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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net loss $ (42,750) $ (53,204)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 45 5
Amortization of right-of-use assets - operating 148  
Stock-based compensation 7,575 368
Accretion of marketable securities, net (109)  
Non-cash interest - related party   99
Change in fair value of notes and derivative - related party   11,051
Change in fair value of Series A tranche liability   5,476
Acquired in-process research and development   21,781
Changes in operating assets and liabilities    
Prepaid expenses and other assets 2,677 (1,737)
Operating lease liabilities (136)  
Accounts payable (includes related party amounts of $77 and ($421), respectively) 1,171 171
Accrued expenses (includes related party amounts of ($101) and $265, respectively) 3,861 3,068
Net cash used in operating activities (27,518) (12,922)
Cash flows from investing activities    
Acquisition of Oppilan and Zomagen, net of cash   1,899
Purchases in marketable securities, available-for-sale (125,397)  
Proceeds from maturities of marketable securities, available-for-sale 127,210  
Purchases of property and equipment (66) (11)
Net cash provided by investing activities 1,747 1,888
Cash flows from financing activities    
Proceeds from issuance of Series A convertible preferred stock, net of offering costs   113,415
Deferred offering costs   (300)
Proceeds from exercise of stock options 220 25
Proceeds from issuance of common stock under employee stock purchase plan 115  
Proceeds from issuance of SAFE notes, net   450
Net cash provided by financing activities 335 113,590
Effect of exchange rates on cash and cash equivalents (12) (12)
Net increase (decrease) in cash and cash equivalents (25,448) 102,544
Cash and cash equivalents, beginning of period 70,791 244
Cash and cash equivalents, end of period 45,343 102,788
Supplemental disclosure for non-cash activities    
Conversion of promissory and SAFE notes - related party   38,911
Stock issued for the acquisition of Oppilan and Zomagen   21,345
Unpaid deferred offering costs   $ 453
Unrealized loss on marketable securities, available-for-sale $ (1,221)