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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (44,585) $ (15,096)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 55  
Accretion of discounts on short-term investments 92 (450)
Stock compensation expense 4,998 2,268
Changes in operating assets and liabilities:    
Subscription receivable and unbilled grants receivable 129 (273)
Accrued interest (160) (305)
Prepaid expenses and other current assets (4,542) (301)
Accounts payable, accrued expenses and amount due to related party 4,295 3,028
Deferred grant revenue   (158)
Net cash used in operating activities (39,718) (11,287)
Cash flows from investing activities    
Purchase of property and equipment   (218)
Purchase of short-term investments (242,419) (119,305)
Maturities of short-term investments 71,000 20,000
Net cash used in investing activities (171,419) (99,523)
Cash flows from financing activities    
Proceeds from issuance of Preferred Stock   121,253
Issuance costs related to the issuance of preferred stock   (330)
Payment of initial public offering costs (3,120)  
Proceeds from issuance of commons stock upon initial public offering, net of underwriting discounts of $22,238 295,449  
Net cash provided by financing activities 292,329 120,923
Effect of exchange rate changes on cash, cash equivalents and restricted cash (26)  
Net increase in cash, cash equivalents and restricted cash 81,166 10,113
Cash, cash equivalents and restricted cash at beginning of period 61,084 24,960
Cash, cash equivalents and restricted cash at end of period 142,250 35,073
Non-cash investing and financing activities    
Unrealized gain on short-term investments (83) 102
Right-of-use assets obtained in exchange for operating lease liability   $ 13,213
Deferred offering costs included in accounts payable and accrued expenses 356  
Conversion of preferred stock to common stock upon initial public offering $ 173,127