XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net loss $ (37,870) $ (45,306)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 492 94
Write-off of acquired in-process research and development 17,759
Stock-based compensation expense 5,142 1,035
Amortization of premiums and discounts on marketable securities 146 140
Reduction in the carrying value of right-of-use assets 279
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,014) (4,147)
Accounts payable (2,482) 1,744
Accrued expenses 942 3,582
Operating lease liabilities (457)
Prepaid expenses - noncurrent 1,113
Net cash used in operating activities (34,709) (25,099)
Investing activities    
Purchases of marketable securities (104,994) (125,490)
Maturities of marketable securities 138,660 29,021
Purchases of property and equipment (357) (753)
Net cash provided by (used in) investing activities 33,309 (97,222)
Financing activities    
Proceeds from issuance of Series A-2 Convertible Preferred Stock, net of issuance costs 33,638
Proceeds from exercise of stock options 598 172
Proceeds from initial public offering, net of offering costs 116,988
Net cash provided by financing activities 598 150,798
Net (decrease) increase in cash, cash equivalents and restricted cash (802) 28,477
Effect of foreign currency exchange rate in cash (9)
Cash, cash equivalents and restricted cash at beginning of period 28,394 31,735
Cash, cash equivalents and restricted cash at end of period 27,583 60,212
Supplemental cash flow information:    
Cash and cash equivalents 27,229 59,858
Restricted cash 354 354
Cash, cash equivalents and restricted cash at end of period 27,583 60,212
Issuance of shares to acquire in-process research and development 17,759
Property and equipment unpaid at end of period 78 1,498
Right-of-use asset at adoption of ASC 842 2,431
Operating lease liabilities at adoption of ASC 842 3,997
Deferred offering costs unpaid at end of period 1,073
Deferred lease incentive - non-cash $ 1,263