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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (38,571) $ (185,421)
Reconciliation of net loss to net cash used in operating activities:    
Non-cash portion of acquired in-process research and development   164,612
Stock-based compensation expense 3,481 2,390
Expense (gain) on warrants inherited in acquisiton of Quellis 1,542 (315)
Other non-cash items 127 15
Changes in assets and liabilities:    
Prepaid expenses and other assets (468) (1,092)
Right-of-use asset- operating lease 24 (96)
Accounts payable (766) (2,947)
Accrued expenses 1,762 (1,011)
Net cash used in operating activities (32,869) (23,865)
Investing activities    
Purchases of short-term investments (217,564)  
Sales and maturities of short-term investments 185,675 20,000
Cash acquired in acquisition of Quellis   6,466
Purchases of property and equipment (60) (21)
Net cash (used in) provided by investing activities (31,949) 26,445
Financing activities    
Proceeds from private offering of public equity, net of issuance costs   104,261
Proceeds from at-the-market offering, net of issuance costs 24,290  
Proceeds from exercise of stock options 34 6
Net cash provided by financing activities 24,324 104,267
Net (decrease) increase in cash, cash equivalents and restricted cash (40,494) 106,847
Cash, cash equivalents and restricted cash, beginning of period 86,629 25,051
Cash, cash equivalents and restricted cash, end of period 46,135 131,898
Supplemental disclosure of non-cash transactions:    
Purchases of property and equipment in accounts payable and accrued liabilities $ 31  
Conversion of Series X Preferred Stock into common stock   168,920
Non-cash dividend on convertible preferred stock   24,437
Reclassification of warrant liability to additional paid-in capital   $ 3,468