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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (51,000) $ (49,326)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,303 807
Gain or loss on sale of property and equipment (8)  
Equity-based compensation 7,972 5,211
Amortization/accretion of investment securities (1,390) (345)
Non-cash operating lease expense 997  
Deferred payroll tax credit 176 272
Change in operating assets and liabilities:    
Accounts receivable (25,000)  
Prepaid expenses and other current assets (739) (1,276)
Other assets (98)  
Accounts payable (1,342) 1,664
Accrued expenses 2,453 4,361
Deferred rent   191
Operating lease liabilities (888)  
Deferred revenue 4,508 62,904
Other liabilities (59) 108
Net cash (used in) provided by operating activities (63,115) 24,571
Cash flows from investing activities:    
Purchase of property and equipment (3,115) (1,492)
Purchase of marketable securities (235,417) (75,239)
Proceeds from sale of property and equipment 8  
Sales and maturities of marketable securities 176,288 16,500
Net cash used in investing activities (62,236) (60,231)
Cash flows from financing activities:    
Principal payments on loan payable (365) (667)
Proceeds from sale of common stock, net of issuance costs 48,348 94,935
Proceeds from stock option exercises 913 6
Other (13) (6)
Net cash provided by financing activities 48,883 94,268
Net (decrease) increase in cash and cash equivalents and restricted cash (76,468) 58,608
Cash and cash equivalents and restricted cash, beginning of period 115,274 56,666
Cash and cash equivalents and restricted cash, end of period 38,806 115,274
Supplemental disclosure of non-cash items:    
Property and equipment purchases in accounts payable and accrued expenses   $ 439
Operating lease right-of-use asset obtained in exchange for operating lease obligation $ 5,444