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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net loss $ (49,582,000) $ (53,046,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense 3,633,000 3,591,000
Amortization of premium and accretion of discounts on short-term investments, net (1,441,000) (35,000)
Depreciation and amortization expense 189,000 62,000
Fair value gain on investments 8,000  
In-process research and development expense   (1,000,000)
Changes in operating assets and liabilities:    
Prepaid and other current assets (322,000) 2,891,000
Operating lease right-of-use asset and liability, net 1,000 (5,000)
Other assets 724,000 (53,000)
Accounts payable 1,786,000 (2,028,000)
Accrued research and development (5,374,000) 4,000
Other accrued liabilities (2,084,000) (286,000)
Net cash used in operating activities (52,462,000) (49,905,000)
Investing activities    
Maturities of short-term investments 69,650,000 99,150,000
Purchases of short-term investments (39,625,000) (34,764,000)
Purchases of property and equipment, net (684,000)  
Payment of in-process research and development expense (2,000,000)  
Net cash provided by investing activities 27,341,000 64,386,000
Financing Activities    
Proceeds from issuance of common stock in connection with the Company's at-the-market facility 343,000  
Proceeds from the issuance of common stock under the Company's equity incentive plans and employee stock purchase plan 224,000 573,000
Payments of issuance costs related to equity financings (89,000)  
Net cash provided by financing activities 478,000 573,000
Net (decrease) increase in cash and cash equivalents (24,643,000) 15,054,000
Cash and cash equivalents at beginning of period 61,955,000 24,780,000
Cash and cash equivalents at end of period 37,312,000 39,834,000
Supplemental schedule of non-cash investing and financing activities:    
Operating lease right-of-use asset obtained in exchange for lease liabilities 349,000  
Non-cash additions to property and equipment $ 40,000  
Non-cash in-process research and development accrual   $ 1,000,000