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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 $ (31,062) $ (22,521)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,687 1,410
Depreciation 729 764
Non-cash lease expense 880  
Amortization of available-for-sale securities 517 357
Changes in operating assets and liabilities:    
Accounts receivable from related party 1,402 (482)
Prepaid expenses and other current assets (1,715) (1,534)
Other long-term assets (104)  
Accounts payable (2,097) 10
Accrued expenses and other current liabilities 686 1,356
Deferred collaboration liability (5,222) (948)
Deferred rent and lease incentive   (288)
Operating lease liability (1,139)  
Other long-term liabilities 23 (79)
Net cash used in operating activities (35,415) (21,955)
Investing activities    
Purchases of available-for-sale securities (39,250) (147,223)
Proceeds from maturities and redemptions of available-for-sale securities 94,918 26,530
Proceeds from sale of property and equipment   42
Purchases of property and equipment (221) (102)
Net cash provided by (used in) investing activities 55,447 (120,753)
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   (3,255)
Proceeds from the exercise of stock options   18
Principal payments on finance lease liability (104) (94)
Repurchases of early exercised restricted stock   (1)
Net cash (used in) provided by financing activities (104) 152,308
Net increase in cash, cash equivalents and restricted cash 19,928 9,600
Cash, cash equivalents and restricted cash at beginning of period 37,583 29,218
Cash, cash equivalents and restricted cash at end of period 57,511 38,818
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   $ (9)