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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 $ (98,903) $ (79,749)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,909 4,599
Noncash lease expense 686  
Stock-based compensation expense 9,682 5,199
Amortization of premium on short-term investments (197) (1,601)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 938 2,541
Accounts payable 486 1,511
Accrued expenses and other liabilities 924 2,121
Deferred revenue (590) (379)
Deferred rent   733
Operating lease liabilities (1,655)  
Net cash used in operating activities (82,720) (65,025)
Cash flows from investing activities:    
Purchases of short-term investments (19,991) (257,389)
Maturities of short-term investments 228,620 243,725
Purchases of property and equipment (2,778) (18,108)
Net cash provided by (used in) investing activities 205,851 (31,772)
Cash flows from financing activities:    
Proceeds from issuance of common stock in follow-on public offering, net of discounts and issuance costs   134,524
Proceeds from issuance of common stock pursuant to employee stock purchase plan 938 829
Proceeds from issuance of common stock from option exercises 160 285
Net cash provided by financing activities 1,098 135,638
Net change in cash, cash equivalents and restricted cash 124,229 38,841
Cash, cash equivalents and restricted cash, beginning of period 55,048 39,992
Cash, cash equivalents and restricted cash, end of period 179,277 78,833
Supplemental disclosures of noncash investing and financing activities:    
Reclassification of liability for common stock vested 21 47
Property and equipment additions included in accounts payable 677 682
Property and equipment additions included in accrued expenses and other liabilities 126 705
Unrealized (loss) gain on available for sale securities, net $ (183) $ 331