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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net loss $ (86,607) $ (42,578)
Non-cash adjustments reconciling net loss to operating cash flows:    
Depreciation of property and equipment 99 80
Accretion of discount on investments (1,964) (376)
Share-based compensation expense 23,720 7,534
Changes in operating assets and liabilities:    
Other current assets (6,313) 1,510
Other long-term assets (3,982) (184)
Accounts payable, accrued liabilities, deferred revenue and other liabilities 2,097 4,885
Cash flows used in operating activities (72,950) (29,129)
Investing activities:    
Purchases of short-term investments (212,666) (151,336)
Sales and maturities of short-term investments 171,600 40,492
Purchases of property, plant, and equipment (69) 0
Cash flows used in investing activities (41,135) (110,844)
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs [1] 327,810 130,660
Proceeds from exercise of common stock options 4,300 7,371
Proceeds from disgorgement of stockholders' short-swing profits 1,050 0
Proceeds from stock issuances under employee stock purchase plan 323 202
Cash flows provided by financing activities 333,483 138,233
Increase (decrease) in cash and cash equivalents 219,398 (1,740)
Cash and cash equivalents, beginning of period 32,694 107,703
Cash and cash equivalents, end of period $ 252,092 $ 105,963
[1] Proceeds in 2018 include warrants to purchase up to 421,650 shares of the Company's common stock at a public offering price of $38.849 per warrant, net of issuance costs.