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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (14,864,000) $ (9,818,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 353,000 43,000
Stock-based compensation expense 941,000 1,023,000
Amortization of premium (discount) on marketable securities 312,000 (196,000)
Non-cash loss on termination of lease 137,000 0
Gain on sale of equipment (9,000) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,262,000) (1,633,000)
Accounts payable (3,084,000) (404,000)
Other liabilities 1,974,000 (1,575,000)
Net cash used in operating activities (16,502,000) (12,560,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (7,000) (64,000)
Purchases of available-for-sale marketable securities (1,027,000) (81,379,000)
Proceeds from sales and maturities of marketable securities 20,540,000 9,395,000
Net cash provided by (used in) investing activities 19,506,000 (72,048,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from initial public offering, net of issuance costs 0 90,506,000
Proceeds from exercise of stock options 0 258,000
Net cash provided by financing activities 0 90,764,000
Net change in cash and cash equivalents 3,004,000 6,156,000
Cash and cash equivalents at beginning of period 8,305,000 2,416,000
Effect of exchange rates on cash (21,000) 0
Cash and cash equivalents at end of period 11,288,000 8,572,000
Supplemental non-cash disclosure: NONCASH INVESTING AND FINANCING ACTIVITY:    
Conversion of Series A and B convertible preferred stock to common stock 0 73,037,000
Operating right-of-use asset obtained in exchange for operating lease liability 824,000 0
Derecognition of operating right-of-use asset and operating lease liability upon termination of lease 714,000 0
Unrealized loss on available-for-sale marketable securities $ 242,000 $ 112,000