Subsequent Events

6 Months Ended

Jun. 30, 2017

9.	Subsequent Events

On July 19, 2017, we completed our IPO. Total net proceeds were $182.4 million, including the following:

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$132.4 million from the sale of 17,968,750 shares of our common stock in our IPO; and

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$50.0 million from the purchase of 6,250,000 shares by Novartis in a concurrent private placement.

In addition, both of the following occurred in connection with the completion of our IPO on July 19, 2017:

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the conversion of all outstanding shares of Series A convertible preferred stock into 28,884,540 shares of our common stock; and

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the conversion of $106.0 million of outstanding principal plus accrued interest from the line of credit into 13,438,339 shares of common stock.

The following table summarizes certain actual balance sheet data and pro forma balance sheet data to reflect the activities related to our IPO noted above and Novartis’ concurrent private placement, as of June 30, 2017 (in thousands):

	June 30, 2017			Pro Forma June 30, 2017
Cash and cash equivalents and short-term investments	$	118,668		$	302,382
Other current assets		3,939			2,052
Accounts payable and accrued expenses		3,608			2,998
Line of credit with Ionis Pharmaceuticals, Inc.		107,507			—
Convertible preferred stock		100,000			—
Common stock		—			67
Additional paid-in capital		64,059			453,936
Total stockholders’ equity (deficit)		(82,983	)		206,961