XML 21 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net loss $ (59,146) $ (8,249)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 489 299
Stock-based compensation 3,329 29
Non-cash research and development expenses 20,000  
Non-cash lease expense 448 289
Non-cash loss from equity method investment in joint venture 50  
Change in fair value of derivative liability 5,821  
Changes in operating assets and liabilities:    
Prepaid and other current assets (836) (84)
Accounts payable 610 117
Accrued expenses and other current liabilities 3,164 960
Operating lease liabilities (455) (278)
Derivative liability 3,369  
Net cash used in operating activities (23,157) (6,917)
Cash flows from investing activities    
Purchase of property and equipment (540) (1,483)
Investment in joint venture (50)  
Net cash used in investing activities (590) (1,483)
Cash flows from financing activities    
Proceeds from issuance of Series B Convertible Preferred Stock, net of issuance costs 151,581  
Deferred offering costs (2,451)  
Proceeds from the issuance of common stock   3
Proceeds from the exercise of stock options 14 31
Net cash provided by financing activities 149,144 34
Net (decrease) increase in cash, cash equivalents, and restricted cash 125,397 (8,366)
Cash, cash equivalents and restricted cash at beginning of period 8,189 19,721
Cash, cash equivalents and restricted cash at end of period 133,586 11,355
Supplemental schedule of noncash operating and financing activities:    
Deferred offering costs in accounts payable and accrued expenses 1,050  
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities   1,186
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 133,477 11,246
Restricted cash 109 109
Cash, cash equivalents and restricted cash at end of period $ 133,586 $ 11,355