| Dec'19 | Dec'18 | |||||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net loss | ||||||
-180,307 | -146,969 | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization | ||||||
917 | 297 | |||||
Stock-based compensation expense | ||||||
20,819 | 30,947 | |||||
In process research and development expenses | ||||||
3,600 | 49,659 | |||||
Amortization of operating lease right-of-use assets | ||||||
2,172 | - | |||||
Amortization of long-term debt discount and issuance costs | ||||||
237 | - | |||||
Amortization of premium on investments, net of accretion of discounts | ||||||
2,364 | - | |||||
Net realized gain on investments | ||||||
28 | - | |||||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses and other current assets | ||||||
4,393 | 2,827 | |||||
Other assets | ||||||
-2,714 | 584 | |||||
Operating lease liabilities | ||||||
2,108 | - | |||||
Accounts payable | ||||||
-1,399 | 2,085 | |||||
Accrued expenses | ||||||
1,521 | 5,938 | |||||
Accrued research and development expenses | ||||||
8,605 | 10,527 | |||||
Accrued compensation and benefits | ||||||
5,180 | - | |||||
Accrued interest expense | ||||||
- | -117 | |||||
Net cash used in operating activities | ||||||
-144,834 | -51,044 | |||||
Cash flows from investing activities | ||||||
Research and development asset acquisitions, net of cash acquired | ||||||
3,600 | 17,721 | |||||
Purchase of marketable securities | ||||||
499,079 | 123,500 | |||||
Maturities of marketable securities | ||||||
328,000 | - | |||||
Sales of marketable securities | ||||||
30,501 | - | |||||
Purchase of property and equipment | ||||||
2,966 | 3,490 | |||||
Net cash provided by (used in) investing activities | ||||||
-147,144 | -144,711 | |||||
Cash flows from financing activities | ||||||
Proceeds from issuance of common stock | ||||||
291,311 | - | |||||
Proceeds from the issuance of long-term debt, net of debt discount and issuance costs of $1,778 | ||||||
28,222 | - | |||||
Proceeds from the exercise of stock options | ||||||
2,045 | - | |||||
Repayment of notes payable to related parties | ||||||
- | 40 | |||||
Payment of deferred offering costs | ||||||
- | 2,144 | |||||
Net cash provided by financing activities | ||||||
321,578 | 300,859 | |||||
Effect of exchange rate changes on cash and cash equivalents | ||||||
70 | - | |||||
Net increase (decrease) in cash and cash equivalents | ||||||
29,600 | 105,104 | |||||
Cash paid for interest | ||||||
1,475 | 119 | |||||
Supplemental disclosure of noncash investing and financing activities: | ||||||
Acquisition of in-process research and development through issuance of stock | ||||||
- | 19,284 | |||||
Issuance of Series A convertible preferred stock to convert debt and accrued interest | ||||||
- | 6,124 | |||||
Unpaid deferred offering costs - net | ||||||
- | 1,545 | |||||
Right-of-use assets obtained in exchange for lease liabilities | ||||||
12,458 | - | |||||
Change in unrealized gain (loss) on marketable securities, net of tax | ||||||
331 | -61 | |||||
Unpaid property and equipment | ||||||
183 | - | |||||
Conversion of convertible preferred stock to common stock | ||||||
338,367 | - | |||||
Series A Convertible Preferred Stock | ||||||
Proceeds from issuance of convertible preferred stock, net | ||||||
- | 73,491 | |||||
Series B Convertible Preferred Stock | ||||||
Proceeds from issuance of convertible preferred stock, net | ||||||
- | 229,552 | |||||