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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 $ (25,480) $ (39,961)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 15,902 8,539
Depreciation of property and equipment 402 413
Non-cash lease expense 1,402 803
Non-cash interest expense (income), net 822 (1,394)
Changes in assets and liabilities:    
Accounts receivable, other 132 0
Accounts receivable due from related party (58) 2,058
Prepaids and other current assets (770) 756
Other assets (5) 116
Accounts payable 213 (29)
Operating lease liabilities 6,255 (801)
Other liabilities (701) 3,460
Deferred revenue from related party (60,033) (23,853)
Net cash used in operating activities (61,919) (49,893)
Investing activities    
Purchases of property and equipment, net (6,136) (465)
Purchases of investments (391,942) (189,404)
Sales of investments 0 4,967
Maturities of investments 124,220 165,770
Net cash used in investing activities (273,858) (19,132)
Financing activities    
Proceeds from issuance of common stock 325,654 73,276
Proceeds from exercise of stock options and employee stock purchase plan 26,472 5,837
Employees' tax withheld and paid for restricted stock units (3,709) (1,174)
Borrowings under credit facility agreement, net of issuance costs 4,358 0
Net cash provided by financing activities 352,775 77,939
Net increase in cash, cash equivalents and restricted cash 16,998 8,914
Cash, cash equivalents and restricted cash at beginning of period 40,259 28,088
Cash, cash equivalents and restricted cash at end of period 57,257 37,002
Supplemental disclosures of cash flow information    
Cash paid for interest 1,433 1,317
Right-of-use assets obtained in exchange for lease obligations [1] 27,365 2,796
Purchases of property and equipment, net recorded in accounts payable and accrued liabilities $ 7,175 $ 0
[1]

Amount for the nine months ended September 30, 2019 includes the transition adjustment of $1,301 for the adoption of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842).