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, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ (56,670) $ (23,081)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,137 2,780
Issuance of common shares - Founders Agreement 1,033 901
Common shares issuable - Founders Agreement 6,598 4,617
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 828 (941)
Other receivables - related party 3 6
Accounts payable and accrued expenses 18,765 (833)
Net cash used in operating activities (26,306) (16,551)
Cash Flows from Financing Activities:    
Proceeds from issuance of common stock - Public offering 0 20,500
Offering costs for the issuance of common stock - Public offering 0 (1,660)
Proceeds from issuance of common stock - At-the-market offering 41,279 12,767
Offering costs for the issuance of common stock - At-the-market offering (1,010) (374)
Proceeds from the exercise of warrants 0 13
Net cash provided by financing activities 40,269 31,246
Net increase in cash and cash equivalents 13,963 14,695
Cash and cash equivalents at beginning of period 40,772 26,077
Cash and cash equivalents at end of period 54,735 40,772
Supplemental disclosure of noncash investing and financing activities:    
Issuance of common shares - Founders Agreement $ 4,617 $ 2,510