Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (105,584)
|
$ (93,961)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock-based compensation expense |
11,177
|
8,026
|
| Amortization of operating lease right-of-use assets |
415
|
380
|
| Payment of security deposit and leasehold improvements for long-term lease |
|
(2)
|
| Change in operating lease liability |
(404)
|
(358)
|
| Changes in operating assets and liabilities: |
|
|
| Financed insurance premium |
(4,435)
|
(3,222)
|
| Prepaid expenses |
(1,654)
|
2,207
|
| Accounts payable |
8,821
|
(8,044)
|
| Accrued expenses and other current liabilities |
(3,346)
|
14,213
|
| Amortization of insurance premium |
4,282
|
2,552
|
| Net cash used in operating activities |
(90,728)
|
(78,209)
|
| INVESTING ACTIVITIES: |
|
|
| Purchase of available-for-sale securities |
(121,589)
|
(134,659)
|
| Proceeds from sale of available-for-sale securities |
5,538
|
17,109
|
| Proceeds from maturities of available-for-sale securities |
128,484
|
98,081
|
| Net cash provided by/(used in) investing activities |
12,433
|
(19,469)
|
| FINANCING ACTIVITIES: |
|
|
| Proceeds from financed insurance premium |
4,434
|
3,222
|
| Repayments of short-term borrowings |
(4,718)
|
(2,148)
|
| Exercise of stock options for common stock under Equity Incentive Plan |
511
|
1,817
|
| Exercise of Warrants |
69
|
|
| Net cash provided by financing activities |
74,717
|
136,294
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(3,578)
|
38,616
|
| Cash and cash equivalents at beginning of period |
57,466
|
18,850
|
| Cash and cash equivalents at end of period |
53,888
|
57,466
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
| Operating lease right-of-use asset obtained in exchange for operating lease liability |
|
57
|
| Unrealized gain (loss) on marketable securities |
5
|
(110)
|
| Secondary Public Offering, 2020 |
|
|
| FINANCING ACTIVITIES: |
|
|
| Proceeds from stock issuance, net of cash issuance costs |
|
134,102
|
| February Offering, 2021 |
|
|
| FINANCING ACTIVITIES: |
|
|
| Proceeds from stock issuance, net of cash issuance costs |
$ 74,421
|
|
| Private Placement |
|
|
| FINANCING ACTIVITIES: |
|
|
| Payment of offering costs |
|
(206)
|
| Shelf Registration Statement |
|
|
| FINANCING ACTIVITIES: |
|
|
| Payment of offering costs |
|
(493)
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
| Stock issuance costs in accrued expenses |
|
$ 2
|