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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net loss $ (14,905) $ (7,293)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 54 31
Stock-based compensation 471 238
Loss from remeasurement of development derivative liability 454 0
Non-cash interest expense 132 129
Non-cash research and development expense 557 0
Other non-cash transactions 100 0
Changes in operating assets and liabilities:    
Other receivable 337 (437)
Prepaid expenses and other assets (9,602) (91)
Accounts payable (712) 225
Accrued expenses and other current liabilities (713) (1,533)
Net cash used in operating activities (23,827) (8,731)
Investing activities    
Purchases of property and equipment (558) (84)
Acquisition of intellectual property rights (100) 0
Net cash used in investing activities (658) (84)
Financing activities    
Proceeds from development derivative liability 10,000 0
Payments of deferred stock offering costs (116) 0
Long-term borrowings, net 0 616
Proceeds from exercise of stock options 17 0
Repayments of long-term debt 0 (938)
Net cash provided by (used in) financing activities 9,901 (322)
Net decrease in cash and cash equivalents (14,584) (9,137)
Cash, cash equivalents and restricted cash at the beginning of the period 74,025 61,051
Cash, cash equivalents and restricted cash at the end of the period 59,441 51,914
Supplemental disclosure for cash flow    
Cash paid for interest 246 98
Supplemental disclosure of non-cash investing and financing activities    
Issuance of warrants in conjunction with development derivative liability 7,925 0
Accrued interest on term loan refinanced to principal 0 308
Issuance of warrants in conjunction with debt 0 209
Debt refinanced with new term loan 0 6,563
Initial recognition of operating lease right-of-use assets and operating lease liabilities 0 1,991
Deferred stock offering costs in accounts payable 45 0
Purchases of property and equipment included in accounts payable and accrued expenses $ 1,031 $ 11