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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net loss $ (74,064) $ (33,709) $ (25,872)
Adjustments to reconcile net loss to cash used in operating activities:      
Non-cash research and development license expense 4,448    
Stock-based compensation expense 6,390 2,278 1,168
Depreciation and amortization 442 223 144
Non-cash rent expense 61 (76) 11
Mark to market revaluation of series A investor instrument   1,863  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets (6,286) (1,889) 41
Deferred issuance costs   9 1,472
Tenant improvement allowance     376
Accounts payable, accrued expenses and other current liabilities 6,953 1,946 160
Deferred grant income     (249)
Due to related parties   (105) (470)
Net cash used in operating activities (62,056) (29,460) (23,219)
Investing activities      
Purchases of short-term investments (248,592) (126,917) (15,222)
Maturities of short-term investments 162,166 17,006 11,169
Purchases of property, plant and equipment (722) (133) (1,057)
Net cash used in investing activities (87,148) (110,044) (5,110)
Financing activities      
Net proceeds from issuance of common stock 162,878 125,658  
Proceeds from the exercise of stock options   40,842  
Net proceeds from issuance of Series A Convertible Preferred Stock 1,808 700  
Net cash provided by financing activities 164,686 167,200  
Net increase in cash, cash equivalents and restricted cash 15,482 27,696 (28,329)
Cash, cash equivalents and restricted cash at beginning of period 34,461 6,765 35,094
Cash, cash equivalents and restricted cash at end of period $ 49,943 $ 34,461 $ 6,765