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v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 28,193 $ 24,869
Marketable securities 118,130 166,076
Accrued interest receivable 277 687
Prepaid research and development expenses 2,221 9,910
Other prepaid expenses and current assets 2,764 1,381
Total current assets 151,585 202,923
Property and equipment, net 1,761 2,409
Operating lease right-of-use asset 272 235
Other assets 207 160
Total assets 153,825 205,727
Current liabilities:    
Accounts payable 231 2,503
Accrued research and development expenses 4,698 9,218
Accrued restructuring 18 3,193
Other accrued liabilities 4,910 2,722
Total current liabilities 9,857 17,636
Long-term portion of operating lease liability 1,262 1,743
Commitments and contingencies (Note 6)
Total liabilities 11,119 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: 200,000,000 shares authorized; 68,946,092 and 68,882,459 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively 7 7
Additional paid-in capital 819,549 812,133
Accumulated other comprehensive income 8 80
Accumulated deficit (676,858) (625,872)
Total stockholders' equity 142,706 186,348
Total liabilities and stockholders' equity $ 153,825 $ 205,727
v3.21.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating expenses:    
Research and development $ 35,882 $ 83,837
General and administrative 17,425 19,238
Restructuring (benefit) charges (705) 5,075
Total operating expenses 52,602 108,150
Loss from operations (52,602) (108,150)
Other income:    
Interest income 1,616 5,342
Total other income 1,616 5,342
Net loss (50,986) (102,808)
Other comprehensive (loss) income:    
Unrealized (loss) gain on marketable securities (72) 138
Total other comprehensive (loss) income (72) 138
Comprehensive loss $ (51,058) $ (102,670)
Basic and diluted net loss per common share $ (0.74) $ (1.53)
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share 68,893,127 67,033,046
v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities    
Net loss $ (50,986) $ (102,808)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 632 572
Stock-based compensation expense 7,135 9,558
Accelerated vesting of stock-based compensation due to restructuring 189 910
Net accretion and amortization of investments in marketable securities (104) (2,237)
Changes in assets and liabilities:    
Interest receivable and other current assets (361) (383)
Prepaid expenses 7,077 (8,697)
Other assets (47) 2,120
Accounts payable (2,272) 530
Accrued restructuring charges (3,175) 3,193
Accrued liabilities (2,813) (669)
Net cash used in operating activities (44,725) (97,911)
Investing activities    
Purchases of property and equipment (21) (315)
Purchases of marketable securities (176,300) (290,893)
Proceeds from maturities of marketable securities 224,278 252,881
Proceeds from sale of marketable securities   3,980
Net cash provided by (used in) investing activities 47,957 (34,347)
Financing activities    
Proceeds from issuance of common stock, net of issuance costs   107,746
Proceeds from issuance of common stock pursuant to equity award plans 92 386
Cash provided by financing activities 92 108,132
Net increase (decrease) in cash and cash equivalents 3,324 (24,126)
Cash and cash equivalents at beginning of period 24,869 48,995
Cash and cash equivalents at end of period 28,193 24,869
Supplemental disclosures    
Cash paid for amounts included in the measurement of lease liabilities $ 647 628
Operating lease right-of-use assets obtained in exchange for lease liabilities   $ 152