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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities      
Net loss   $ (65,978) $ (11,472)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation   14  
Stock-based compensation   1,337 31
Effect of exchange rates on cash   11  
Non-cash interest - related party $ 94 99 205
Change in fair value of notes and derivative - related party 4,825 11,051 5,656
Change in fair value of Series A tranche liability   5,476  
Acquired in-process research and development   21,781  
Changes in operating assets and liabilities      
Prepaid expenses and other assets (includes related party amounts of ($30) and $1, respectively)   (3,647) 37
Accounts payable (includes related party amounts of ($238 and $259, respectively)   2,049 932
Accrued expenses (includes related party amounts of $10 and $74, respectively)   3,855 304
Net cash used in operating activities   (23,952) (4,307)
Cash flows from investing activities      
Acquisition of Oppilan and Zomagen, net of cash   1,899  
Investments in marketable securities, available-for-sale   (72,960)  
Purchases of property and equipment   (214)  
Net cash provided by investing activities   (71,275)  
Cash flows from financing activities      
Proceeds from issuance of Series A and Series B convertible preferred stock, net of offering costs   164,221  
Deferred offering costs   (746)  
Proceeds from exercise of stock options   44  
Proceeds from issuance of SAFE notes, net   450 4,050
Net cash provided by financing activities   163,969 4,050
Increase (decrease) in cash and cash equivalents   68,742 (257)
Cash and cash equivalents, beginning of period   244 309
Cash and cash equivalents, end of period $ 52 68,986 52
Supplemental disclosure for non-cash activities      
Amendment to convertible promissory notes - related party     2,706
Conversion of promissory and SAFE notes - related party   38,911  
Stock issued for the acquisition of Oppilan and Zomagen   21,345  
Unpaid deferred offering costs   2,000  
Unrealized gain (loss) on investment securities   6  
Taxes paid   $ 2 $ 1