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, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (16,943) $ (12,202)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,300 606
Depreciation 104 0
Change in fair value of convertible notes   6,244
Common stock issued in exchange for research and development   1,155
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,372) (977)
Deposits (101)  
Accounts payable 246 234
Accrued and other current liabilities 1,721 279
Net cash used in operating activities (16,045) (4,661)
Cash flows from investing activities:    
Purchases of property and equipment (693)  
Net cash used in investing activities (693)  
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 71,212  
Proceeds from issuance of convertible notes   12,535
Proceeds from issuance of convertible preferred stock on milestone closing of convertible notes   12,567
Proceeds from issuance of convertible preferred stock 50,000 12,744
Issuance costs of convertible preferred stock (1,293) (169)
Proceeds from issuance of common stock in connection with the exercise of stock options 6  
Net cash provided by financing activities 119,925 37,677
Net increase in cash and cash equivalents 103,187 33,016
Cash and cash equivalents—beginning of year 33,017 1
Cash and cash equivalents—end of year 136,204 33,017
Supplemental disclosures of non-cash investing and financing activities:    
Conversion of convertible notes into convertible preferred stock   18,779
Conversion of convertible preferred stock into common stock 97,954  
Exchange of convertible preferred stock, including deemed dividend 10,090  
Issuance costs included in accounts payable and accrued and other current liabilities 192 $ 180
Property and equipment purchases included in accounts payable $ 226