Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (15,854,000) $ (12,946,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,480,000 1,811,000
Depreciation 365,000 219,000
Non cash lease expense 452,000 0
Accretion of lease liabilities 104,000 0
Amortization of discount/premium on investments (13,000) (48,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 398,000 93,000
Other assets (16,000) (628,000)
Accounts payable 1,724,000 1,712,000
Accrued and other current liabilities (1,678,000) (3,022,000)
Lease liabilities (570,000) 0
Net cash used in operating activities (12,608,000) (12,809,000)
Cash flows from investing activities:    
Purchases of property and equipment (380,000) (147,000)
Purchases of investments 0 (49,764,000)
Proceeds from maturities of investments 25,000,000 0
Net cash (used in) provided by investing activities 24,620,000 (49,911,000)
Cash flows from financing activities:    
Payment of offering costs related to issuance of common stock (232,000) 0
Proceeds from issuance of common stock in connection with the exercise of stock options 458,000 51,000
Net cash provided by financing activities 226,000 51,000
Net decrease in cash and cash equivalents 12,238,000 (62,669,000)
Cash and cash equivalents—beginning of period 81,607,000 122,222,000
Cash and cash equivalents—end of period 93,845,000 59,553,000
Supplemental disclosures of non-cash investing and financing activities:    
Offering costs included in accounts payable $ 60,000 $ 0