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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net loss $ (88,401) $ (8,653)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on forgiveness of PPP Loan (257) 0
Acquired in-process research and development 84,478 0
Share-based compensation expense 2,030 155
Depreciation and amortization 67 4
Change in fair value of preferred stock warrant liability 290 0
Change in operating assets and liabilities:    
Prepaid expenses and other assets (1,747) (30)
Other assets 601 (8)
Accounts payable 587 961
Accrued liabilities (1,699) 313
Lease liabilities, net 9 0
Net cash used in operating activities (4,042) (7,258)
Investing activities    
Purchase of property and equipment (5) (50)
Cash acquired in connection with the Merger 17,143 0
Net cash provided by (used in) investing activities 17,138 (50)
Financing activities    
Proceeds from debt, net of issuance costs 0 254
Issuance of common stock, net of issuance costs 62,319 0
Exercise of warrants and stock options to purchase common stock 217 10
Net cash provided by financing activities 62,536 264
Net increase (decrease) in cash and cash equivalents 75,632 (7,044)
Cash and cash equivalents at beginning of period 47,089 18,218
Cash and cash equivalents at end of period 122,721 11,174
Supplemental disclosure of cash flow information    
Interest paid 142 0
Noncash financing activities    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 0 667
Warrant liability reclassification to equity 396 0
Issuance of convertible preferred stock upon merger 5,452 0
Conversion of convertible preferred stock into common stock upon Merger 83,302 0
Issuance of common stock upon Merger $ 97,982 $ 0