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Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (14,010) $ (9,687)  
Adjustments to reconcile net loss to net cash used in operating activities      
Amortization of investment premiums (accretion of investment discounts), net 1,138 636  
Amortization of financing costs 21 45  
Stock-based compensation 1,577 1,652  
Amortization of right-of-use assets 72 68  
Interest expense related to operating lease liability 5 10  
Realized gain on investments   (2)  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (266) 569  
Accrued interest, net of interest received on maturity of investments (166) 748  
Accounts payable 860 650  
Other accrued liabilities (22) 1,092  
Lease liability (85) (83)  
Net cash used in operating activities (10,876) (4,302)  
Cash flows from investing activities      
Purchases of investments (48,676) (56,435)  
Proceeds from maturities of investments 42,049 67,587  
Net cash provided by (used in) investing activities (6,627) 11,152  
Cash flows from financing activities      
Value of shares withheld related to employee tax withholding (473) (127)  
Proceeds from warrant and option exercises and stock issuances under employee stock purchase plan 5,664 160  
Net cash provided by financing activities 5,191 33  
Net increase (decrease) in cash and cash equivalents (12,312) 6,883  
Cash and cash equivalents beginning of period 29,117 8,377 $ 8,377
Cash and cash equivalents end of period 16,805 15,260 $ 29,117
Supplemental disclosure of non-cash investing and financing transactions      
Unpaid deferred public offering and other financing costs 50 $ 66  
Receivable from exercise of warrants $ 173