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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (72,807) $ (47,384) $ (192,300)
Adjustments to reconcile net loss to net cash flows used in operating activities:      
Stock-based compensation expense 6,994 6,229  
Depreciation expense 460 104  
Net accretion of discounts on marketable securities (1,532) (486)  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 1,853 3,170  
Operating lease assets 528 143  
Accounts payable (8,511) 2,629  
Accrued expenses and other current liabilities (6,800) 2,637  
Operating lease liabilities (555) (148)  
Other long-term liabilities 0 100  
Net cash flows used in operating activities (80,370) (33,006)  
Cash flows from investing activities:      
Purchases of marketable securities (203,527) (179,607)  
Maturities of marketable securities 203,120 0  
Purchases of property and equipment (669) (41)  
Increase in restricted investments (614) 0  
Net cash flows used in investing activities (1,690) (179,648)  
Cash flows from financing activities:      
Proceeds from public offerings, net of underwriting discounts and commissions 189,175 0  
Repayment of notes payable to related party 0 (31)  
Payments of public offering costs (352) 0  
Proceeds from exercise of stock options 2,569 1,149  
Net cash flows provided by financing activities 191,392 1,118  
Net increase (decrease) in cash and cash equivalents 109,332 (211,536)  
Cash and cash equivalents at beginning of period 120,320 293,764 293,764
Cash and cash equivalents at end of period 229,652 82,228 $ 120,320
Supplemental disclosure of cash flow information:      
Cash paid for interest 0 13  
Property and equipment purchases included in accounts payable and accrued expenses and other current liabilities 152 0  
Offering costs included in accounts payable and accrued expenses and other current liabilities $ 438 $ 0