Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (92,287) $ (50,463)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 50 27
Common stock issued to acquire in-process research and development 3,000 1,360
Stock-based compensation 7,899 2,876
Changes in operating assets and liabilities:    
Prepaid expenses 518 (6,859)
Accounts payable 3,526 1,528
Lease liabilities and ROU asset, net (11) 51
Accrued expenses and other current liabilities 1,748 2,914
Net cash used in operating activities (75,557) (48,566)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (35,307) (8,564)
Net cash used in investing activities (35,307) (8,564)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 2 9,896
Proceeds from ESPP 96 2
Proceeds, net of $0 and $711 expenses, from sale of preferred stock 4,602
Proceeds, net of $10,505 and $4,646 expenses, from sale of common stock and warrants 212,389 108,605
Net cash provided by financing activities 212,487 123,105
Effect of currency rate change on cash (31) (16)
Net increase in cash, cash equivalents and restricted cash 101,592 65,959
Cash, cash equivalents and restricted cash beginning of the period 77,308 11,349
Cash, cash equivalents and restricted cash end of period 178,900 77,308
Supplemental disclosures of cash flow information:    
Purchases of property and equipment included in accounts payable and accrued liabilities 6,730
Warrants deemed dividend 451
Series A Convertible preferred stock and deemed dividend $ 1,260