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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net loss $ (140,880) $ (70,146)
Non-cash adjustments reconciling net loss to operating cash flows:    
Depreciation of property and equipment 156 131
Accretion of discount on investments (2,818) (757)
Share-based compensation expense 38,826 11,592
Changes in operating assets and liabilities:    
Other current assets (6,566) 1,437
Other long-term assets (3,873) (204)
Accounts payable, accrued liabilities, deferred revenue and other liabilities 9,331 8,646
Cash flows used in operating activities (105,824) (49,301)
Investing activities:    
Purchases of short-term investments (458,115) (155,775)
Sales and maturities of short-term investments 289,134 73,729
Purchases of property, plant, and equipment (220) (36)
Cash flows used in investing activities (169,201) (82,082)
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs [1] 327,810 130,663
Proceeds from exercise of common stock options 5,372 9,525
Proceeds from disgorgement of stockholders' short-swing profits 1,050 0
Proceeds from stock issuances under ESPP 323 202
Cash flows provided by financing activities 334,555 140,390
Increase in cash, cash equivalents and restricted cash 59,530 9,007
Cash, cash equivalents and restricted cash, beginning of period 32,694 107,703
Cash, cash equivalents and restricted cash, end of period 92,224 116,710
Reconciliation of cash, cash equivalents and restricted cash, end of period:    
Total cash, cash equivalents and restricted cash $ 32,694 $ 107,703
[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.