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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net loss $ (26,443) $ (12,377)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,618 2,542
Depreciation expense 938 960
Net amortization of premiums and discounts on investments (84) (474)
Other non-cash items 19 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (543) (2,596)
Other non-current assets 18 (103)
Accounts payable 1,407 771
Accrued expenses and other current liabilities (1,457) (941)
Deferred revenue—related party 0 (10,981)
Other liabilities (19) 16
Net cash used in operating activities (23,546) (23,183)
Investing activities:    
Purchases of investments (19,856) (62,019)
Proceeds from maturities of investments 63,650 77,508
Purchases of property and equipment (50) (109)
Net cash provided by investing activities 43,744 15,380
Financing activities:    
Proceeds from at the market offering, net of issuance costs 1,514 0
Proceeds from exercise of stock options 38 69
Net cash provided by financing activities 1,552 69
Net increase (decrease) in cash, cash equivalents and restricted cash 21,750 (7,734)
Cash, cash equivalents and restricted cash, beginning of period 54,511 49,176
Cash, cash equivalents and restricted cash, end of period 76,261 41,442
Non-cash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued expenses 0 20
Supplemental cash flow information:    
Cash paid for lease liabilities $ 1,090 $ 1,060