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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net loss $ (19,959) $ (25,175)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,102 2,195
Right-of-use asset (accretion) amortization (98) 0
Stock-based compensation 2,898 3,453
Asset impairment 14,893 0
Realized investment (losses) gains (53) (299)
Other non-cash transactions (129) 216
Changes in operating assets and liabilities (33,804) (27,389)
Net cash used in operating activities (34,150) (46,999)
Investing activities:    
Purchases of property and equipment (184) (1,052)
Proceeds from maturity of investments 24,007 21,900
Purchases of investments (15,270) (43,191)
Net cash provided by (used in) investing activities 8,553 (22,343)
Financing activities:    
Proceeds from exercise of stock options 0 95
Proceeds from employee stock purchase plan 52 104
Proceeds from issuance of common stock resulting from ATM sales, net of $0.7 million and $0.3 million in transaction costs, respectively 19,729 6,922
Net cash provided by financing activities 19,781 7,121
Effect of exchange rate change on cash and cash equivalents 75 (7,120)
Net decrease in cash and cash equivalents (5,741) (69,341)
Cash and cash equivalents at beginning of period 38,635 117,764
Cash and cash equivalents at end of period 32,894 48,423
Supplemental cash flow disclosures:    
Net unrealized gain on investments 74 82
Property and equipment included in accounts payable $ 0 $ 31