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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (39,225) $ (82,181)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 782 566
Gain on disposal of equipment (70) (42)
Noncash interest expense 0 41
Stock-based compensation 5,330 4,029
Amortization of premium and discount on marketable securities (801) 0
Write-off of in-process R&D 0 50,618
ROU asset amortization 1,122 1,058
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (5,591) 534
Accounts payable 2,515 (194)
Accrued expenses 2,915 7,016
Operating lease liability (1,102) (1,111)
Net cash used in operating activities (34,125) (19,666)
Cash flows from investing activities:    
Purchases of marketable securities (200,119) 0
Proceeds from sale or maturities of marketable securities 48,955 0
Purchases of property and equipment (212) (1,568)
Asset acquisition costs 0 (318)
Proceeds from sale of equipment 176 116
Net cash used in investing activities (151,200) (1,770)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 76,237 128,267
Issuance costs from issuance of common stock (495) (281)
Proceeds from exercise of stock options 15 0
Repayment of borrowings under loan 0 (9,375)
Net cash provided by financing activities 75,757 118,611
Net change in cash, cash equivalents and restricted cash (109,568) 97,175
Cash, cash equivalents and restricted cash at beginning of year 144,514 47,339
Cash, cash equivalents and restricted cash at end of year 34,946 144,514
Supplemental disclosure of cash flow information    
Cash paid for interest 0 370
ROU asset acquired through operating leases 0 5,148
Issuance of common stock for acquisition of Trigr Therapeutics, Inc. 0 50,300
Fixed asset costs included in accrued expenses 0 187
Unrealized loss on marketable securities $ 302 $ 0