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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (70,671) $ (50,122)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,899 2,908
Noncash lease expense 450  
Stock-based compensation expense 6,336 3,213
Amortization of premium on short-term investments (193) (1,200)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,025 3,975
Accounts payable 4,920 576
Accrued expenses and other liabilities 1,888 302
Deferred revenue (397) (233)
Deferred rent   1,040
Operating lease liabilities (1,090)  
Net cash used in operating activities (53,833) (39,541)
Cash flows from investing activities:    
Purchases of short-term investments (19,992) (189,475)
Maturities of short-term investments 189,620 187,225
Purchases of property and equipment (2,621) (16,385)
Net cash provided by investing activities 167,007 (18,635)
Cash flows from financing activities:    
Proceeds from issuance of common stock in follow-on public offering, net of discounts and issuance costs   134,552
Proceeds from issuance of common stock pursuant to employee stock purchase plan 537 396
Proceeds from issuance of common stock from option exercises 151 76
Net cash provided by financing activities 688 135,024
Net change in cash, cash equivalents and restricted cash 113,862 76,848
Cash, cash equivalents and restricted cash, beginning of period 55,048 39,992
Cash, cash equivalents and restricted cash, end of period 168,910 116,840
Supplemental disclosures of noncash investing and financing activities:    
Reclassification of liability for common stock vested 16 36
Property and equipment additions included in accounts payable 30 1,126
Property and equipment additions included in accrued expenses and other liabilities 7  
Unrealized (loss) gain on available for sale securities, net $ (172) 263
Deferred offering costs included in accounts payable and accrued expenses   $ 27