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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 18 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Cash flows from operating activities          
Net loss     $ (33,535) $ (29,391)  
Adjustments to reconcile net loss to net cash used in operating activities          
Amortization of investment premiums, net     1,127 2,179  
Amortization of financing costs $ 12 $ 21 24 41  
Stock-based compensation 2,220 1,491 4,577 3,068  
Amortization of right-of-use assets     77 145  
Realized loss on investment     42    
Interest expense related to operating lease liability     4 9  
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets     (2,521) (1,658)  
Accrued interest, net of interest received on maturity of investments     348 593  
Accounts payable     4,661 223  
Other accrued liabilities     1,217 652  
Lease liability     7 (171)  
Net cash used in operating activities     (23,972) (24,310)  
Cash flows from investing activities          
Purchases of investments     (66,380) (108,278)  
Proceeds from maturities of investments     86,979 105,211  
Net cash provided by (used in) investing activities     20,599 (3,067)  
Cash flows from financing activities          
Value of shares withheld related to employee tax withholding     (499) (473)  
Repurchase of common stock     (6,795)    
Proceeds from warrant and option exercises and stock issuances under employee stock purchase plan     698 7,562  
Net cash provided by (used in) financing activities     (6,596) 7,089  
Net decrease in cash and cash equivalents     (9,969) (20,288)  
Effect of exchange rate changes on cash     (176)    
Cash and cash equivalents beginning of period     26,371 29,117 $ 29,117
Cash and cash equivalents end of period $ 16,226 $ 8,829 16,226 8,829 $ 16,226
Supplemental disclosure of non-cash investing and financing transactions          
Unpaid deferred public offering and other financing costs     50 $ 50  
Right-of-use asset obtained in exchange for lease obligation     $ 1,664