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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (22,940) $ (17,743)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,934 3,095
Depreciation and amortization 301 220
Accretion on marketable securities 323 145
Interest on finance lease 92 5
Non-cash lease expense 587  
Amortization of financing lease right-of-use assets 353  
Realized gain on marketable securities (15)  
Loss on fixed asset disposition   28
Changes in operating assets and liabilities:    
Prepaid expenses (2,936) (1,740)
Other assets 74 86
Accounts payable and accrued liabilities (33) (1,148)
Compensation and employee benefits (735) 180
Operating lease liabilities (546)  
Other liabilities (16) 58
Net cash used in operating activities (22,649) (16,814)
Investing activities    
Purchases of property and equipment (71) (1,103)
Purchases of short-term investments (43,269) (147,145)
Sales of short-term investments 7,864  
Maturities of short-term investments 60,865  
Net cash provided by (used in) investing activities 25,389 (148,248)
Financing activities    
Principle payments from financing leases (289) (21)
Proceeds from the exercise of common stock options 238 1
Employee stock purchase plan expense 51  
Proceeds from issuance of common stock upon initial public offering, net of issuance costs   140,594
Net cash provided by financing activities   164,065
Net increase (decrease) in cash and cash equivalents 2,740 (997)
Cash and cash equivalents at beginning of period 7,159 16,596
Cash and cash equivalents at end of period 9,899 15,599
Supplemental disclosure of noncash financing information:    
Property and equipment additions included in accounts payable and accrued liabilities   56
Deferred offering costs included in accounts payable and accrued liabilities   534
Interest on financing   5
Initial measurement of operating lease right-of-use assets 6,558  
Initial measurement of operating lease liabilities 5,580  
Initial measurement of finance lease right-of-use assets $ 453  
Series BB Convertible Preferred Stock    
Financing activities    
Proceeds on the issuance of convertible preferred stock   23,491
Conversion of Series AA and BB Convertible Preferred Stock into Common Stock    
Supplemental disclosure of noncash financing information:    
Conversion of stock   $ 95,826