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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net loss $ (10,993) $ (5,179)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on disposal of assets 0 1
Depreciation 31 119
Stock-based compensation expense 1,152 268
Amortization of premiums on short-term investments 346 204
Change in fair value of derivative financial instruments—warrants 0 (207)
Release of clinical trial funding commitment 139 380
Changes in operating assets and liabilities:    
Other assets 51 166
Accounts receivable and unbilled receivable 88 79
Prepaid expenses and other assets (1,141) (183)
Operating lease right-of-use assets 136 82
Accounts payable and accrued expenses 0 (1,421)
Operating lease liabilities (16) (227)
Other liabilities (42) 34
Net cash used in operating activities (10,249) (5,884)
Investing activities:    
Capital expenditures (171) 0
Maturities of short-term investments 38,217 0
Purchases of short-term investments (36,773) (114,195)
Sales of short-term investments 17,085 2,497
Net cash provided by (used in) investing activities 18,358 (111,698)
Financing activities:    
Proceeds from exercise of warrants 0 1,263
Net cash provided by financing activities 0 1,263
Net change in cash and cash equivalents 8,109 (116,319)
Cash and cash equivalents—Beginning of period 11,943 130,981
Cash and cash equivalents—End of period 20,052 14,662
Supplementary disclosure of cash flow activity:    
Cash paid for taxes 1 1
Supplemental disclosure of non-cash investing and financing activities:    
Acquisition of property and equipment included in accounts payable and accrued expenses 27 0
Preferred stock dividend payable on Series A Convertible Preferred Stock $ 6 $ 6