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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net loss $ (31,751) $ (20,966)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 673 300
Stock-based compensation expense 4,119 2,585
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,904) (3,735)
Accounts payable 29 180
Accrued expenses and other liabilities (1,587) 646
Cash used in operating activities (32,421) (20,990)
Investing activities    
Purchases of equipment (1,229) (941)
Purchases of investments (63,005) (106,566)
Proceeds from sale or maturity of investments 80,975 42,619
Cash provided by (used in) investing activities 16,741 (64,888)
Financing activities    
Proceeds from initial public offering, net of issuance costs 0 80,213
Proceeds from the exercise of stock options 310 18
Deferred offering costs (231) (1,047)
Cash provided by financing activities 79 79,184
Net change in cash, cash equivalents, and restricted cash (15,601) (6,694)
Cash, cash equivalents, and restricted cash at beginning of year 65,713 47,964
Cash, cash equivalents, and restricted cash at end of period 50,112 41,270
Supplemental disclosure of noncash financing activities    
Conversion of redeemable convertible preferred stock to common stock 0 259,130
Accretion of redeemable preferred stock to redemption value 0 49,900
Property and equipment additions in accounts payable 745 893
Deferred offering costs included in accounts payable $ 0 $ 309