Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (52,975) $ (46,289)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 6,897 5,804
Depreciation 1,178 733
Accretion of lease liabilities 685 0
Non-cash lease expense 2,506 0
Gain on derecognition of embedded lease upon lease amendment (149) 0
Amortization of (discount) premium on investments (223) 62
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 32 2,554
Other assets (208) (58)
Accounts payable (28) 975
Accrued and other current liabilities (1,185) 2,110
Lease liabilities (2,910) 0
Net cash used in operating activities (46,380) (34,109)
Cash flows from investing activities:    
Purchases of property and equipment (2,453) (1,166)
Purchases of investments (49,764) 0
Proceeds from maturities of investments 25,000 7,165
Net cash provided by (used in) investing activities (27,217) 5,999
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 32,855 48,253
Proceeds from issuance of common stock in connection with the exercise of stock options 51 579
Proceeds from the issuance of common stock under employee stock purchase plan 76 71
Net cash provided by (used in) financing activities 32,982 48,903
Net (decrease) increase in cash and cash equivalents (40,615) 20,793
Cash and cash equivalents—beginning of year 122,222 101,429
Cash and cash equivalents—end of year 81,607 122,222
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment purchases included in accounts payable 0 135
Right-of use assets obtained in exchange for lease obligations 13,740 0
Derecognition of embedded lease upon lease amendment (6,392) 0
Offering costs included in accounts payable $ 293 $ 0