Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (49,557) $ (44,206)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 165 13
Common stock issued to acquire in-process research and development 3,000
Stock-based compensation 5,433 3,301
Changes in operating assets and liabilities:    
Prepaid expenses and other (4,381) (651)
Accounts payable (1,564) (1,191)
Lease liabilities and ROU asset, net 2 (17)
Accrued expenses and other current liabilities (2,315) (415)
Net cash used in operating activities (52,217) (40,166)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (34,656) (1,934)
Net cash used in investing activities (34,656) (1,934)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 2
Proceeds from ESPP 40 28
Proceeds, net of $4,255, from sale of convertible redeemable preferred stock 27,245
Proceeds, net of $1,933 and $8,940 expenses, from sale of common stock and warrants 57,955 130,729
Net cash provided by financing activities 85,240 130,759
Effect of currency rate change on cash (49) (8)
Net increase in cash, cash equivalents and restricted cash (1,682) 88,651
Cash, cash equivalents and restricted cash beginning of the period 178,900 77,308
Cash, cash equivalents and restricted cash end of period 177,218 165,959
Non-cash financing and investing activities:    
Purchases of property and equipment included in accounts payable and accrued liabilities (1,950)  
Preferred stock deemed dividend $ 4,255