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Combined Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net loss $ (255,131) $ (1,288)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8  
Stock-based compensation 406  
Amortization of debt discount 409  
Acquired in-process research and development 78,897  
Non-cash interest expense (includes related party amounts of $590 and 0, respectively) 2,605  
Change in fair value of warrant liabilities (includes related party amounts of $96,278 and $0, respectively) 96,272  
Change in fair value of convertible promissory notes (includes related party amounts of $10,941 and $50, respectively) 49,546 50
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (includes related party amounts of $19, and $(19), respectively) (11,813) (23)
Accounts payable and accrued expenses (includes related party amounts of $460, and $47, respectively) 2,265 225
Accrued interest (includes related party amounts of $0 and $13, respectively) 156 13
Operating right-of-use asset and lease liabilities 51  
Other long-term assets (181)  
Net cash used in operating activities (36,510) (1,023)
Cash flows from investing activities    
Cash paid for purchased in-process research and development (25,118)  
Cash paid for property, plant and equipment (132)  
Net cash used in investing activities (25,250)  
Cash flows from financing activities    
Proceeds from initial public offering, net of issuance costs 191,472  
Proceeds from issuance of common stock   2
Proceeds from issuance of convertible promissory notes 88,324 1,900
Net proceeds from issuance of long-term debt 24,850  
Net cash provided by financing activities 304,646 1,902
Net increase in cash and cash equivalents 242,886 879
Cash and cash equivalents – beginning of period 879  
Cash and cash equivalents – end of period 243,765 $ 879
Supplemental disclosure of cash flow information    
Interest paid 1,007  
Supplemental disclosure of noncash investing and financing activities    
Exchange of accrued interest for convertible promissory notes 27  
Issuance of common stock warrants in connection with long-term debt 419  
Property and equipment purchases included in accounts payable and accrued liabilities 339  
Final interest payment fee 2,063  
Operating lease liabilities arising from obtaining right-of-use assets 796  
Conversion of convertible promissory notes and accrued interest into common shares 142,437  
Takeda Warrants    
Supplemental disclosure of noncash investing and financing activities    
Conversion of Takeda Warrants into Equity 144,172  
Takeda License    
Supplemental disclosure of noncash investing and financing activities    
Issuance of Takeda Warrants in connection with Takeda License 47,894  
Issuance of common stock in connection with Takeda License $ 5,885