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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (53,046,000) $ (33,409,000)
Adjustments to reconcile net loss to cash used in operating activities:    
In-process research and development expense (1,000,000) 5,500,000
Depreciation and amortization expense 62,000 50,000
Stock-based compensation expense 3,591,000 1,820,000
Amortization of premium and accretion of discounts on short-term investments, net (35,000) 33,000
Changes in operating assets and liabilities:    
Prepaid and other current assets 2,891,000 (6,663,000)
Operating lease right-of-use asset and liability, net (5,000) 20,000
Other assets (53,000) 366,000
Accounts payable (2,028,000) 2,862,000
Accrued research and development 4,000 3,834,000
Other accrued liabilities (286,000) (2,117,000)
Net cash used in operating activities (49,905,000) (27,704,000)
Investing activities    
Purchases of short-term investments (34,764,000) (136,852,000)
Purchases of property and equipment   (128,000)
Payment of in-process research and development expense   (2,500,000)
Maturities of short-term investments 99,150,000  
Net cash provided by (used in) investing activities 64,386,000 (139,480,000)
Financing Activities    
Proceeds from initial public offering   121,494,000
Proceeds from the issuance of common stock under the Company's equity incentive plans and employee stock purchase plan 573,000 85,000
Net cash provided by financing activities 573,000 121,579,000
Net increase (decrease) in cash and cash equivalents 15,054,000 (45,605,000)
Cash and cash equivalents at beginning of period 24,780,000 58,863,000
Cash and cash equivalents at end of period 39,834,000 13,258,000
Supplemental schedule of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock   94,697,000
Non-cash in-process research and development accrual $ (1,000,000) $ 3,000,000