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Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (33,825,000) $ (25,647,000)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation of equipment 15,000 5,000
Stock-based compensation 2,823,000 2,018,000
Amortization of premiums and discounts on marketable securities 438,000 234,000
Net loss on sale of marketable securities 70,000  
Amortization of right of use lease asset 207,000 207,000
Accretion of lease liability 28,000 37,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 6,740,000 (182,000)
Other assets, non-current (981,000) (841,000)
Accounts payable 1,284,000 (1,266,000)
Accrued expenses and other current liabilities 1,790,000 376,000
Operating lease liabilities (226,000) (261,000)
Net cash used in operating activities (21,637,000) (25,320,000)
Cash flows from investing activities:    
Purchases of marketable securities (40,656,000) (81,051,000)
Proceeds from sale of marketable securities 30,415,000 11,724,000
Purchases of property and equipment (17,000) (180,000)
Net cash used in investing activities (10,258,000) (69,507,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 18,000  
Net cash provided by financing activities 18,000  
Net decrease in cash, cash equivalents and restricted cash (31,877,000) (94,827,000)
Effect of exchange rate changes on cash and cash equivalents (891,000) (371,000)
Cash and cash equivalents, beginning of period 62,563,000 163,836,000
Cash and cash equivalents, end of period $ 29,795,000 68,638,000
Supplemental disclosures of cash flow information:    
Cash paid for taxes   42,000
Supplemental disclosures of noncash activities:    
Operating lease liabilities arising from obtaining right-of-use assets   $ 409,000