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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
$ in Thousands
3 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Operating activities    
Net loss $ (13,075) $ (10,932)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,172 371
Depreciation and amortization 485 387
Premiums and discounts on available-for-sale marketable securities 1,279  
Non-cash research and development expense   111
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (816) (1,477)
Receivables—due from related parties (279)  
Contract asset—due from related parties (22)  
Accounts payable 4,150 (161)
Accrued expenses and other current liabilities 235 690
Deferred revenue (17,822) (3,428)
Operating lease right-of-use assets 95 4,295
Operating lease liabilities (368) (1,913)
Other liabilities 143  
Net cash used in operating activities (22,823) (12,057)
Investing activities    
Purchase of property and equipment, net (164) (1,395)
Purchases of investments (16,013) (36,008)
Maturities of investments 60,500  
Net cash provided by (used in) investing activities 44,323 (37,403)
Financing activities    
Proceeds from stock option exercises 1,147  
Payments of offering costs in connection with initial public offering (397)  
Payments on finance leases (155) (142)
Net cash provided by financing activities 595 93,120
Net increase in cash, cash equivalents and restricted cash 22,095 43,660
Cash, cash equivalents and restricted cash at beginning of period 32,593 77,789
Cash, cash equivalents and restricted cash at end of period 54,688 121,449
Supplemental disclosure of cash flow activities    
Cash paid for interest 24 34
Supplemental disclosure of noncash investing and financing activities    
Offering costs included in accrued liabilities   281
Property and equipment purchases included in accounts payable and accrued expenses 259 1,714
Cash and cash equivalents 53,098 121,250
Restricted cash $ 1,590 199
Series B Convertible Preferred Stock    
Financing activities    
Proceeds from the issuance of Convertible Preferred Stock, net of issuance costs   4,800
Series C Convertible Preferred Stock    
Financing activities    
Proceeds from the issuance of Convertible Preferred Stock, net of issuance costs   $ 88,462