CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 10,555	$ 18,574
Short-term investments	273,738	289,424
Prepaid expenses and other current assets	5,496	4,744
Total current assets	289,789	312,742
Long-term investments	19,954	46,980
Property and equipment, net	1,420	2,728
Operating lease right-of-use assets	9,056	9,376
Total assets	320,219	371,826
Current liabilities:
Accounts payable	10,994	5,911
Current operating lease liabilities	1,080	1,072
Accrued expenses and other current liabilities	40,063	32,780
Total current liabilities	52,137	39,763
Term Loan	59,125	58,374
Non-current operating lease liabilities	8,650	8,783
Other long-term liabilities	1,846	1,023
Total liabilities	121,758	107,943
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value; 40,000,000 shares authorized, no shares issued or outstanding as of March 31, 2020 and December 31, 2019	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 49,913,232 and 49,763,176 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	50	50
Additional paid-in capital	641,571	632,647
Accumulated other comprehensive income (loss)	(39)	193
Accumulated deficit	(443,121)	(369,007)
Total stockholders’ equity	198,461	263,883
Total liabilities and stockholders’ equity	$ 320,219	$ 371,826
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares outstanding (in shares)	49,913,232	49,763,176