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v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 28,081 $ 48,995
Marketable securities 213,126 129,669
Accrued interest receivable 725 304
Prepaid expenses 7,881 2,594
Total current assets 249,813 181,562
Property and equipment, net 2,693 2,905
Operating lease right-of-use asset 199  
Other assets 730 2,280
Total assets 253,435 186,747
Current liabilities:    
Accounts payable 2,882 1,973
Accrued clinical trial expenses 9,274 8,588
Other accrued liabilities 3,266 3,854
Total current liabilities 15,422 14,415
Long-term portion of operating lease liability 1,954  
Other liabilities   1,914
Total liabilities 17,376 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; 68,701,043 and 59,456,493 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively 7 6
Additional paid-in capital 806,001 693,534
Accumulated other comprehensive income (loss) 228 (58)
Accumulated deficit (570,177) (523,064)
Total stockholders’ equity 236,059 170,418
Total liabilities and stockholders’ equity $ 253,435 $ 186,747
v3.19.2
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating expenses:        
Research and development $ 21,119 $ 14,397 $ 39,707 $ 23,874
General and administrative 4,529 3,574 10,192 6,947
Total operating expenses 25,648 17,971 49,899 30,821
Loss from operations (25,648) (17,971) (49,899) (30,821)
Other income (expense):        
Interest income 1,610 1,061 2,786 1,769
Interest expense   (128)   (336)
Loss on extinguishment of debt   (407)   (407)
Other expense, net   (86)   (4,741)
Total other income (expense) 1,610 440 2,786 (3,715)
Net loss (24,038) (17,531) (47,113) (34,536)
Other comprehensive income (loss):        
Unrealized gain (loss) on marketable securities 183 65 286 (23)
Total other comprehensive income (loss) 183 65 286 (23)
Comprehensive loss $ (23,855) $ (17,466) $ (46,827) $ (34,559)
Basic net loss per common share $ (0.35) $ (0.30) $ (0.72) $ (0.61)
Diluted net loss per common share $ (0.35) $ (0.30) $ (0.72) $ (0.61)
Weighted average common shares outstanding used to calculate basic net loss per common share 68,697,735 58,833,647 65,312,988 56,307,236
Weighted average common shares outstanding used to calculate diluted net loss per common share 68,697,735 58,905,898 65,312,988 56,307,236
v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities    
Net loss $ (47,113) $ (34,536)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 278 25
Stock-based compensation expense 4,618 3,547
Net accretion and amortization of investments in marketable securities (1,324) (777)
Non-cash interest associated with debt discount accretion   148
Loss on extinguishment of debt   407
Change in fair value of warrant liability   4,741
Accretion of tenant improvement allowance   (61)
Changes in assets and liabilities:    
Receivable from collaboration   5,000
Interest receivable and other current assets (421) (279)
Prepaid expenses (5,287) (923)
Other assets 1,550 (729)
Accounts payable 909 25
Accrued liabilities 142 4,191
Accrued interest payable   (43)
Net cash used in operating activities (46,648) (19,264)
Investing activities    
Purchases of property and equipment (269) (46)
Purchases of marketable securities (221,278) (185,925)
Proceeds from maturities of marketable securities 135,451 93,482
Proceeds from sale of marketable securities 3,980  
Net cash used in investing activities (82,116) (92,489)
Financing activities    
Proceeds from issuance of common stock, net of issuance costs 107,746 135,520
Proceeds from issuance of common stock pursuant to equity award plans 104 3,521
Proceeds from issuance of common stock upon exercise of warrants   1,037
Repayment of facility loan principal   (6,527)
Payment of fees to extinguish facility loan   (126)
Net cash provided by financing activities 107,850 133,425
Net (decrease) increase in cash and cash equivalents (20,914) 21,672
Cash and cash equivalents at beginning of period 48,995 23,054
Cash and cash equivalents at end of period 28,081 44,726
Supplemental disclosure    
Cash paid for amounts included in the measurement of lease liabilities $ 313  
Cash paid for interest   231
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