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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net loss $ (34,164) $ (28,974)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense 5,475 2,644
Depreciation and amortization 167 245
Non-cash rent expense (56) 102
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (847) (3,321)
Accounts payable, accrued expenses and other current liabilities (6,673) (2,074)
Net cash used in operating activities (36,098) (31,378)
Investing activities    
Purchases of short-term investments (15,370) (55,819)
Maturities of short-term investments 44,243 80,171
Purchases of property and equipment   (811)
Net cash used in investing activities 28,873 23,541
Financing activities    
Proceeds from the exercise of stock options 383 21
Proceeds from issuance of common stock from ESPP 324 295
Net cash provided by financing activities 707 316
Net increase in cash, cash equivalents and restricted cash (6,518) (7,521)
Cash, cash equivalents and restricted cash at beginning of year 62,697 49,943
Cash, cash equivalents and restricted cash at end of year $ 56,179 $ 42,422