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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (16,509) $ (8,872)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 229 250
Stock-based compensation expense 2,744 527
Amortization of discount on investments, net 441  
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,432 53
Accounts payable and accrued other liabilities (3,238) (237)
Net cash used in operating activities (14,901) (8,279)
Cash flows from investing activities:    
Acquisitions of property and equipment (182) (4)
Purchases of investments (25,171)  
Sales and maturities of investments 66,000  
Proceeds from notes receivable   193
Net cash provided by investing activities 40,647 189
Cash flows from financing activities:    
Payment of deferred offering costs   (1,639)
Proceeds from stock option exercises 16 12
Net cash provided by (used in) financing activities 16 (1,627)
Net increase (decrease) in cash and cash equivalents 25,762 (9,717)
Cash and cash equivalents, beginning of period 78,446 89,159
Cash and cash equivalents, end of period 104,208 79,442
Supplemental disclosure of non-cash investing and financing activities:    
Amounts accrued for purchase of property and equipment $ 78 101
Unpaid deferred offering costs   $ 675