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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities:      
Net loss $ (139,700) $ (77,270) $ (74,518)
Adjustments to reconcile net loss to net cash used in operating activities:      
Accretion of discount on convertible notes 2,758 3,602 3,059
Depreciation and amortization expense 1,145 426 330
Write down of property and equipment 419 0 0
Stock-based compensation 18,567 13,371 13,601
Expense in Connection with Warrant Issue 26,562 0 0
Loss on disposal of property and equipment 0 0 317
Accretion of discount (amortization of premium) on investments, net 580 (1,066) (801)
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (1,517) (917) (1,505)
Accounts payable and accrued expenses 11,015 (2,722) 5,890
Operating lease liabilities (139) (87) (161)
Finance lease liability 5,557 0 0
Other long term liabilities 113 0 0
Net cash used in operating activities (74,640) (64,663) (53,788)
Investing activities:      
Cash acquired in connection with the Reverse Merger 0 0 76,348
Purchases of investments (209,343) (184,298) (141,087)
Proceeds from maturities of investments 141,811 168,556 61,276
Payments made to acquire right of use asset (8,452) 0 0
Proceeds from sale of property and equipment 0 0 20
Purchases of property and equipment (20,607) (23,269) (1,453)
Payment of security deposit 0 0 (376)
Net cash used in investing activities (96,591) (39,011) (5,272)
Financing activities:      
Issuance of common stock, net of issuance costs 280,763 177,760 154,022
Issuance of common stock, pursuant to exercise of stock options 2,558 31 148
Common stock repurchase (72) 0 0
Treasury stock repurchase 0 0 (668)
Proceeds from sale of treasury stock 591 344 0
Payment of withholding tax on option exercise (614) (344) 0
Convertible notes refinancing costs to the lender (237) 0 0
Net cash provided by financing activities 282,989 177,791 153,502
Net change in cash, cash equivalents and restricted cash 111,758 74,117 94,442
Cash, cash equivalents and restricted cash at beginning of period 186,908 112,791 18,349
Cash, cash equivalents and restricted cash at end of period 298,666 186,908 112,791
Supplemental disclosure of non-cash financing and investing activities:      
Accrued purchases of property and equipment 1,456 4,424 0
Accrued purchases of internal use software 300 226 0
Treasury stock purchases paid in prior year 0 726 0
Retirement of treasury stock 0 1,393 0
Witholding tax payable on shares witheld in treasury stock 0 53 0
Conversion of convertible preferred stock into common stock 0 0 41,466
Conversion of convertible notes into common stock 7,629 0 0
Unrealized (loss) gain on investments (62) 147 (127)
Finance lease right of use asset and lease liability 20,179 0 0
Reclassification of construction in process to finance right of use asset 26,465 0 0
Supplemental cash flow information:      
Cash paid for interest 2,960 2,990 4,485
Cash paid for income taxes $ 0 $ 26 $ 2