XML 34 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (51,384) $ (41,360)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,845 2,231
Depreciation expense 99 97
Amortization and accretion on investments 155 122
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (235) (465)
Other assets   (60)
Accounts payable 389 313
Accrued expenses and other current liabilities 393 1,748
Operating lease assets and liabilities, net (33)  
Deferred rent   (24)
Net cash used in operating activities (46,771) (37,398)
Cash flows from investing activities:    
Proceeds from maturities and sales of short-term investments 45,937 47,500
Purchases of short-term investments (47,557) (64,203)
Purchases of property and equipment (12) (18)
Net cash used in investing activities (1,632) (16,721)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs   80,427
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs   17,150
Proceeds from July 2021 Offering, net of underwriting discounts and commissions 47,000  
Proceeds from ATM offering, net of underwriting discounts and commissions 1,819  
Proceeds from exercise of options 860 1,022
Payment of issuance costs (578) (1,718)
Net cash provided by financing activities 49,101 96,881
Net increase in cash, cash equivalents and restricted cash 698 42,762
Cash, cash equivalents and restricted cash, beginning of period 47,786 5,024
Cash, cash equivalents and restricted cash, end of period 48,484 47,786
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock into common stock   94,893
Accretion of redeemable convertible preferred stock to redemption value   (7,858)
Reclassification of deferred offering costs from other assets to additional paid-in capital   (2,144)
Offering costs included in accounts payable and accrued expenses 1  
Property and equipment purchases included in accrued expenses   12
Unrealized loss on investments $ (20) $ (28)