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v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 24,869 $ 48,995
Marketable securities 166,076 129,669
Accrued interest receivable 687 304
Prepaid research and development expenses 9,910 1,670
Other prepaid expenses 1,381 924
Total current assets 202,923 181,562
Property and equipment, net 2,409 2,905
Operating lease right-of-use assets 235  
Other assets 160 2,280
Total assets 205,727 186,747
Current liabilities:    
Accounts payable 2,503 1,973
Accrued restructuring 3,193  
Accrued research and development expenses 9,218 8,588
Other accrued liabilities 2,722 3,854
Total current liabilities 17,636 14,415
Long-term portion of operating lease liability 1,743  
Other liabilities   1,914
Total liabilities 19,379 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; 68,882,459 and 59,456,493 shares issued and outstanding as of December 31, 2019 and 2018, respectively 7 6
Additional paid-in capital 812,133 693,534
Accumulated other comprehensive income (loss) 80 (58)
Accumulated deficit (625,872) (523,064)
Total stockholders' equity 186,348 170,418
Total liabilities and stockholders' equity $ 205,727 $ 186,747
v3.20.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating expenses:    
Research and development $ 83,837 $ 58,124
General and administrative 19,238 14,381
Restructuring charges 5,075  
Total operating expenses 108,150 72,505
Loss from operations (108,150) (72,505)
Other income (expense):    
Interest income 5,342 3,988
Interest expense   (336)
Loss on extinguishment of debt   (407)
Other expense, net   (3,288)
Total other income (expense) 5,342 (43)
Net loss (102,808) (72,548)
Other comprehensive income (loss):    
Unrealized gain (loss) on marketable securities 138 (14)
Other comprehensive income (loss) 138 (14)
Comprehensive loss $ (102,670) $ (72,562)
Basic net loss per common share $ (1.53) $ (1.25)
Diluted net loss per common share $ (1.53) $ (1.26)
Weighted average common shares outstanding used to calculate basic net loss per common share 67,033,046 57,808,254
Weighted average common shares outstanding used to calculate diluted net loss per common share 67,033,046 57,838,299
v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating activities    
Net loss $ (102,808) $ (72,548)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 572 105
Stock-based compensation expense 9,558 7,013
Accelerated vesting of stock-based compensation expense due to restructuring 910  
Net accretion and amortization of investments in marketable securities (2,237) (1,945)
Non-cash interest associated with debt discount accretion   148
Loss on extinguishment of debt   407
Change in fair value of warrant liability   3,710
Gain on extinguishment of warrant liability   (422)
Accretion of tenant improvement allowance   (263)
Changes in assets and liabilities:    
Receivable from collaboration   5,000
Interest receivable and other current assets (383) (178)
Prepaid research and development and other prepaid expenses (8,697) (1,386)
Other assets 2,120 (1,646)
Accounts payable 530 662
Accrued restructuring 3,193  
Accrued liabilities (669) 6,450
Accrued interest payable   (43)
Net cash used in operating activities (97,911) (54,936)
Investing activities    
Purchases of property and equipment (315) (529)
Purchases of marketable securities (290,893) (276,382)
Proceeds from maturities of marketable securities 252,881 222,800
Proceeds from sale of marketable securities 3,980  
Net cash used in investing activities (34,347) (54,111)
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 386 3,571
Proceeds from issuance of common stock upon exercise of warrants   2,550
Repayment of facility loan principal   (6,527)
Payment of fees to extinguish facility loan   (126)
Net cash provided by financing activities 108,132 134,988
Net (decrease) increase in cash and cash equivalents (24,126) 25,941
Cash and cash equivalents at beginning of period 48,995 23,054
Cash and cash equivalents at end of period 24,869 48,995
Supplemental disclosures    
Cash paid for amounts included in the measurement of lease liabilities 628  
Cash paid for interest   231
Supplemental non-cash investing and financing activities    
Issuance of common stock upon warrant exercises   9,379
Operating lease right-of-use assets obtained in exchange for lease liabilities $ 152  
Lessor funded lease incentives included in property and equipment   2,256
Accrued property and equipment   $ 156