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, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (33,339) $ (16,943)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 4,388 2,300
Amortization of premium on investments 119  
Depreciation 354 104
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (524) (3,372)
Other assets (198) (101)
Accounts payable 555 246
Accrued and other current liabilities 1,875 1,721
Net cash used in operating activities (26,770) (16,045)
Cash flows from investing activities:    
Purchases of property and equipment (635) (693)
Purchases of investments (11,097)  
Proceeds from maturities of investments 3,751  
Net cash used in investing activities (7,981) (693)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs (192) 71,212
Proceeds from issuance of convertible preferred stock   50,000
Issuance costs of convertible preferred stock   (1,293)
Proceeds from issuance of common stock in connection with the exercise of stock options 139 6
Proceeds from the issuance of common stock under employee stock purchase plan 29  
Net cash (used in) provided by financing activities (24) 119,925
Net (decrease) increase in cash and cash equivalents (34,775) 103,187
Cash and cash equivalents—beginning of year 136,204 33,017
Cash and cash equivalents—end of year 101,429 136,204
Supplemental disclosures of non-cash investing and financing activities:    
Conversion of convertible preferred stock into common stock   97,954
Exchange of convertible preferred stock, including deemed dividend   10,090
Deferred offering costs in accounts payable and accrued and other current liabilities   192
Property and equipment purchases included in accounts payable $ 20 $ 226