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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (26,148,000) $ (5,721,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 577,000 93,000
Accrued interest on marketable securities 0 415,000
Stock-based compensation expense 1,575,000 1,335,000
Net realized gain (loss) on sale of marketable securities 0 2,000
Amortization of premium (discount) on marketable securities 549,000 245,000
Non-cash loss on termination of lease 137,000 0
Gain on sale of equipment (23,000) 0
Gain from foreign exchange 0 13,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,007,000) (1,260,000)
Accounts payable (8,255,000) 2,067,000
Other liabilities (1,904,000) (349,000)
Net cash used in operating activities (34,499,000) (3,160,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (7,000) (213,000)
Proceeds from sale of property and equipment 35,000 0
Purchases of available-for-sale marketable securities (3,672,000) (85,409,000)
Proceeds from sales and maturities of marketable securities 49,021,000 14,289,000
Net cash provided by (used in) investing activities 45,377,000 (71,333,000)
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 10,878,000 16,271,000
Cash and cash equivalents at beginning of period 8,305,000 2,416,000
Effect of exchange rates on cash 58,000 0
Cash and cash equivalents at end of period 19,241,000 18,687,000
Supplemental non-cash disclosure: NONCASH INVESTING AND FINANCING ACTIVITY:    
Non-cash gain on sale of fixed assets 14,000 0
Reclassification of par to additional paid-in-capital 0 2,000
Conversion of Series A and B convertible preferred stock to common stock 0 72,925,000
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 gain (loss) on available-for-sale securities $ (167,000) $ (152,000)