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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (192,256) $ (99,854) $ (50,284)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 20,410 9,688 4,866
Depreciation expense 830 317 150
Loss on disposal of property and equipment 0 0 10
Net accretion of discounts on marketable securities (3,999) 0 0
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (10,321) (5,770) (637)
Operating lease assets 958    
Accounts payable 10,862 3,991 2,904
Accrued expenses and other current liabilities 24,189 4,477 6,276
Operating lease liabilities (319)    
Other long-term liabilities 350 368 13
Net cash flows used in operating activities (149,296) (86,783) (36,702)
Cash flows from investing activities:      
Purchases of marketable securities (817,142) 0 0
Maturities of marketable securities 261,216 0 0
Sales of marketable securities 100,780 0 0
Purchases of property and equipment (4,935) (1,125) (406)
Increase in restricted investments (441) (1,069) 0
Net cash flows used in investing activities (460,522) (2,194) (406)
Cash flows from financing activities:      
Proceeds from public offerings, net of underwriting discounts and commissions 432,400 185,933 129,112
Proceeds from issuance of convertible preferred shares 0 0 52,300
Repayment of notes payable to related party (1,294) (187) (187)
Payments of public offering costs (620) (674) (4,395)
Payments of convertible preferred share issuance costs 0 0 (429)
Proceeds from exercise of stock options 5,888 915 0
Net cash flows provided by financing activities 436,374 185,987 176,401
Net increase (decrease) in cash and cash equivalents (173,444) 97,010 139,293
Cash and cash equivalents at beginning of period 293,764 196,754 57,461
Cash and cash equivalents at end of period 120,320 293,764 196,754
Supplemental disclosure of cash flow information:      
Cash paid for interest 67 84 95
Addition of operating lease asset included in accrued expenses and other current liabilities 562 0 0
Supplemental disclosure of non-cash investing and financing activities:      
Amounts capitalized under build-to-suit lease transaction 0 11,885 0
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 661 0 78
Retirement of assets 217 0 0
Conversion of convertible preferred shares into common stock 0 0 244,538
Unsettled exercise of stock options $ 553 $ 0 $ 0