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v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 68,963 $ 28,193
Marketable securities 44,825 118,130
Accrued interest receivable 69 277
Prepaid research and development expenses 5,071 2,221
Other prepaid expenses and current assets 648 2,764
Total current assets 119,576 151,585
Property and equipment, net 1,341 1,761
Operating lease right-of-use asset 264 272
Other assets 1,721 207
Total assets 122,902 153,825
Current liabilities:    
Accounts payable 764 231
Accrued research and development expenses 6,451 4,698
Other accrued liabilities 4,526 4,928
Total current liabilities 11,741 9,857
Development financing liability 23,259 0
Long-term portion of operating lease liability 844 1,262
Total liabilities 35,844 11,119
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, $0.0001 par value: 200,000,000 shares authorized; 69,043,969 and 68,946,092 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively 7 7
Additional paid-in capital 827,365 819,549
Accumulated other comprehensive (loss) income (1) 8
Accumulated deficit (740,313) (676,858)
Total stockholders' equity 87,058 142,706
Total liabilities and stockholders' equity $ 122,902 $ 153,825
v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating expenses:        
Research and development $ 17,010 $ 7,743 $ 46,137 $ 25,194
General and administrative 5,179 3,907 16,936 11,535
Total operating expenses 22,189 11,650 63,073 36,729
Loss from operations (22,189) (11,650) (63,073) (36,729)
Other income (expense), net:        
Interest income 29 229 140 1,494
Interest expense (522) 0 (522) 0
Total other income (expense), net (493) 229 (382) 1,494
Net loss (22,682) (11,421) (63,455) (35,235)
Other comprehensive (loss) income:        
Unrealized (loss) gain on marketable securities (2) (104) (9) 2
Total other comprehensive (loss) income (2) (104) (9) 2
Comprehensive loss $ (22,684) $ (11,525) $ (63,464) $ (35,233)
Basic and diluted net loss per common share $ (0.33) $ (0.17) $ (0.92) $ (0.51)
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share 69,022,937 68,887,092 68,985,112 68,884,894
v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net loss $ (63,455) $ (35,235)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 515 468
Stock-based compensation expense 7,611 5,513
Accretion of development financing liability 522  
Write-off of deferred financing costs 312 0
Net accretion and amortization of investments in marketable securities 543 (240)
Changes in assets and liabilities:    
Interest receivable and other current assets 765 42
Prepaid expenses (1,490) 7,071
Other assets (1,514) 0
Accounts payable 512 (1,556)
Accrued liabilities 491 (5,972)
Net cash used in operating activities (55,188) (29,909)
Investing activities    
Purchases of property and equipment (87) (21)
Purchases of marketable securities (44,607) (153,951)
Proceeds from maturities of marketable securities 117,360 206,278
Net cash provided by investing activities 72,666 52,306
Financing activities    
Proceeds from issuance of common stock pursuant to equity award plans 205 7
Proceeds from development financing, net of transaction costs 23,087 0
Net cash provided by financing activities 23,292 7
Net increase in cash and cash equivalents 40,770 22,404
Cash and cash equivalents at beginning of period 28,193 24,869
Cash and cash equivalents at end of period 68,963 47,273
Supplemental disclosure    
Cash paid for amounts included in the measurement of lease liabilities 498 484
Supplemental non-cash investing and financing activities    
Accrued financing costs $ 350 $ 0