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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 $ (56,942) $ (44,971)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 317 330
Stock-based compensation 7,417 3,022
Non-cash research and development expenses   20,000
Non-cash lease expense 548 295
Non-cash loss from equity method investment in joint venture   50
Changes in fair value of derivative liability   3,261
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 698 (448)
Accounts payable (4,131) (364)
Accrued expenses and other current liabilities 504 (114)
Operating lease liabilities 198 (299)
Derivative liability   3,369
Net cash used in operating activities (51,391) (15,869)
Investing activities    
Purchase of property and equipment (275) (540)
Investment in joint venture   (50)
Net cash used in investing activities (275) (590)
Financing activities    
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs   151,581
Deferred offering costs   (729)
Proceeds from the exercise of stock options 177  
Net cash provided by financing activities 177 150,852
Net (decrease) increase in cash, cash equivalents, and restricted cash (51,489) 134,393
Cash, cash equivalents and restricted cash at beginning of year 276,316 8,188
Cash, cash equivalents and restricted cash at end of year 224,827 142,581
Supplemental cash flow information:    
Cash received for interest 157 10
Supplemental schedule of noncash investing and financing activities:    
Deferred offering costs in accounts payable and accrued expenses   1,413
Operating lease right-of-use asset obtained in exchange for operating lease liabilities (15,319)  
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 223,355 142,473
Restricted cash 1,472 108
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 224,827 $ 142,581