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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net loss $ (50,939) $ (38,053)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 996 933
Stock-based compensation 6,679 6,992
Other non-cash items 1,365 959
Changes in assets and liabilities:    
Prepaid expenses and other assets 828 (237)
Collaboration receivables (all amounts are with a related party) 112 4,259
Non-cash lease expense [1] 1,377 1,234
Accounts payable 1,634 3,466
Accrued expenses (7,148) (4,544)
Operating lease obligations (1,466) (1,317)
Other changes in operating assets and liabilities 17 0
Net cash used in operating activities (46,545) (26,308)
Investing Activities    
Purchases of investments (10,454) (216,116)
Proceeds from sales and maturities of investments 88,361 64,133
Purchases of property and equipment (426) (587)
Net cash provided by (used in) investing activities 77,481 (152,570)
Financing Activities    
Proceeds from issuance of common stock from public offering, net of issuance costs 0 248,155
Net proceeds from exercises and vesting of stock awards, ESPP contributions, and exercise of warrants to purchase common stock 8,873 1,161
Net cash provided by financing activities 8,873 249,316
Net increase in cash, cash equivalents and restricted cash 39,809 70,438
Cash, cash equivalents and restricted cash at beginning of period 239,274 145,649
Cash, cash equivalents and restricted cash at end of period 279,083 216,087
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Purchase of property and equipment included in accounts payable and accrued expenses $ 425 $ 267
[1] The Company has reclassified prior period amounts to conform with presentation as of March 31, 2020.