1,708)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH      
Beginning of period 91,937 20,753 22,461
End of period 16,980 91,937 20,753
Supplemental Disclosure of Non-Cash Investing and Financing Information:      
Leased assets obtained in exchange for lease obligations 872 172 5,294
Unpaid amounts related to purchase of property and equipment $ 0 $ 224 $ 356