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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (39,276) $ (38,422)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 577 196
Stock-based compensation expense 1,971 4,118
Amortization of premium on marketable securities 1,150 1,174
Non-cash loss on termination of lease 137 0
Gain on sale of equipment (210) 0
Loss from foreign exchange (46) (18)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 415 (936)
Accounts payable (9,473) 4,263
Other liabilities (1,016) 2,564
Net cash used in operating activities (45,771) (27,061)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (7) (440)
Proceeds from sale of property and equipment 236 0
Purchases of available-for-sale marketable securities (3,671) (174,853)
Proceeds from sales and maturities of marketable securities 77,502 116,587
Net cash provided by (used in) investing activities 74,060 (58,706)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from initial public offering 0 93,000
Financing costs paid 0 (1,907)
Proceeds from exercise of stock options 0 514
Net cash provided by financing activities 0 91,607
Net change in cash and cash equivalents 28,289 5,840
Cash and cash equivalents at beginning of period 8,305 2,416
Effect of exchange rates on cash 46 49
Cash and cash equivalents at end of period 36,640 8,305
Supplemental non-cash disclosure: NONCASH INVESTING AND FINANCING ACTIVITY:    
Non-cash gain on sale of fixed assets 14 0
Purchase of fixed assets in accounts payable 0 20
Conversion of Series A and B convertible preferred stock to common stock 0 73,037
Operating right-of-use asset obtained in exchange for operating lease liability 824 0
Derecognition of operating right-of-use asset and operating lease liability upon termination of lease 714 0
Non-cash deferred financing costs 25 0
Unrealized loss on available-for-sale marketable securities $ 168 $ (235)