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STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows used in operating activities:    
Net loss $ (29,465) $ (21,300)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 307 160
Noncash lease expense 411 282
Stock-based compensation 6,829 3,886
Amortization of premium and discount on marketable securities, net 748  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 93 761
Accounts payable 2 1,601
Accrued expenses and other liabilities (401) (1,372)
Operating lease liabilities (419) (161)
Net cash used in operating activities (21,895) (16,143)
Cash flows provided by (used in) investing activities:    
Proceeds from maturities of marketable securities 42,500  
Purchases of property and equipment (952) (986)
Net cash provided by (used in) investing activities 41,548 (986)
Cash flows provided by financing activities:    
Proceeds from the sale of common stock, net of offering costs   161,424
Proceeds from the exercise of stock options 153 386
Net cash provided by financing activities 153 161,810
Net increase in cash and cash equivalents 19,806 144,681
Cash, cash equivalents, and restricted cash at beginning of period 35,872 218,309
Cash, cash equivalents, and restricted cash at end of period 55,678 362,990
Supplemental disclosures:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 928  
Property and equipment in accounts payable 354 $ 86
Unrealized loss on marketable securities $ (1,602)