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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Cash flows from operating activities:          
Net loss $ (28,682) $ (18,572) $ (61,511) $ (37,995)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     483 307  
Non-cash lease cost     218 402  
Share-based compensation 1,317 2,163 4,520 4,172  
Unrealized foreign currency transaction (gain) loss     7 10  
Accretion of discount on marketable securities     13 124  
Change in fair value of derivative liability     (802) 0 $ (200)
Non-cash interest expense associated with the sale of future royalties     2,605 0  
Loss on extinguishment of liability related to the sale of future royalties 3,581 0 3,581 0  
Changes in operating assets and liabilities:          
Other receivables     721 3,479  
Prepaid expenses and other current assets     3,646 1,258  
Tax incentive receivables     333 800  
Other assets     905 (8)  
Accounts payable     612 478  
Accrued expenses and other current liabilities     (5,839) (3,314)  
Deferred revenue, current and non-current     (393) (1,356)  
Other long-term liabilities     (21) (19)  
Operating lease liability     (334) (400)  
Net cash used in operating activities     (51,256) (32,046)  
Cash flows from investing activities:          
Purchases of marketable securities     (26,970) (12,578)  
Proceeds from maturities of marketable securities     60,777 26,500  
Write-off of property and equipment     129 0  
Net cash provided by (used in) investing activities     33,936 13,922  
Cash flows from financing activities:          
Repayment of liability related to the sale of future royalties     (54,485) 0  
Proceeds from the issuance of common stock, net of issuance costs     4,203 4,253  
Payment of offering and financing costs     0 (146)  
Proceeds from stock option exercises     419 370  
Net cash provided by financing activities     (49,863) 4,477  
Net increase (decrease) in cash and cash equivalents     (67,183) (13,647)  
Cash, cash equivalents and restricted cash at beginning of period     112,584 85,209 85,209
Cash, cash equivalents and restricted cash at end of period $ 45,401 $ 71,562 45,401 71,562 $ 112,584
Supplemental disclosure of non-cash activities:          
Offering and financing costs in accounts payable and accruals     $ 0 $ 80