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Condensed Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating Activities        
Net loss     $ (33,624,000) $ (14,251,000)
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation expense $ 200,000 $ 22,000 336,000 34,000
Non-cash operating lease expense     282,000 381,000
Stock-based compensation expense     4,889,000 2,382,000
Net amortization of premiums and accretion of discounts on investments     126,000 204,000
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     (1,460,000) (1,421,000)
Other assets     (394,000) 12,000
Accounts payable     1,081,000 237,000
Accrued expenses and other current liabilities.     3,618,000 2,259,000
Operating lease liabilities     (275,000) (388,000)
Net cash used in operating activities     (25,421,000) (10,551,000)
Investing Activities        
Purchase of property and equipment     (368,000) (838,000)
Purchase of investments       (38,492,000)
Maturities of investments     28,185,000 1,500,000
Net cash provided by (used in) investing activities     27,817,000 (37,830,000)
Financing Activities        
Proceeds from stock option exercise and purchases under the employee stock purchase plan     349,000 225,000
Net proceeds from issuance of common stock from initial public offering       152,753,000
Series A financing costs incurred       (3,000)
Payment of Paycheck Protection Program loan       (36,000)
Net cash provided by financing activities     349,000 152,939,000
Net increase (decrease) in cash, cash equivalents, and restricted cash     2,745,000 104,558,000
Cash, cash equivalents, and restricted cash at the beginning of the period     146,087,000 61,695,000
Cash, cash equivalents, and restricted cash at the end of the period 148,832,000 166,253,000 148,832,000 166,253,000
Non-cash financing and investing activities:        
Acquisition of property and equipment in accounts payable and accrued liabilities       610,000
Acquisition of operating lease right-of-use assets       3,216,000
Conversion of Series A convertible preferred stock into common stock       55,735,000
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 148,481,000 166,037,000 148,481,000 166,037,000
Restricted cash 351,000 216,000 351,000 216,000
Cash, cash equivalents, and restricted cash at the end of the period $ 148,832,000 $ 166,253,000 $ 148,832,000 $ 166,253,000