XML 17 R7.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (73,708) $ (56,322)
Adjustments to reconcile net loss to net cash from operating activities:    
Stock-based compensation expense 4,961 4,883
Non-cash interest expense 252 1
Fair value of Series B redeemable convertible preferred stock earned in connection with sponsored research agreement   253
Fair value of common stock earned in connection with license agreement 2,660  
Depreciation expense 3,080 1,814
Accretion of investments (40) (925)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,098 (3,043)
Operating right-of-use assets 959  
Other non-current assets (2) 102
Accounts payable (168) 855
Accrued expenses 10,715 5,960
Deferred revenue 8,725 55,762
Deferred rent   3,577
Operating lease liabilities 10,977  
Net cash provided by (used in) operating activities (29,491) 12,917
Cash flows from investing activities:    
Purchases of property and equipment (19,891) (3,521)
Purchases of investments   (108,081)
Maturities of investments 73,063 107,000
Net cash provided by (used in) investing activities 53,172 (4,602)
Cash flows from financing activities:    
Proceeds from long-term debt, net of issuance costs 15,000 9,567
Proceeds from exercise of common stock options 142 254
Payment of initial public offering costs (1,167)  
Net cash provided by financing activities 13,975 9,821
Increase in cash, cash equivalents and restricted cash 37,656 18,136
Cash, cash equivalents and restricted cash, beginning of period 14,853 18,460
Cash, cash equivalents and restricted cash, end of period 52,509 36,596
Supplemental disclosures:    
Cash paid for interest 834  
Non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses 1,134 1,346
Deferred offering costs included in accrued expenses 493  
Deferred financing costs for long-term debt included in accounts payable and accrued expenses   83
Accretion of redeemable convertible preferred stock to redemption value 10,249 $ 9,984
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 23,186