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v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 52,753 $ 125,806
Marketable securities 111,130 60,729
Prepaid research and development expenses 1,103 2,371
Other prepaid expenses and current assets 1,625 2,193
Total current assets 166,611 191,099
Property and equipment, net 993 1,178
Non-current marketable securities 6,874 8,067
Operating lease right-of-use asset 220 254
Other assets 3,026 1,720
Total assets 177,724 202,318
Current liabilities:    
Accounts payable 866 2,728
Accrued research and development expenses 7,028 9,752
Other accrued liabilities 4,666 5,886
Total current liabilities 12,560 18,366
Development financing liability 82,333 50,320
Long-term portion of operating lease liability 374 695
Total liabilities 95,267 69,381
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.0001 par value: 200,000,000 shares authorized; 84,677,939 and 84,677,939 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 8 8
Additional paid-in capital 904,609 899,798
Accumulated other comprehensive (loss) income (441) (13)
Accumulated deficit (821,719) (766,856)
Total stockholders' equity 82,457 132,937
Total liabilities and stockholders' equity $ 177,724 $ 202,318
v3.22.2
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating expenses:        
Research and development $ 17,891 $ 16,745 $ 36,306 $ 29,127
General and administrative 5,878 6,521 11,965 11,757
Total operating expenses 23,769 23,266 48,271 40,884
Loss from operations (23,769) (23,266) (48,271) (40,884)
Other income (expense), net:        
Interest income 321 44 419 111
Interest expense (3,648) (7,013)
Other income 2 2
Total other income (expense), net (3,325) 44 (6,592) 111
Net loss (27,094) (23,222) (54,863) (40,773)
Other comprehensive loss:        
Unrealized (loss) gain on marketable securities (222) 7 (428) (7)
Total other comprehensive (loss) gain (222) 7 (428) (7)
Comprehensive loss $ (27,316) $ (23,215) $ (55,291) $ (40,780)
Basic and diluted net loss per common share $ (0.31) $ (0.34) $ (0.62) $ (0.59)
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share 87,802,939 68,985,461 87,802,939 68,965,885
v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (54,863) $ (40,773)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 343 339
Stock-based compensation expense 4,806 5,062
Write-off of deferred financing costs 0 312
Accretion of development financing liability 7,013 0
Net accretion and amortization of investments in marketable securities 32 426
Changes in assets and liabilities:    
Other prepaid expenses and current assets 1,836 (2,615)
Other assets (1,306) (1,240)
Accounts payable (1,674) 798
Accrued research and development expenses (2,724) (665)
Other accrued liabilities (1,265) (1,419)
Net cash used in operating activities (47,802) (39,775)
Investing activities    
Purchases of property and equipment (124) (87)
Purchases of marketable securities (115,463) (33,820)
Proceeds from maturities of marketable securities 65,795 78,280
Net cash (used in) provided by investing activities (49,792) 44,373
Financing activities    
Proceeds from issuance of common stock pursuant to equity award plans 0 106
Proceeds from development financing 25,000 0
 Issuance costs paid for issuance of common stock (459) 0
Net cash provided by financing activities 24,541 106
Net (decrease) increase in cash and cash equivalents (73,053) 4,704
Cash and cash equivalents at beginning of period 125,806 28,193
Cash and cash equivalents at end of period 52,753 32,897
Supplemental disclosure    
Cash paid for amounts included in the measurement of lease liabilities 342 332
Supplemental non-cash investing and financing activities    
Accrued financing costs 0 93
Accrued financing costs in accounts payable $ 0 $ 21