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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net loss $ (108,635) $ (101,283)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,841 2,932
Stock-based compensation 21,805 17,310
Other non-cash items 1,552 (75)
Changes in assets and liabilities:    
Prepaid expenses and other assets 1,231 (3,731)
Collaboration receivables (all amounts are with a related party) (14,014) 164
Non-cash lease expense 4,249 3,804
Accounts payable 6,315 1,435
Accrued expenses (3,025) 5,132
Operating lease obligations (4,533) (3,214)
Other changes in operating assets and liabilities 17 (27)
Net cash used in operating activities (92,197) (77,553)
Investing Activities    
Purchases of investments (161,741) (379,096)
Proceeds from sales and maturities of investments 220,240 228,258
Purchases of property and equipment (3,303) (2,166)
Net cash provided by (used in) investing activities 55,196 (153,004)
Financing Activities    
Proceeds from issuance of common stock from public offering, net of issuance costs 492,414 248,130
Net proceeds from exercises and vesting of stock awards, and ESPP contributions 36,595 7,917
Net cash provided by financing activities 529,009 256,047
Net increase in cash, cash equivalents and restricted cash 492,008 25,490
Cash, cash equivalents and restricted cash at beginning of period 239,274 145,649
Cash, cash equivalents and restricted cash at end of period 731,282 171,139
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Purchase of property and equipment included in accounts payable and accrued expenses 281 512
Reclassification of warrant liability to additional paid-in capital $ 3,729 $ 0