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v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 43,462 $ 48,995
Marketable securities 175,132 129,669
Accrued interest receivable 509 304
Prepaid research and development expenses 7,900 1,670
Other prepaid expenses 768 924
Total current assets 227,771 181,562
Property and equipment, net 2,549 2,905
Operating lease right-of-use asset 219  
Other assets 1,261 2,280
Total assets 231,800 186,747
Current liabilities:    
Accounts payable 1,494 1,973
Accrued research and development expenses 10,819 8,588
Other accrued liabilities 5,045 3,854
Total current liabilities 17,358 14,415
Long-term portion of operating lease liability 1,851  
Other liabilities   1,914
Total liabilities 19,209 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 September 30, 2019 and December 31, 2018, respectively 7 6
Additional paid-in capital 808,866 693,534
Accumulated other comprehensive income (loss) 177 (58)
Accumulated deficit (596,459) (523,064)
Total stockholders’ equity 212,591 170,418
Total liabilities and stockholders’ equity $ 231,800 $ 186,747
v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating expenses:        
Research and development $ 23,193 $ 17,853 $ 62,900 $ 41,727
General and administrative 4,514 3,276 14,706 10,223
Total operating expenses 27,707 21,129 77,606 51,950
Loss from operations (27,707) (21,129) (77,606) (51,950)
Other income (expense):        
Interest income 1,425 1,113 4,211 2,882
Interest expense       (336)
Loss on extinguishment of debt       (407)
Other income (expense), net   1,453   (3,288)
Total other income (expense) 1,425 2,566 4,211 (1,149)
Net loss (26,282) (18,563) (73,395) (53,099)
Other comprehensive (loss) income:        
Unrealized (loss) gain on marketable securities (51) 36 235 13
Total other comprehensive (loss) income (51) 36 235 13
Comprehensive loss $ (26,333) $ (18,527) $ (73,160) $ (53,086)
Basic net loss per common share $ (0.38) $ (0.31) $ (1.10) $ (0.93)
Diluted net loss per common share $ (0.38) $ (0.34) $ (1.10) $ (0.93)
Weighted average common shares outstanding used to calculate basic net loss per common share 68,701,043 59,121,600 66,454,750 57,255,666
Weighted average common shares outstanding used to calculate diluted net loss per common share 68,701,043 59,387,780 66,454,750 57,298,105
v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net loss $ (73,395) $ (53,099)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 422 39
Stock-based compensation expense 7,483 5,275
Net accretion and amortization of investments in marketable securities (1,909) (1,358)
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   (154)
Changes in assets and liabilities:    
Receivable from collaboration   5,000
Interest receivable and other current assets (205) (93)
Prepaid expenses (6,074) (585)
Other assets 1,019 (729)
Accounts payable (479) 318
Accrued liabilities 3,363 6,245
Accrued interest payable   (43)
Net cash used in operating activities (69,775) (35,341)
Investing activities    
Purchases of property and equipment (289) (60)
Purchases of marketable securities (246,180) (249,422)
Proceeds from maturities of marketable securities 198,881 168,600
Proceeds from sale of marketable securities 3,980  
Net cash used in investing activities (43,608) (80,882)
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 3,547
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 107,850 134,964
Net (decrease) increase in cash and cash equivalents (5,533) 18,741
Cash and cash equivalents at beginning of period 48,995 23,054
Cash and cash equivalents at end of period 43,462 41,795
Supplemental disclosure    
Cash paid for amounts included in the measurement of lease liabilities $ 470  
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   $ 9,379