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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Operating Activities:        
Net loss $ (83,892) $ (49,375) $ (97,023) $ (9,334)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation expense 1,032 192 381 209
Amortization of intangible asset 475 31 50 0
Amortization of deferred gain on note payable to collaboration partner     0 (544)
Amortization of debt discount 475 350 498 937
Accretion and amortization of interest income 17 (113) (106) (1,445)
Stock-based compensation expense 1,965 1,363 9,026 1,281
(Loss) gain on extinguishment of debt 0 999 998 (20,310)
Loss on issuance of convertible preferred stock 2,053 0 16,819 0
Change in estimated fair value of warrant liabilities 7,302 48 795 (1)
Changes in operating assets and liabilities:        
Accounts receivable (65) 963 751 862
Prepaid expenses and other assets (1,296) 749 109 (557)
Accounts payable (2,227) (473) 1,730 1,093
Accrued expenses and other current and long-term liabilities 4,849 2,970 3,953 2,197
Deferred revenues 113 (6,124) (5,875) (10,984)
Net cash used in operating activities (69,199) (48,420) (67,894) (36,596)
Investing Activities:        
Proceeds from maturities of short-term investments 15,025 74,050 79,600 154,850
Purchases of short-term investments (8,014) (6,490) (16,025) (195,132)
Milestone based license fee payment 0 (750) (750) 0
Purchases of property and equipment (2,375) (3,360) (3,900) (281)
Net cash provided by (used in) investing activities 4,636 63,450 58,925 (40,563)
Financing Activities:        
Proceeds from issuance of convertible preferred stock, net 19,918 0 111,054 50
Repurchase of common and convertible preferred stock, net of issuance costs     (31,980) 0
Proceeds from issuance of debt 0 31,000 31,000 12,510
Principal payments on debt 0 (17,280) (17,280) 0
Deferred financing fees and related debt issuance costs 0 (1,500) (1,500) 0
Payment of deferred offering costs (4,620) 0    
Proceeds from exercise of stock options 803 302 409 96
Net cash provided by financing activities 16,101 12,522 91,703 12,656
Net increase (decrease) in cash, cash equivalents and restricted cash (48,462) 27,552 82,734 64,503
Cash, cash equivalents and restricted cash—beginning of period 112,061 29,326 29,326 93,829
Cash, cash equivalents and restricted cash—end of period 63,599 56,879 112,061 29,326
Supplemental disclosure of cash flow information:        
Cash paid for interest 2,730 1,119 2,039 260
Supplemental disclosure of non-cash investing and financing information:        
Deferred offering costs 2,296 0    
Recognition of warrant liabilities   1,860 1,860 27
Fair value of embedded debt derivative 675 675 675 0
Equity issuance costs in accounts payable and accrued expenses     42 0
Property and equipment in accounts payable and accrued expenses 491 $ 0 $ 38 $ 48
Payment of milestone license in intangibles and accrued expenses $ 1,000