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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (126,740) $ (163,406)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 31,110 44,116
Premium on marketable securities (240) (739)
Amortization of discount on marketable securities (18) (2,322)
Depreciation 669 415
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,221 1,637
Other long-term assets 99 (1,378)
Right-of-use operating asset 1,778 2,942
Operating lease liabilities, current 25 (156)
Operating lease liabilities, non-current (1,897) (2,344)
Accounts payable (7,307) (20,507)
Accrued expenses and other liabilities (35,391) (8,192)
Net cash used in operating activities (136,691) (149,934)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 275,197 307,263
Purchases of marketable securities (68,651) (580,916)
Purchases of property and equipment (276) (1,257)
Net cash provided by (used in) investing activities 206,270 (274,910)
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 3,160 15,681
Payment of employee tax obligations related to vesting of restricted stock units   (692)
Payments of offering costs   (70)
Proceeds from public offerings of common stock, net of commissions and underwriting discounts   561,277
Net cash provided by financing activities 3,160 576,196
Net increase in cash, cash equivalents and restricted cash 72,739 151,352
Cash, cash equivalents and restricted cash at beginning of period 129,072 193,310
Cash, cash equivalents and restricted cash at end of period 201,811 344,662
Supplemental disclosure of non-cash operating and investing activities    
Purchases of property and equipment included in accounts payable $ 15 78
Public offering costs included in accounts payable   $ 259