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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flow from operating activities      
Net income (loss) $ 36,741 $ (43,597) $ (88,288)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Stock-based compensation expense 14,934 15,640 15,710
Depreciation 3,817 2,765 2,117
Amortization of premiums and discounts on marketable securities 27 (3,584) (2,163)
In-kind research and development expenses   616 176
Deferred rent     52
Change in fair value for common stock and warrants to purchase equity securities (7,698) (1,612) 807
Changes in operating assets and liabilities:      
Related party collaboration receivable 10,484 (18,496)  
Prepaid expenses and other current assets (551) 1,675 (3,937)
Operating lease, right-of-use assets (7,592) 2,951  
Other non-current assets 275 (343) (180)
Accounts payable (3,436) 2,598 (282)
Accrued expenses (6,480) 11,728 (1,600)
Operating lease liabilities 13,439 (2,506)  
Lease incentive benefit     321
Deferred revenue (150,676) 80,831 61,380
Net cash (used in) provided by operating activities (96,716) 48,666 (15,887)
Cash flow from investing activities      
Purchases of property and equipment (12,097) (7,718) (4,305)
Proceeds from sale of equipment   172  
Purchases of marketable securities (70,403) (494,231) (333,228)
Proceeds from maturities of marketable securities 195,495 411,300 364,000
Net cash provided by (used in) investing activities 112,995 (90,477) 26,467
Cash flow from financing activities      
Proceeds from the issuance of common stock in connection with the Neurocrine Collaboration Agreement, net   77,617  
Proceeds from the exercise of stock options 2,319 2,714 3,889
Proceeds from the purchase of common stock under ESPP 844 663 860
Net cash provided by financing activities 3,163 80,994 4,749
Net increase in cash and cash equivalents 19,442 39,183 15,329
Cash, cash equivalents, and restricted cash beginning of period 86,777 47,594 32,265
Cash, cash equivalents, and restricted cash end of period 106,219 86,777 47,594
Supplemental disclosure of cash and non-cash activities      
Impact of adopting new accounting standards     (20,050)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 10,818 30,964  
Capital expenditures incurred but not yet paid $ 831 $ 434 $ 300