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v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 65,581 $ 23,054
Marketable securities 163,955 74,156
Receivable from collaboration   5,000
Prepaid expenses 1,367 1,208
Other current assets 273 126
Total current assets 231,176 103,544
Property and equipment, net 103 69
Other assets 980 634
Total assets 232,259 104,247
Current liabilities:    
Accounts payable 2,038 1,311
Accrued liabilities 4,976 5,757
Warrant liability 7,648 6,091
Facility loan 3,219 3,108
Accrued interest payable 37 43
Total current liabilities 17,918 16,310
Facility loan, less current portion 2,142 2,990
Total liabilities 20,060 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; 58,713,596 and 44,408,796 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 6 4
Additional paid-in capital 679,846 535,503
Accumulated other comprehensive loss (132) (44)
Accumulated deficit (467,521) (450,516)
Total stockholders’ equity 212,199 84,947
Total liabilities and stockholders’ equity $ 232,259 $ 104,247
v3.8.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Collaboration revenue   $ 4,793
Operating expenses:    
Research and development $ 9,477 4,041
General and administrative 3,373 3,701
Total operating expenses 12,850 7,742
Loss from operations (12,850) (2,949)
Other income (expense):    
Interest income 708 37
Interest expense (208) (305)
Other (expense) income, net (4,655) (2,134)
Net loss (17,005) (5,351)
Net loss (17,005) (5,351)
Other comprehensive loss:    
Unrealized loss on marketable securities (88) (1)
Other comprehensive loss: (88) (1)
Comprehensive loss $ (17,093) $ (5,352)
Basic net loss per common share $ (0.32) $ (0.20)
Diluted net loss per common share $ (0.32) $ (0.20)
Weighted average common shares outstanding used to calculate basic net loss per common share 53,752,753 26,609,931
Weighted average common shares outstanding used to calculate diluted net loss per common share 53,752,753 26,609,931
v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities    
Net loss $ (17,005) $ (5,351)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12 9
Stock-based compensation expense 1,796 1,278
Net accretion and amortization of investments in marketable securities (278) (1)
Non-cash interest associated with debt discount accretion 92 120
Change in fair value of warrant liability 4,654 2,134
Changes in assets and liabilities:    
Accounts receivable 5,000  
Other current assets (147) (12)
Prepaid expenses (159) 241
Other assets (346)  
Accounts payable 727 197
Accrued liabilities (781) (812)
Accrued interest payable (6) (6)
Net cash used in operating activities (6,441) (2,203)
Investing activities    
Purchases of property and equipment (46)  
Purchases of marketable securities (124,943) (9,124)
Proceeds from maturities of marketable securities 35,334 5,900
Net cash used in investing activities (89,655) (3,224)
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 3,276  
Proceeds from issuance of common stock upon exercise of warrants 656  
Repayment of facility loan principal (829) (759)
Net cash provided by financing activities 138,623 8,605
Net increase in cash and cash equivalents 42,527 3,178
Cash and cash equivalents at beginning of period 23,054 10,495
Cash and cash equivalents at end of period 65,581 13,673
Supplemental disclosure    
Cash paid for interest 123 $ 192
Supplemental non-cash investing and financing activities    
Issuance of common stock upon warrant exercises $ 3,097