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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (38,871) $ (103,315)
Adjustments to reconcile net loss to net cash used in by operating activities:    
Gain on forgiveness of PPP Loan 0 (257)
Acquired in-process research and development 0 84,478
Purchased in-process research and development 0 4,000
Share-based compensation expense 11,374 3,734
Depreciation and amortization 153 119
Amortization of premiums and accretion of discounts on short-term investments, net (175) 0
Change in fair value of preferred stock warrant liability 0 290
Change in operating assets and liabilities:    
Prepaid expenses and other assets (894) (1,359)
Other assets 425 743
Accounts payable (1,285) 118
Accrued expenses 1,592 (203)
Lease liabilities, net (3) 12
Other long-term liabilities 130 0
Net cash used in operating activities (27,554) (11,640)
Investing activities    
Purchase of property and equipment (45) (233)
Purchased in-process research and development 0 (4,000)
Purchases of short-term investments (54,418) 0
Proceeds from maturity of short-term investments 800  
Cash acquired in connection with the Merger 0 17,143
Net cash (used in) provided by investing activities (53,663) 12,910
Financing activities    
Issuance of common stock, net of issuance costs 1,034 62,320
Exercise of warrants and stock options to purchase common stock 101 304
Net cash provided by financing activities 1,135 62,624
Net increase (decrease) in cash and cash equivalents (80,082) 63,894
Cash and cash equivalents at beginning of period 103,554 47,089
Cash and cash equivalents at end of period 23,472 110,983
Supplemental disclosure of cash flow information    
Interest paid 332 257
Noncash financing activities    
Warrant liability reclassification to equity 0 396
Issuance of convertible preferred stock upon merger 0 5,452
Conversion of convertible preferred stock into common stock upon Merger 0 83,302
Issuance of common stock upon Merger $ 0 $ 97,982