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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Cash flows from operating activities:    
Net loss $ (90,122) $ (49,499)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 8,678 3,807
Amortization of premium on available-for-sale securities 865 268
Amortization of debt issuance costs and accretion of final payment fee 617 230
Depreciation 79 60
Deferred tax assets (150) (69)
Changes in operating assets and liabilities:    
Prepaid and other current assets (5,672) (3,600)
Accounts payable 4,778 1,131
Accrued expenses 4,146 1,428
Net cash used in operating activities (76,781) (46,244)
Cash flows from investing activities:    
Proceeds from sales and maturities of available-for-sale securities 148,422 12,189
Purchases of available-for-sale securities (141,200) (118,895)
Purchases of property and equipment (63) (126)
Net cash provided by (used in) investing activities 7,159 (106,832)
Cash flows from financing activities:    
Proceeds from term loan facility, net of issuance costs 19,951  
Proceeds from issuance of common stock upon public offerings,net of issuance costs 3,289 157,680
Proceeds from issuance of common stock upon stock option exercises 487 271
Payment of debt issuance costs   (161)
Net cash provided by financing activities 23,871 157,924
Net change in cash and cash equivalents, and restricted cash (45,751) 4,848
Cash and cash equivalents, and restricted cash at beginning of period 98,208 93,360
Cash and cash equivalents, and restricted cash at end of period 52,457 98,208
Components of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 52,432 98,183
Restricted cash 25 25
Total cash and cash equivalents, and restricted cash 52,457 98,208
Supplemental disclosures of cash information:    
Cash paid for interest 16  
Cash paid for income taxes   142
Supplemental disclosures of noncash information:    
Issuance of common stock warrant in connection with term loan facility 574 634
ESPP Purchases    
Cash flows from financing activities:    
Proceeds from issuance of common stock upon ESPP purchases $ 144 $ 134