Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

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Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (24,030) $ (11,540)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,067 1,481
Amortization of premium on investments 81  
Depreciation 244 53
Prepaid expenses and other current assets 1,871 449
Other assets (138) (91)
Accounts payable 59 552
Accrued and other current liabilities 1,249 934
Net cash used in operating activities (17,597) (8,162)
Cash flows from investing activities:    
Purchases of property and equipment (408) (420)
Purchases of available-for-sale securities (11,097)  
Proceeds from maturities of available-for-sale securities 1,633  
Net cash used in investing activities (9,872) (420)
Cash flows from financing activities:    
Proceeds from issuance of convertible preferred stock   50,000
Issuance costs of convertible preferred stock   (1,293)
Proceeds from exercise of stock options 135  
Issuance costs of common stock (191) (2,101)
Net cash (used in) provided by financing activities (56) 46,606
Net (decrease) increase in cash and cash equivalents (27,525) 38,024
Cash and cash equivalents—beginning of period 136,204 33,017
Cash and cash equivalents—end of period 108,679 71,041
Supplemental disclosures of non-cash investing and financing activities:    
Exchange of convertible preferred stock, including deemed dividend   10,090
Deferred offering costs in accrued expenses   462
Property and equipment purchases included in accrued expenses and accounts payable $ 227 $ 174