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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 $ (32,145) $ (23,590)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 357 325
Stock-based compensation expense 3,937 3,390
Amortization of premiums and discounts on marketable securities (583) 116
Reduction in the carrying value of right-of-use assets 209 183
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,273 (216)
Accounts payable (1,090) (2,281)
Accrued expenses (21) (1,142)
Operating lease liabilities (358) (293)
Other assets 25 0
Prepaid expenses - noncurrent (401) 1,099
Net cash used in operating activities (28,847) (22,409)
Investing activities    
Purchases of marketable securities (81,647) (62,035)
Maturities of marketable securities 81,500 82,560
Purchases of property and equipment (217) (278)
Net cash provided by investing activities (364) 20,247
Financing activities    
Net proceeds from issuance of common stock 56,179 0
Net proceeds from issuance of pre-funded warrants 12,150 0
Proceeds from exercise of stock options 244 361
Net cash provided by financing activities 68,573 361
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total 39,362 (1,801)
Effect of foreign currency exchange rate in cash (58)
Cash, cash equivalents and restricted cash at beginning of period 23,670 28,394
Cash, cash equivalents and restricted cash at end of period 62,974 26,593
Supplemental cash flow information:    
Cash and cash equivalents 62,620 26,239
Restricted cash 354 354
Cash, cash equivalents and restricted cash at end of period 62,974 26,593
Property and equipment unpaid at end of period 35 10
Right-of-use asset at adoption of Topic 842 0 2,431
Operating lease liabilities at adoption of Topic 842 0 3,997
Public offering costs included in accounts payable and accrued expenses at balance sheet dates $ 44 $ 0