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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net loss $ (17,059) $ (17,275)
Reconciliation of net loss to net cash used in operating activities:    
Stock-based compensation 1,464 627
Non-cash interest expense 165 0
Accretion of premium and interest on marketable securities (153) 13
Depreciation expense 10 4
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 901 960
Accounts payable (2,320) (4,765)
Accrued expenses 161 6,412
Net cash used in operating activities (16,831) (14,024)
Investing activities    
Purchase of marketable securities 0 (79,271)
Proceeds from sales and maturities of marketable securities 26,600 0
Net cash provided by (used in) investing activities 26,600 (79,271)
Financing activities    
Proceeds from issuance of common stock upon stock option exercises 228 19
Common stock repurchase (12) 0
Net cash provided by financing activities 216 19
Increase (decrease) in cash and cash equivalents 9,985 (93,276)
Cash and cash equivalents, beginning of year 45,917 146,284
Cash and cash equivalents, end of year 55,902 53,008
Supplemental disclosure of cash flow information    
Interest paid 532 $ 0
Supplemental disclosure of non-cash financing activities    
Fair value of warrants issued with debt $ 400