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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (38,422) $ (30,144)
Adjustments to reconcile net loss to net cash used in operating activities:    
Compensation expense related to vesting of common stock issued to Xontogeny 0 39
Depreciation 196 137
Stock-based compensation expense 4,118 833
Net amortization of premium on marketable securities 1,174 213
Unrealized (loss) gain from foreign exchange (18) 79
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (936) (786)
Accounts payable 4,263 6,506
Other liabilities 2,564 161
Net cash used in operating activities (27,061) (22,962)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (440) (181)
Purchases of available-for-sale marketable securities (174,853) (21,718)
Proceeds from sales and maturities of marketable securities 116,587 36,030
Net cash (used in) provided by investing activities (58,706) 14,131
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from initial public offering 93,000 0
Financing costs paid (1,907) 0
Proceeds from exercise of stock options 514 1,518
Net cash provided by financing activities 91,607 1,518
Net change in cash and cash equivalents 5,840 (7,313)
Cash and cash equivalents at beginning of period 2,416 9,808
Effect of exchange rates on cash 49 (79)
Cash and cash equivalents at end of period 8,305 2,416
SUPPLEMENTAL NON-CASH DISCLOSURE: NONCASH INVESTING AND FINANCING ACTIVITY:    
Purchase of fixed assets in accounts payable 20 41
Deferred offering costs included in accounts payable and accrued liabilities 0 811
Conversion of Series A and B convertible preferred stock to common stock 73,037  
Unrealized (loss) gain on available-for-sale marketable securities $ (235) $ 87