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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Cash flows from operating activities:      
Net loss   $ (22,238,000) $ (11,900,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation $ 9,000 239,000 24,000
Stock-based compensation expense   540,000 193,000
Non-cash lease expense   543,000 593,000
Net amortization of premiums and accretion of discounts on investments   (182,000)  
License agreement paid for with common stock     349,000
Anti-dilution right assumed with license agreement     233,000
Change in fair value of preferred stock tranche rights     50,000
Change in fair value of anti-dilution right (234,000)   (26,000)
Gain upon extinguishment of PPP loan     (58,000)
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets   (1,044,000) (133,000)
Accounts payable   482,000 494,000
Accrued expenses and other liabilities   1,388,000 135,000
Operating lease liabilities   (491,000) (309,000)
Net cash used in operating activities   (20,763,000) (10,355,000)
Cash flows from investing activities:      
Purchases of investments   (49,367,000)  
Proceeds from sales and maturities of investments   4,673,000  
Purchases of property and equipment   (1,915,000) (101,000)
Net cash used in investing activities   (46,609,000) (101,000)
Cash flows from financing activities:      
Proceeds from issuance of Series A-1 preferred stock in second and third closings, net of issuance costs     12,467,000
Payments of deferred offering costs   (175,000)  
Proceeds from exercise of stock options   24,000 1,000
Net cash (used in) provided by financing activities   (151,000) 12,468,000
Net (decrease) increase in cash, cash equivalents, and restricted cash   (67,523,000) 2,012,000
Cash, cash equivalents and restricted cash at beginning of period   99,991,000 1,990,000
Cash, cash equivalents and restricted cash at end of period 4,002,000 32,468,000 4,002,000
Supplemental disclosure of non-cash investing and financing activities:      
Fair value of preferred stock tranche rights recognized as Series A-1 preferred stock upon issuance of milestone shares     368,000
Purchases of property and equipment included in accrued expenses   185,000  
Supplemental cash flow information:      
Right-of-use assets obtained in exchange for operating lease liability     6,201,000
Deferred offering costs in accounts payable and accrued expenses   1,369,000  
Unrealized loss on available-for-sale investments, net of tax   133,000  
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 3,614,000 32,080,000 3,614,000
Restricted cash 388,000 388,000 388,000
Total cash, cash equivalents, and restricted cash $ 4,002,000 $ 32,468,000 $ 4,002,000