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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flow from operating activities:      
Net loss $ (276,213) $ (67,698) $ (57,010)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 32,994 19,341 6,138
Depreciation 1,948 1,567 1,294
Amortization of discount on investments (1,619) (279) 85
Loss on disposal of equipment     4
Change in operating assets and liabilities:      
Receivable from collaboration partner   1,013 43,987
Prepaid expenses and other current assets (2,612) (2,884) (482)
Operating lease right-of-use assets 2,618    
Other long-term assets 290 (296) (59)
Accounts payable 3,064 671 367
Accrued liabilities 11,665 8,945 2,968
Prepayment from collaboration partner (12,973) 8,541 4,432
Operating lease liabilities (2,838)    
Other long-term liabilities 1,907 (178) (120)
Deferred revenue   (33,558) (11,442)
Net cash used in operating activities (241,769) (64,815) (9,838)
Cash flow from investing activities:      
Purchases of investments (259,897) (132,475) (44,044)
Sales of investments 4,000 8,000 4,000
Maturities of investments 78,000 28,000 4,000
Purchases of property and equipment (3,264) (3,373) (1,517)
Proceeds from sale of equipment     10
Net cash used in investing activities (181,161) (99,848) (37,551)
Cash flow from financing activities:      
Proceeds from issuance of common stock in follow-on offerings, net of issuance and financing costs 271,224 181,863 133,862
Proceeds from exercise of stock options and employee stock purchase plan 7,071 6,208 2,365
Payments of prior period offering costs     (38)
Net cash provided by financing activities 278,295 188,071 136,189
Net (decrease) increase in cash, cash equivalents and restricted cash (144,635) 23,408 88,800
Cash, cash equivalents and restricted cash, beginning of period 248,265 224,857 136,057
Cash, cash equivalents and restricted cash, end of period 103,630 248,265 224,857
Non-cash investing and financing activities:      
Vesting of early exercised options and restricted stock 15 53 184
Unpaid portion of property and equipment purchases included in period-end accounts payable and accrued liabilities $ 9,756 $ 468 $ 283