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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net loss $ (37,417) $ (8,991)
Adjustments to reconcile net loss to cash used in operating activities:    
Acquired in-process research and development 23,049  
Depreciation and amortization 25 17
Stock-based compensation 1,298 1,044
Net unrealized (gain) loss on foreign currency transactions (140) 50
Amortization of term loan discount and issuance costs 48 64
Amortization/accretion of investments, net 47 100
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (553) 481
Right-of-use assets, operating leases 104  
Accounts payable 2,692 (489)
Accrued expenses (1,218) (220)
Operating lease liabilities (69)  
Net cash used in operating activities (12,134) (7,944)
Investing activities:    
Purchases of property and equipment (223)  
Purchases of short-term investments (14,962) (7,605)
Maturities of short-term investments 2,500 12,465
Net cash (used in) provided by investing activities (11,985) 4,860
Financing activities:    
Proceeds from registered direct offering, net of offering costs   29,960
Proceeds from exercise of stock options   4
Net cash provided by financing activities   29,964
Effect of exchange rate changes on cash and cash equivalents (3) (1)
Net (decrease) in cash and cash equivalents (24,122) 26,879
Cash and cash equivalents at beginning of period 50,366 23,982
Cash and cash equivalents at end of period 26,244 50,861
Supplemental disclosures of non-cash activities:    
Property and equipment in accounts payable 36  
Registered direct offering issuance costs in accounts payable   $ 50
Bioniz    
Investing activities:    
Cash acquired in Bioniz acquisition 700  
Supplemental disclosures of non-cash activities:    
Fair value of Bioniz assets acquired 23,049  
Issuance of common stock for Bioniz acquisition 22,542  
Bioniz net liabilities assumed $ 507