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v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 30,691 $ 125,806
Marketable securities 122,724 60,729
Prepaid research and development expenses 668 2,371
Other prepaid expenses and current assets 1,041 2,193
Total current assets 155,124 191,099
Property and equipment, net 845 1,178
Non-current marketable securities 0 8,067
Operating lease right-of-use asset 197 254
Other assets 3,081 1,720
Total assets 159,247 202,318
Current liabilities:    
Accounts payable 479 2,728
Accrued research and development expenses 6,622 9,752
Other accrued liabilities 5,610 5,886
Total current liabilities 12,711 18,366
Development financing liability 86,152 50,320
Long-term portion of operating lease liability 206 695
Total liabilities 99,069 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; 84,681,063 and 84,677,939 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 8 8
Additional paid-in capital 906,968 899,798
Accumulated other comprehensive (loss) income (574) (13)
Accumulated deficit (846,224) (766,856)
Total stockholders' equity 60,178 132,937
Total liabilities and stockholders' equity $ 159,247 $ 202,318
v3.22.2.2
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating expenses:        
Research and development $ 15,459 $ 17,010 $ 51,765 $ 46,137
General and administrative 5,904 5,179 17,869 16,936
Total operating expenses 21,363 22,189 69,634 63,073
Loss from operations (21,363) (22,189) (69,634) (63,073)
Other income (expense), net:        
Interest income 677 29 1,098 140
Interest expense (3,819) (522) (10,832) (522)
Total other income (expense), net (3,142) (493) (9,734) (382)
Net loss (24,505) (22,682) (79,368) (63,455)
Other comprehensive loss:        
Unrealized loss on marketable securities (133) (2) (561) (9)
Total other comprehensive loss (133) (2) (561) (9)
Comprehensive loss $ (24,638) $ (22,684) $ (79,929) $ (63,464)
Basic and diluted net loss per common share $ (0.28) $ (0.33) $ (0.9) $ (0.92)
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share 87,804,272 69,022,937 87,803,388 68,985,112
v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (79,368) $ (63,455)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 525 515
Stock-based compensation expense 7,156 7,611
Write-off of deferred financing costs 0 312
Accretion of development financing liability 10,832 522
Net accretion and amortization of investments in marketable securities (283) 543
Changes in assets and liabilities:    
Other prepaid expenses and current assets 2,855 (725)
Other assets (1,413) (1,514)
Accounts payable (2,061) 512
Accrued research and development expenses (3,130) 1,660
Other accrued liabilities (437) (1,169)
Net cash used in operating activities (65,324) (55,188)
Investing activities    
Purchases of property and equipment (135) (87)
Purchases of marketable securities (162,346) (44,607)
Proceeds from maturities of marketable securities 108,140 117,360
Net cash (used in) provided by investing activities (54,341) 72,666
Financing activities    
Proceeds from issuance of common stock pursuant to equity award plans 9 205
Proceeds from development financing, net of transaction costs 25,000 23,087
Issuance costs paid for issuance of common stock (459) 0
Net cash provided by financing activities 24,550 23,292
Net (decrease) increase in cash and cash equivalents (95,115) 40,770
Cash and cash equivalents at beginning of period 125,806 28,193
Cash and cash equivalents at end of period 30,691 68,963
Supplemental disclosure    
Cash paid for amounts included in the measurement of lease liabilities 513 498
Supplemental non-cash investing and financing activities    
Accrued financing costs 0 350
Accrued costs for other assets $ 52 $ 0