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v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 44,726 $ 23,054
Marketable securities 167,353 74,156
Receivable from collaboration   5,000
Accrued interest receivable 405 103
Prepaid expenses 2,131 1,208
Other current assets 2,100 23
Total current assets 216,715 103,544
Property and equipment, net 90 69
Other assets 1,363 634
Total assets 218,168 104,247
Current liabilities:    
Accounts payable 1,336 1,311
Accrued clinical trial expenses 7,877 2,929
Warrant liability 5,632 6,091
Other accrued liabilities 2,071 2,828
Facility loan   3,108
Accrued interest payable   43
Total current liabilities 16,916 16,310
Facility loan, less current portion   2,990
Deferred rent, net of current portion 2,039  
Total liabilities 18,955 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; 58,959,936 and 44,408,796 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively 6 4
Additional paid-in capital 684,326 535,503
Accumulated other comprehensive loss (67) (44)
Accumulated deficit (485,052) (450,516)
Total stockholders’ equity 199,213 84,947
Total liabilities and stockholders’ equity $ 218,168 $ 104,247
v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Collaboration revenue       $ 4,793
Type of Revenue [Extensible List] us-gaap:LicenseAndServiceMember us-gaap:LicenseAndServiceMember us-gaap:LicenseAndServiceMember us-gaap:LicenseAndServiceMember
Operating expenses:        
Research and development $ 14,397 $ 4,044 $ 23,874 $ 8,085
General and administrative 3,574 3,582 6,947 7,283
Total operating expenses 17,971 7,626 30,821 15,368
Loss from operations (17,971) (7,626) (30,821) (10,575)
Other income (expense):        
Interest income 1,061 44 1,769 81
Interest expense (128) (283) (336) (588)
Loss on extinguishment of debt (407)   (407)  
Other expense, net (86) (1,064) (4,741) (3,198)
Net loss (17,531) (8,929) (34,536) (14,280)
Net loss (17,531) (8,929) (34,536) (14,280)
Other comprehensive income (loss):        
Unrealized gain (loss) on marketable securities 65 1 (23)  
Other comprehensive income (loss) 65 1 (23)  
Comprehensive loss $ (17,466) $ (8,928) $ (34,559) $ (14,280)
Basic net loss per common share $ (0.30) $ (0.31) $ (0.61) $ (0.52)
Diluted net loss per common share $ (0.30) $ (0.31) $ (0.61) $ (0.52)
Weighted average common shares outstanding used to calculate basic net loss per common share 58,833,647 28,752,451 56,307,236 27,687,110
Weighted average common shares outstanding used to calculate diluted net loss per common share 58,905,898 28,752,451 56,307,236 27,687,110
v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities    
Net loss $ (34,536) $ (14,280)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 25 18
Stock-based compensation expense 3,547 3,118
Net accretion and amortization of investments in marketable securities (777) 4
Non-cash interest associated with debt discount accretion 148 232
Loss on extinguishment of debt 407  
Change in fair value of warrant liability 4,741 3,198
Accretion of tenant improvement allowance (61)  
Changes in assets and liabilities:    
Receivable from collaboration 5,000  
Interest receivable and other current assets (279) 4
Prepaid expenses (923) 243
Other assets (729) (50)
Accounts payable 25 202
Accrued liabilities 4,191 (772)
Accrued interest payable (43) (11)
Net cash used in operating activities (19,264) (8,094)
Investing activities    
Purchases of property and equipment (46)  
Purchases of marketable securities (185,925) (9,822)
Proceeds from maturities of marketable securities 93,482 9,100
Net cash used in investing activities (92,489) (722)
Financing activities    
Proceeds from issuance of common stock, net of issuance costs 135,520 9,364
Proceeds from issuance of common stock pursuant to equity award plans 3,521  
Proceeds from issuance of common stock upon exercise of warrants 1,037  
Repayment of facility loan principal (6,527) (1,534)
Payment of fees to extinguish facility loan (126)  
Net cash provided by financing activities 133,425 7,830
Net increase (decrease) in cash and cash equivalents 21,672 (986)
Cash and cash equivalents at beginning of period 23,054 10,495
Cash and cash equivalents at end of period 44,726 9,509
Supplemental disclosure    
Cash paid for interest 231 $ 367
Supplemental non-cash investing and financing activities    
Lessor funded lease incentives included in other current assets 2,100  
Issuance of common stock upon warrant exercises $ 5,200