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v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 125,574 $ 48,995
Marketable securities 139,182 129,669
Accrued interest receivable 481 304
Prepaid expenses 4,827 2,594
Total current assets 270,064 181,562
Property and equipment, net 2,794 2,905
Operating lease right-of-use asset 177  
Other assets 1,122 2,280
Total assets 274,157 186,747
Current liabilities:    
Accounts payable 2,410 1,973
Accrued clinical trial expenses 9,281 8,588
Other accrued liabilities 2,782 3,854
Total current liabilities 14,473 14,415
Long-term portion of operating lease liability 2,053  
Other liabilities   1,914
Total liabilities 16,526 16,329
Commitments and contingencies
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; 68,694,043 and 59,456,493 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively 7 6
Additional paid-in capital 803,718 693,534
Accumulated other comprehensive income (loss) 45 (58)
Accumulated deficit (546,139) (523,064)
Total stockholders’ equity 257,631 170,418
Total liabilities and stockholders’ equity $ 274,157 $ 186,747
v3.19.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating expenses:    
Research and development $ 18,588 $ 9,477
General and administrative 5,663 3,373
Total operating expenses 24,251 12,850
Loss from operations (24,251) (12,850)
Other income (expense):    
Interest income 1,176 708
Interest expense   (208)
Other expense, net   (4,655)
Total other income (expense) 1,176 (4,155)
Net loss (23,075) (17,005)
Other comprehensive income (loss):    
Unrealized gain (loss) on marketable securities 103 (88)
Total other comprehensive income (loss) 103 (88)
Comprehensive loss $ (22,972) $ (17,093)
Basic net loss per common share $ (0.37) $ (0.32)
Diluted net loss per common share $ (0.37) $ (0.32)
Weighted average common shares outstanding used to calculate basic net loss per common share 61,890,632 53,752,753
Weighted average common shares outstanding used to calculate diluted net loss per common share 61,890,632 53,752,753
v3.19.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities    
Net loss $ (23,075) $ (17,005)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 138 12
Stock-based compensation expense 2,342 1,796
Net accretion and amortization of investments in marketable securities (544) (278)
Non-cash interest associated with debt discount accretion   92
Change in fair value of warrant liability   4,654
Changes in assets and liabilities:    
Receivable from collaboration   5,000
Interest receivable and other current assets (177) (147)
Prepaid expenses (2,233) (159)
Other assets 1,158 (346)
Accounts payable 437 727
Accrued liabilities (440) (781)
Accrued interest payable   (6)
Net cash used in operating activities (22,394) (6,441)
Investing activities    
Purchases of property and equipment (178) (46)
Purchases of marketable securities (90,897) (124,943)
Proceeds from maturities of marketable securities 78,051 35,334
Proceeds from sale of marketable securities 3,980  
Net cash used in investing activities (9,044) (89,655)
Financing activities    
Proceeds from issuance of common stock, net of issuance costs 107,920 135,520
Proceeds from issuance of common stock pursuant to equity award plans 97 3,276
Proceeds from issuance of common stock upon exercise of warrants   656
Repayment of facility loan principal   (829)
Net cash provided by financing activities 108,017 138,623
Net increase in cash and cash equivalents 76,579 42,527
Cash and cash equivalents at beginning of period 48,995 23,054
Cash and cash equivalents at end of period 125,574 65,581
Supplemental disclosure    
Cash paid for interest   123
Supplemental non-cash investing and financing activities    
Accrued financing costs $ 174  
Issuance of common stock upon warrant exercises   $ 3,097