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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net loss $ (51,546) $ (18,149)
Adjustments to reconcile net loss to cash used in operating activities:    
Acquired in-process research and development 23,049
Depreciation and amortization 56 34
Stock-based compensation 2,600 2,108
Net unrealized loss on foreign currency transactions 245 107
Amortization of term loan discount and issuance costs 100 126
Amortization/accretion of investments, net 73 205
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (220) 1,252
Accounts payable 3,623 (971)
Accrued expenses (1,447) 350
Right-of-use assets and lease liabilities, net 74  
Net cash used in operating activities (23,393) (14,938)
Investing activities:    
Purchases of property and equipment (277) (23)
Purchases of short-term investments (14,962) (7,605)
Maturities of short-term investments 11,245 41,455
Net cash (used in) provided by investing activities (3,294) 33,827
Financing activities:    
Proceeds from registered direct offering, net of offering costs   29,909
Proceeds from exercises of stock options   626
Proceeds from employee stock purchase plan purchases 141 127
Net cash provided by financing activities 141 30,662
Effect of exchange rate changes on cash and cash equivalents (12) (8)
Net (decrease) increase in cash and cash equivalents (26,558) 49,543
Cash and cash equivalents at beginning of period 50,366 23,982
Cash and cash equivalents at end of period 23,808 73,525
Supplemental cash flow information:    
Unsettled stock option exercises   174
Property and equipment in accounts payable   $ 25
Bioniz    
Investing activities:    
Cash acquired in Bioniz acquisition 700  
Supplemental cash flow information:    
Fair value of Bioniz assets acquired 23,049  
Issuance of common stock for Bioniz acquisition (22,542)  
Bioniz net liabilities assumed $ 507