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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (128,694) $ (103,916)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 7,965 6,318
Noncash lease expense 939  
Stock-based compensation expense 13,248 7,635
Accretion of short-term investments (198) (1,871)
Loss on disposal of property and equipment 888 13
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 2,056 2,759
Accounts payable 2,459 (4,452)
Accrued expenses and other liabilities 2,432 2,315
Deferred revenue 6,824 (569)
Deferred rent   410
Operating lease liabilities (2,251)  
Net cash used in operating activities (94,332) (91,358)
Cash flows from investing activities:    
Purchases of short-term investments (19,991) (286,391)
Maturities of short-term investments 228,620 256,425
Purchases of property and equipment (3,733) (21,833)
Net cash provided by (used in) investing activities 204,896 (51,799)
Cash flows from financing activities:    
Proceeds from issuance of common stock in private placement 51,979  
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 from option exercises 176 351
Proceeds from issuance of common stock pursuant to employee stock purchase plan 938 829
Net cash provided by financing activities 53,093 158,213
Net change in cash, cash equivalents and restricted cash 163,657 15,056
Cash, cash equivalents and restricted cash, beginning of period 55,048 39,992
Cash, cash equivalents and restricted cash, end of period 218,705 55,048
Supplemental disclosures of noncash investing and financing activities:    
Reclassification of liability for common stock vested 24 60
Property and equipment additions included in accounts payable 110 455
Property and equipment additions included in accrued expenses and other liabilities   249
Unrealized (loss) gain on available for sale securities, net $ (183) 260
Offering costs included in accrued expenses and other liabilities   100
ATM    
Cash flows from financing activities:    
Proceeds from issuance of common stock in follow-on public offering, net of discounts and issuance costs   $ 22,509