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v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 56,794 $ 24,869
Marketable securities 119,438 166,076
Accrued interest receivable 377 687
Prepaid research and development expenses 7,922 9,910
Other prepaid expenses 1,418 1,381
Total current assets 185,949 202,923
Property and equipment, net 2,242 2,409
Operating lease right-of-use asset 249 235
Other assets 160 160
Total assets 188,600 205,727
Current liabilities:    
Accounts payable 1,213 2,503
Accrued research and development expenses 7,351 9,218
Accrued restructuring 1,717 3,193
Other accrued liabilities 1,641 2,722
Total current liabilities 11,922 17,636
Long-term portion of operating lease liability 1,630 1,743
Total liabilities 13,552 19,379
Stockholders' equity:    
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.0001 par value: 100,000,000 shares authorized; 68,882,459 and 68,882,459 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively 7 7
Additional paid-in capital 814,131 812,133
Accumulated other comprehensive (loss) income (130) 80
Accumulated deficit (638,960) (625,872)
Total stockholders' equity 175,048 186,348
Total liabilities and stockholders' equity $ 188,600 $ 205,727
v3.20.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating expenses:    
Research and development $ 9,509 $ 18,588
General and administrative 4,347 5,663
Restructuring charges 71  
Total operating expenses 13,927 24,251
Loss from operations (13,927) (24,251)
Other income (expense):    
Interest income 839 1,176
Total other income (expense) 839 1,176
Net loss (13,088) (23,075)
Other comprehensive (loss) income:    
Unrealized (loss) gain on marketable securities (210) 103
Total other comprehensive (loss) income (210) 103
Comprehensive loss $ (13,298) $ (22,972)
Basic net loss per common share $ (0.19) $ (0.37)
Diluted net loss per common share $ (0.19) $ (0.37)
Weighted average common shares outstanding used to calculate basic net loss per common share 68,882,459 61,890,632
Weighted average common shares outstanding used to calculate diluted net loss per common share 68,882,459 61,890,632
v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net loss $ (13,088) $ (23,075)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 153 138
Stock-based compensation expense 1,998 2,342
Net accretion and amortization of investments in marketable securities (205) (544)
Changes in assets and liabilities:    
Interest receivable and other current assets 310 (177)
Prepaid research and development expenses and other prepaid assets 1,951 (2,233)
Other assets   1,158
Accounts payable (1,290) 437
Accrued restructuring charges (1,476)  
Accrued liabilities (3,061) (440)
Net cash used in operating activities (14,708) (22,394)
Investing activities    
Purchases of property and equipment   (178)
Purchases of marketable securities (65,503) (90,897)
Proceeds from maturities of marketable securities 112,136 78,051
Proceeds from sale of marketable securities   3,980
Net cash provided by (used in) investing activities 46,633 (9,044)
Financing activities    
Proceeds from issuance of common stock, net of issuance costs   107,920
Proceeds from issuance of common stock pursuant to equity award plans   97
Cash provided by financing activities   108,017
Net increase in cash and cash equivalents 31,925 76,579
Cash and cash equivalents at beginning of period 24,869 48,995
Cash and cash equivalents at end of period 56,794 125,574
Supplemental disclosure    
Cash paid for amounts included in the measurement of lease liabilities $ 161 157
Supplemental non-cash investing and financing activities    
Accrued financing costs   $ 174