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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 6,199 $ (15,561)
Adjustments to reconcile net income (loss) to net cash provided by (used in)    operating activities:    
Depreciation and amortization expense 345 406
Stock-based compensation expense 1,865 2,380
Non-cash interest expense related to note payable 146 708
Net amortization of premiums and discounts on marketable securities 178 142
Non-cash operating lease cost 614 502
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (695) (2,661)
Unbilled receivable (30,000) 0
Other assets (20) 21
Accounts payable 1,074 642
Accrued expenses and other current liabilities (2,601) (5,010)
Operating lease liability (671) (532)
Net cash used in operating activities (23,566) (18,963)
Cash flows from investing activities:    
Purchases of property and equipment (35) 0
Purchases of marketable securities 0 (70,634)
Proceeds from sales or maturities of marketable securities 12,500 0
Net cash provided by (used in) investing activities 12,465 (70,634)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon public offering, net 20,556 14,716
Proceeds from employee stock purchases 157 118
Proceeds from exercise of stock options 0 148
Net cash provided by financing activities 20,713 14,982
Net increase (decrease) in cash and cash equivalents and restricted cash 9,612 (74,615)
Cash and cash equivalents and restricted cash at beginning of period 57,640 176,736
Cash and cash equivalents and restricted cash at end of period 67,252 102,121
Supplemental disclosure of cash flow information:    
Cash paid for interest 531 327
Supplemental disclosure of non-cash investing and financing activities:    
Additional right-of-use asset and related lease liability 755 0
Purchases of property and equipment included in accounts payable and accrued expenses 43 0
Conversion of note payable into shares of common stock $ 0 $ 1,500