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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net loss $ (53,099) $ (66,554)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,646 1,534
Stock-based compensation expense 5,673 2,950
In-process research and development expenses   25,591
Net amortization of premiums and discounts on marketable securities (103)  
Changes in operating assets and liabilities:    
Unbilled accounts receivable (592)  
Prepaid expenses and other current assets (1,126) (2,714)
Other assets (557) (20)
Accounts payable 1,590 2,849
Accrued expenses and other liabilities 3,442 1,237
Deferred revenue 9,574  
Deferred rent and deferred lease incentive (277) 139
Net cash used in operating activities (33,829) (34,988)
Investing activities    
Purchases of marketable securities (81,270)  
Maturities of marketable securities 39,600  
Purchases of property and equipment (870) (745)
Transaction costs associated with asset acquisition   (91)
Net cash used in investing activities (42,540) (836)
Financing activities    
Payment of stock issuance costs   (34)
Proceeds from initial public offering of common stock, net of underwriting discounts and commissions (193) 64,443
Proceeds from issuance of common stock in connection with private placement, net of placement agent fees and offering costs 64,210  
Principal payments on capital lease obligations (37) (34)
Proceeds from issuance of common stock under benefit plans, net 897 249
Net cash provided by financing activities 64,877 64,624
Net (decrease) increase in cash, cash equivalents and restricted cash (11,492) 28,800
Cash, cash equivalents, and restricted cash, beginning of period 97,805 73,889
Cash, cash equivalents, and restricted cash, end of period 86,313 102,689
Supplemental cash flow information    
Cash paid for interest 3 6
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
Public offering costs unpaid at end of period   442
Cash and cash equivalents 85,221 101,597
Restricted cash $ 1,092 $ 1,092