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Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (75,347) $ (157,125)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 217 2
Stock-based compensation 3,461 66
Amortization of debt discount 904 243
Acquired in-process research and development   78,897
Change in fair value of warrant liabilities (includes related party amounts of $0 and $59,031, respectively) (95) 59,060
Change in fair value of convertible promissory notes (includes related party amounts of $0 and $1,053, respectively)   4,928
Other 158  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (includes the change in related party amounts of $0, and $17, respectively) 11,034 (3,147)
Accounts payable and accrued expenses (includes the change in related party amounts of $238, and $186, respectively) 18,506 1,603
Accrued interest (includes the change in related party amounts of $0 and $483, respectively) 146 2,347
Operating right-of-use asset and lease liabilities (272)  
Other long-term assets (200)  
Net cash used in operating activities (41,488) (13,126)
Cash flows from investing activities    
Cash paid for purchased in-process research and development   (25,118)
Cash paid for property, plant and equipment (916) (26)
Net cash used in investing activities (916) (25,144)
Cash flows from financing activities    
Proceeds from initial public offering, net of issuance costs   (1,299)
Proceeds from issuance of convertible promissory notes   88,324
Net proceeds from issuance of long-term debt 25,000 24,850
Net cash provided by financing activities 25,000 111,875
Net (decrease) increase in cash and cash equivalents (17,404) 73,605
Cash and cash equivalents – beginning of period 243,765 879
Cash and cash equivalents – end of period 226,361 74,484
Supplemental disclosure of cash flow information    
Interest paid 2,235 549
Supplemental disclosure of noncash investing and financing activities    
Exchange of accrued interest for convertible promissory notes   27
Issuance of common stock warrants in connection with long-term debt   419
Property and equipment purchases included in accounts payable and accrued liabilities 39  
Final interest payment fee 2,063 2,063
Operating lease liabilities arising from obtaining right-of-use assets 1,396  
Unpaid initial public offering costs   714
Takeda License    
Supplemental disclosure of noncash investing and financing activities    
Issuance of Takeda Warrants in connection with Takeda License   47,894
Issuance of common stock in connection with Takeda License   $ 5,885
Lender Warrants    
Supplemental disclosure of noncash investing and financing activities    
Conversion of Lender Warrants into equity $ 318