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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net loss $ (3,940) $ (37,417)
Adjustments to reconcile net loss to cash used in operating activities:    
Acquired in-process research and development   23,049
Depreciation and amortization 31 25
Stock-based compensation 1,038 1,298
Net unrealized loss (gain) on foreign currency transactions 159 (140)
Amortization of term loan discount and issuance costs 30 48
Amortization of investments, net (296) 47
Deferred revenue (2,370)  
Changes in operating assets and liabilities:    
Accounts receivable (586)  
Prepaid expenses and other current assets (1,983) (553)
Accounts payable 1,726 2,692
Accrued expenses (1,771) (1,218)
Right-of-use assets and lease liabilities, net (33) 35
Net cash used in operating activities (7,995) (12,134)
Investing activities:    
Purchases of property and equipment   (223)
Purchases of short-term investments (37,181) (14,962)
Maturities of short-term investments 12,000 2,500
Cash acquired in Bioniz acquisition   700
Net cash used in investing activities (25,181) (11,985)
Financing activities:    
Principal repayments on notes payable (1,429)  
Net cash used in financing activities (1,429)  
Effect of exchange rate changes on cash and cash equivalents 1 (3)
Net decrease in cash and cash equivalents (34,604) (24,122)
Cash and cash equivalents at beginning of period 59,107 50,366
Cash and cash equivalents at end of period $ 24,503 26,244
Supplemental disclosures of non-cash activities:    
Fair value of Bioniz assets acquired   23,049
Issuance of common stock for Bioniz acquisition   (22,542)
Bioniz net liabilities assumed   507
Amounts included in accounts payable for purchases of property and equipment   $ 36