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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net loss $ (32,908) $ (29,733)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,363 899
Depreciation and amortization 1,266 464
Non-cash research and development expense 332 332
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,440) (384)
Other receivables—due from related parties   148
Contract asset—due from related parties (577)  
Accounts payable 523 (503)
Accrued expenses and other current liabilities 2,268 2,686
Deferred revenue 129,328 54,825
Operating lease right-of-use assets 8,330 493
Operating lease liabilities (2,287) (489)
Other non-current assets and liabilities   (32)
Net cash provided by operating activities 108,198 28,706
Investing activities    
Purchase of property and equipment, net (7,659) (333)
Purchase of marketable securities (460,939) (78,112)
Maturities of marketable securities 50,000  
Net cash used in investing activities (418,598) (78,445)
Financing activities    
Proceeds from stock option exercises 138 46
Payments on financing leases (402) (253)
Proceeds from initial public offering, net of underwriting discounts and offering costs 182,748  
Proceeds from concurrent private placement 13,527  
Net cash provided by financing activities 288,992 13,818
Net increase in cash, cash equivalents and restricted cash (21,408) (35,921)
Cash, cash equivalents and restricted cash at beginning of period 77,789 41,459
Cash, cash equivalents and restricted cash at end of period 56,381 5,538
Supplemental disclosure of cash flow activities    
Cash paid for interest 88  
Supplemental disclosure of noncash investing activities    
Property and equipment purchases included in accounts payable and accrued expenses 797  
Supplemental disclosure of noncash operating activities    
Right-of-use assets obtained in exchange for operating lease liabilities   201
Tenant improvement receivable included in other assets 139  
Reduction of right-of-use asset and liability due to lease modification 2,161  
Cash and cash equivalents 54,593 5,339
Restricted cash 1,788 199
Series B-1 Convertible Preferred    
Financing activities    
Proceeds from the issuance of Series B-1 Convertible Preferred Stock, net of issuance costs 4,800 $ 14,025
Series C Convertible Preferred Stock    
Financing activities    
Proceeds from the issuance of Series B-1 Convertible Preferred Stock, net of issuance costs $ 88,181