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v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 73,995 $ 125,806
Marketable securities 114,564 60,729
Prepaid research and development expenses 1,384 2,371
Other prepaid expenses and current assets 2,103 2,193
Total current assets 192,046 191,099
Property and equipment, net 1,024 1,178
Non-current marketable securities 4,885 8,067
Operating lease right-of-use asset 239 254
Other assets 2,448 1,720
Total assets 200,642 202,318
Current liabilities:    
Accounts payable 199 2,728
Accrued research and development expenses 9,659 9,752
Other accrued liabilities 4,181 5,886
Total current liabilities 14,039 18,366
Development financing liability 78,685 50,320
Long-term portion of operating lease liability 537 695
Total liabilities 93,261 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 March 31, 2022 and December 31, 2021, respectively 8 8
Additional paid-in capital 902,217 899,798
Accumulated other comprehensive (loss) income (219) (13)
Accumulated deficit (794,625) (766,856)
Total stockholders' equity 107,381 132,937
Total liabilities and stockholders' equity $ 200,642 $ 202,318
v3.22.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating expenses:    
Research and development $ 18,415 $ 12,382
General and administrative 6,087 5,236
Total operating expenses 24,502 17,618
Loss from operations (24,502) (17,618)
Other income (expense), net:    
Interest income 98 67
Interest expense (3,365)
Total other income (expense), net (3,267) 67
Net loss (27,769) (17,551)
Other comprehensive loss:    
Unrealized loss on marketable securities (206) (14)
Total other comprehensive loss (206) (14)
Comprehensive loss $ (27,975) $ (17,565)
Basic and diluted net loss per common share $ (0.32) $ (0.25)
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share 87,802,939 68,946,092
v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Operating activities      
Net loss $ (27,769) $ (17,551)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 169 164  
Stock-based compensation expense 2,414 2,505  
Accretion of development financing liability 3,365  
Net accretion and amortization of investments in marketable securities 131 196  
Changes in assets and liabilities:      
Other prepaid expenses and current assets 1,077 (2,553)  
Other assets (728) (1,239)  
Accounts payable (2,341) 1,375  
Accrued research and development expenses (93) (1,404)  
Other accrued liabilities (1,587) (2,054)  
Net cash used in operating activities (25,362) (20,561) $ (25,400)
Investing activities      
Purchases of property and equipment 0 (94)  
Purchases of marketable securities (62,485) (18,212)  
Proceeds from maturities of marketable securities 11,495 54,000  
Net cash (used in) provided by investing activities (50,990) 35,694  
Financing activities      
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 0  
Net (decrease) increase in cash and cash equivalents (51,811) 15,133  
Cash and cash equivalents at beginning of period 125,806 28,193 28,193
Cash and cash equivalents at end of period 73,995 43,326 $ 125,806
Supplemental disclosure      
Cash paid for amounts included in the measurement of lease liabilities $ 171 $ 166