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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net loss $ (57,415) $ (47,199)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of discount on convertible notes 2,650 2,241
Increase in lease liability 0 (180)
Depreciation expense 325 233
Stock-based compensation expense 10,012 10,780
Loss on disposal of property and equipment 0 312
Accretion of discount on investments (835) (484)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,583) 511
Accounts payable and accrued expenses 1,978 812
Operating lease liabilities (62)  
Net cash used in operating activities (44,930) (32,974)
Investing activities:    
Cash acquired in connection with the Reverse Merger 0 76,348
Purchases of investments (150,246) (141,087)
Proceeds from maturities of investments 101,736 41,255
Proceeds from sale of property and equipment 0 20
Purchases of property and equipment (14,015) (570)
Payment of security deposit 0 (287)
Net cash used in investing activities (62,525) (24,321)
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs 86,080 78,518
Proceeds from exercise of options 31 149
Common stock repurchase (727) 0
Net cash provided by financing activities 85,384 78,667
Net change in cash, cash equivalents and restricted cash (22,071) 21,372
Cash, cash equivalents and restricted cash at beginning of period 112,791 18,349
Cash, cash equivalents and restricted cash at end of period 90,720 39,721
Supplemental disclosure of non-cash financing and investing activities:    
Accrued purchases of property and equipment 3,535 0
Retirement of treasury stock 1,393 0
Net exercise of options 344 0
Unrealized gain (loss) on investments 244 (207)
Conversion of convertible preferred stock into common stock 0 41,466
Supplemental cash flow information:    
Cash paid for interest 2,990 2,990
Cash paid for income taxes $ 0 $ 2