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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Operating activities    
Net loss $ (70,819) $ (82,677)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,379 2,053
Stock-based compensation expense 7,350 4,224
In-process research and development expense   25,591
Net amortization of premiums and discounts on marketable securities (68)  
Changes in operating assets and liabilities:    
Accounts receivable (2,000)  
Unbilled accounts receivable (531)  
Prepaid expenses and other current assets (697) (2,459)
Other assets (519) (20)
Accounts payable 1,773 803
Accrued expenses and other liabilities 1,976 2,949
Deferred revenue 7,881 10,000
Deferred rent and deferred lease incentive (380) 53
Net cash used in operating activities (53,655) (39,483)
Investing activities    
Purchases of marketable securities (124,270)  
Maturities of marketable securities 68,474  
Purchases of property and equipment (1,342) (853)
Transaction costs associated with asset acquisition   (91)
Net cash used in investing activities (57,138) (944)
Financing activities    
Proceeds from initial public offering of common stock, net of underwriting discounts and commissions (193) 64,173
Proceeds from issuance of common stock in connection with private placement, net of issuance costs 64,210  
Proceeds from issuance of common stock in connection with at-the-market offering, net of issuance costs 1,429 249
Principal payments on capital lease obligations (50) (45)
Net cash provided by financing activities 71,132 64,343
Net (decrease) increase in cash, cash equivalents and restricted cash (39,661) 23,916
Cash, cash equivalents, and restricted cash, beginning of period 97,805 73,889
Cash, cash equivalents, and restricted cash, end of period 58,144 97,805
Supplemental cash flow information    
Cash paid for interest 4 7
Non-cash investing and financing activities:    
Acquisition of in process research and development through issuance of stock   25,500
Conversion of convertible preferred stock into common stock   165,136
Property and equipment purchases unpaid at end of period 262 34
Public offering costs unpaid at end of period   301
Cash and cash equivalents 57,052 96,713
Restricted cash 1,092 1,092
At-The-Market Offering    
Financing activities    
Proceeds from issuance of common stock in connection with at-the-market offering, net of issuance costs $ 5,736  
Series B Convertible Preferred Stock    
Financing activities    
Payment of stock issuance costs   $ (34)