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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net loss $ (14,016) $ (10,870)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 842 646
Depreciation 367 427
Non-cash lease expense 420  
Amortization of available-for-sale securities 297 88
Changes in operating assets and liabilities:    
Accounts receivable from related party 1,402 (3,000)
Prepaid expenses and other current assets (2,763) (2,138)
Accounts payable (2,801) (1,131)
Accrued expenses and other current liabilities (2,171) (1,180)
Deferred collaboration liability (3,001) 1,095
Deferred rent and lease incentive   (142)
Operating lease liability (561)  
Other long-term liabilities (22) (101)
Net cash used in operating activities (22,007) (16,306)
Investing activities    
Purchases of available-for-sale securities (39,250) (116,156)
Proceeds from maturities and redemptions of available-for-sale securities 35,735 3,778
Purchases of property and equipment (101) (65)
Net cash used in investing activities (3,616) (112,443)
Financing activities    
Proceeds from the issuance of Series D convertible preferred stock   27,400
Proceeds from issuance of common stock upon completion of initial public offering net of commissions and underwriting discounts   128,240
Payment of initial public offering costs   (2,463)
Proceeds from the exercise of stock options   17
Principal payments on finance lease liability (52) (46)
Net cash (used in) provided by financing activities (52) 153,148
Net increase (decrease) in cash, cash equivalents and restricted cash (25,675) 24,399
Cash, cash equivalents and restricted cash at beginning of period 37,583 29,218
Cash, cash equivalents and restricted cash at end of period 11,908 53,617
Supplemental disclosure of non-cash activities:    
Operating lease right-of-use asset recognized upon adoption of ASC 842 $ 11,485  
Vesting of early exercised restricted stock   4
Initial public offering costs included in accrued expenses   $ 792