Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (71,869,000)
|
$ (40,837,000)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation expense |
231,000
|
322,000
|
| Gain on the sale of property and equipment |
303,000
|
|
| Stock-based compensation expense |
7,787,000
|
983,000
|
| Non-cash interest expense |
283,000
|
613,000
|
| Change in fair value of warrant liability |
|
8,000
|
| Loss on conversion of convertible notes |
(711,000)
|
|
| Accretion of discount on convertible notes |
1,600,000
|
5,866,000
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other current assets |
(2,536,000)
|
1,677,000
|
| Deferred offering costs |
1,341
|
(1,341)
|
| Other assets |
(237,000)
|
2,000
|
| Accounts payable |
1,562,000
|
(2,408,000)
|
| Accrued expenses and other current liabilities |
1,730,000
|
2,407
|
| Net cash used in operating activities |
(59,700,000)
|
(32,708,000)
|
| Cash flows from investing activities: |
|
|
| Purchase of property and equipment |
(71,000)
|
(22,000)
|
| Proceeds from the sale of property and equipment |
415,000
|
|
| Net cash provided by (used in) investing activities |
344,000
|
(22,000)
|
| Cash flows from financing activities: |
|
|
| Proceeds from Business Combination, net |
195,882,000
|
|
| Proceeds from sale of Series B convertible preferred stock, net |
0
|
20,084,000
|
| Proceeds from convertible notes |
0
|
14,000,000
|
| Proceeds from exercise of stock options |
181,000
|
163,000
|
| Principal payments on term loan |
(4,583,000)
|
|
| Net cash provided by financing activities |
191,480,000
|
34,247,000
|
| Increase in cash, cash equivalents and restricted cash |
132,124,000
|
1,517,000
|
| Cash, cash equivalents and restricted cash at beginning of year |
4,826,000
|
3,309,000
|
| Cash, cash equivalents and restricted cash at end of year |
136,950,000
|
4,826,000
|
| Supplemental disclosure |
|
|
| Cash paid for interest |
307,000
|
345,000
|
| Noncash investing and financing activities |
|
|
| Conversion of convertible notes to Series B preferred stock |
14,515,000
|
|
| Exercise of warrants |
76,000
|
|
| Proceeds from exercise of stock options included in other current assets |
131,000
|
|
| Proceeds from the sale of property and equipment included in other current assets |
22,000
|
|
| Discount on convertible notes |
0
|
8,177,000
|
| Deferred offering costs included in accounts payable and accrued expenses and other current liabilities |
$ 0
|
$ 1,296,000
|