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v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 48,995 $ 23,054
Marketable securities 129,669 74,156
Receivable from collaboration   5,000
Prepaid expenses 2,594 1,208
Other current assets 304 126
Total current assets 181,562 103,544
Property and equipment, net 2,905 69
Other assets 2,280 634
Total assets 186,747 104,247
Current liabilities:    
Accounts payable 1,973 1,311
Accrued clinical expenses 8,588 2,929
Other accrued liabilities 3,854 2,828
Warrant liability   6,091
Facility loan   3,108
Accrued interest payable   43
Total current liabilities 14,415 16,310
Deferred rent, less current portion 1,914  
Facility loan, less current portion   2,990
Total liabilities 16,329 19,300
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; 59,456,493 and 44,408,796 shares issued and outstanding as of December 31, 2018 and 2017, respectively 6 4
Additional paid-in capital 693,534 535,503
Accumulated other comprehensive loss (58) (44)
Accumulated deficit (523,064) (450,516)
Total stockholders’ equity 170,418 84,947
Total liabilities and stockholders’ equity $ 186,747 $ 104,247
v3.10.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]      
Collaboration revenue   $ 10,000  
Type of Revenue [Extensible List] us-gaap:LicenseAndServiceMember us-gaap:LicenseAndServiceMember us-gaap:LicenseAndServiceMember
Operating expenses:      
Research and development $ 58,124 $ 18,938 $ 15,941
General and administrative 14,381 12,387 9,645
Total operating expenses 72,505 31,325 25,586
Loss from operations (72,505) (21,325) (25,586)
Other income (expense):      
Interest income 3,988 621 176
Interest expense (336) (1,080) (1,337)
Loss on extinguishment of debt (407)    
Other (expense) income, net (3,288) (5,773) 76
Total other income (expense) (43) (6,232) (1,085)
Net loss (72,548) (27,557) (26,671)
Other comprehensive (loss) income:      
Unrealized (loss) gain on marketable securities (14) (43) 20
Other comprehensive (loss) income (14) (43) 20
Comprehensive loss $ (72,562) $ (27,600) $ (26,651)
Basic net loss per common share $ (1.25) $ (0.79) $ (1.14)
Diluted net loss per common share $ (1.26) $ (0.79) $ (1.14)
Weighted average common shares outstanding used to calculate basic net loss per common share 57,808,254 34,903,960 23,447,003
Weighted average common shares outstanding used to calculate diluted net loss per common share 57,838,299 34,903,960 23,447,003
v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net loss $ (72,548) $ (27,557) $ (26,671)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 105 35 29
Stock-based compensation expense 7,013 4,920 2,473
Net accretion and amortization of investments in marketable securities (1,945) (199) 125
Non-cash interest associated with debt discount accretion 148 437 476
Loss on extinguishment of debt 407    
Change in fair value of warrant liability 3,710 5,773 (75)
Gain on extinguishment of warrant liability (422)    
Accretion of tenant improvement allowance (263)    
Changes in assets and liabilities:      
Receivable from collaboration 5,000 (5,000)  
Other current assets (178) (98) 165
Prepaid expenses (1,386) 161 (761)
Other assets (1,646) 120 (13)
Accounts payable 662 412 (109)
Accrued liabilities 6,450 1,387 1,015
Accrued interest payable (43) (23) (7)
Net cash used in operating activities (54,936) (19,632) (23,353)
Investing activities      
Purchases of property and equipment (529) (27) (42)
Purchases of marketable securities (276,382) (98,385) (22,906)
Proceeds from maturities of marketable securities 222,800 30,884 50,076
Net cash (used in) provided by investing activities (54,111) (67,528) 27,128
Financing activities      
Proceeds from issuance of common stock, net of issuance costs 135,520 100,436  
Proceeds from issuance of common stock pursuant to equity award plans 3,571 2,189  
Proceeds from issuance of common stock upon exercise of warrants 2,550 231  
Repayment of facility loan principal (6,527) (3,137) (986)
Payment of fees to extinguish facility loan (126)    
Net cash provided by (used in) financing activities 134,988 99,719 (986)
Net increase in cash and cash equivalents 25,941 12,559 2,789
Cash and cash equivalents at beginning of period 23,054 10,495 7,706
Cash and cash equivalents at end of period 48,995 23,054 10,495
Supplemental disclosure      
Cash paid for interest 231 666 866
Supplemental non-cash investing and financing activities      
Issuance of common stock upon warrant exercises 9,379 827  
Lessor funded lease incentives included in property and equipment 2,256    
Accrued property and equipment $ 156    
Net change in accrued financing costs   $ (144) $ 144