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Condensed Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net loss $ (23,844) $ (6,085)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 108 83
Stock-based compensation expense 3,701 449
Amortization of premiums and discounts on marketable securities, net 40 0
Amortization of discounts and loan issuance costs 0 9
Gain on disposal of property and equipment (16) 0
Noncash interest expense 0 38
Changes in operating assets and liabilities:    
Prepaid and other assets (491) (406)
Accounts payable and accrued liabilities 2,390 96
Accrued compensation (407) (673)
Operating lease right-of-use assets and liabilities, net 150 (31)
Deferred revenue (1,312) (620)
Net cash used in operating activities (19,681) (7,140)
Cash flows from investing activities    
Purchases of property and equipment (525) (10)
Net cash used in investing activities (525) (10)
Cash flows from financing activities    
Proceeds from exercise of stock options, net of repurchases 17 16
Payments on long-term debt 0 (700)
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs 0 2,200
Payment of deferred financing costs 0 (193)
Net cash provided by financing activities 17 1,323
Net decrease in cash, cash equivalents and restricted cash (20,189) (5,827)
Cash, cash equivalents and restricted cash at beginning of period 321,713 94,578
Cash, cash equivalents and restricted cash at end of period 301,524 88,751
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 50
Supplemental schedule of noncash investing and financing activities:    
Costs incurred, but not paid, in connection with purchases of property and equipment included in accounts payable and accrued liabilities 286 0
Costs incurred, but not paid, in connection with deferred financing costs included in accounts payable and accrued liabilities 0 1,139
Receivables from stock option exercises included in prepaid and other assets $ 7 $ 0