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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities    
Net loss $ (48,557) $ (23,178)
Adjustments to reconcile net loss to cash used in operating activities:    
Non-cash research and development license expense 4,448  
Stock-based compensation expense 4,367 1,569
Depreciation and amortization 228 163
Non-cash rent expense (23) (56)
Mark to market revaluation of series A investor instrument   1,863
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (2,760) (972)
Deferred issuance costs   (1,689)
Accounts payable, accrued expenses and other current liabilities 1,224 830
Due to related parties   (105)
Net cash used in operating activities (41,073) (21,575)
Investing activities    
Purchases of short-term investments (188,559) (13,021)
Maturities of short-term investments 89,463 14,506
Purchases of property, plant and equipment (327) (78)
Net cash provided by (used in) investing activities (99,423) 1,407
Financing activities    
Net proceeds from issuance of common stock 162,899  
Proceeds from the exercise of stock options 1,634 700
Net proceeds from issuance of Series A Convertible Preferred Stock   40,842
Net cash provided by financing activities 164,533 41,542
Net increase in cash, cash equivalents and restricted cash 24,037 21,374
Cash, cash equivalents and restricted cash at beginning of period 34,461 6,765
Cash, cash equivalents and restricted cash at end of period $ 58,498 $ 28,139