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Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Operating activities    
Net loss $ (31,380) $ (36,825)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 158 113
Stock-based compensation 3,404 2,450
Non-cash research and development expenses   20,000
Non-cash lease expense 232 217
Changes in fair value of derivative liability   1,100
Changes in operating assets and liabilities:    
License receivable   (8,000)
Prepaid expenses and other assets (232) (71)
Other assets, noncurrent (340)  
Accounts payable (9,896) (447)
Accrued expenses and other current liabilities 10,540 (491)
Operating lease liabilities (165) (146)
Derivative liability   3,369
Net cash used in operating activities (27,679) (18,731)
Investing activities    
Purchase of property and equipment (146) (169)
Investment in joint venture   (50)
Net cash used in investing activities (146) (219)
Financing activities    
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs   151,581
Deferred offering costs   (47)
Proceeds from the exercise of stock options 176  
Net cash provided by financing activities 176 151,534
Net (decrease) increase in cash, cash equivalents, and restricted cash (27,649) 132,584
Cash, cash equivalents and restricted cash at beginning of year 276,316 8,188
Cash, cash equivalents and restricted cash at end of year 248,667 140,772
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 247,087 140,663
Restricted cash 1,580 109
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 248,667 $ 140,772