| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net loss | ||||||
-113,293 | -97,395 | -66,443 | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization expense | ||||||
4,732 | 2,841 | 1,585 | ||||
Stock-based compensation expense | ||||||
11,334 | 7,333 | 3,680 | ||||
Impairment of intangible asset | ||||||
18,559 | - | - | ||||
Change in fair value of contingent consideration | ||||||
13 | 25,020 | 17,914 | ||||
Deferred income tax benefit | ||||||
-486 | -5,565 | -12,481 | ||||
Accretion of discount on short-term investments | ||||||
- | - | 72 | ||||
Changes in operating assets and liabilities: | ||||||
Collaboration receivables | ||||||
-3,763 | -833 | - | ||||
Prepaid expenses and other assets | ||||||
8,495 | 1,346 | 2,262 | ||||
Right-of-use assets | ||||||
-484 | - | - | ||||
Accounts payable | ||||||
9,928 | 658 | 4,025 | ||||
Accrued expenses | ||||||
257 | 2,271 | 2,312 | ||||
Deferred rent | ||||||
- | 470 | 954 | ||||
Lease liability | ||||||
-375 | - | - | ||||
Deferred revenue | ||||||
-1,057 | 44,413 | - | ||||
Net cash used in operating activities | ||||||
-82,162 | -22,133 | -50,788 | ||||
Cash flows from investing activities: | ||||||
Purchases of investments | ||||||
174,271 | 136,694 | 70,767 | ||||
Sales and maturities of investments | ||||||
159,622 | 57,984 | 73,840 | ||||
Purchases of property and equipment | ||||||
3,537 | 6,580 | 2,769 | ||||
Net cash provided by investing activities | ||||||
-18,186 | -85,290 | 304 | ||||
Cash flows from financing activities: | ||||||
Proceeds from public offering, net of underwriting discounts and commissions | ||||||
84,600 | - | - | ||||
Payments of public offering costs | ||||||
589 | - | - | ||||
Proceeds from private placement, net of placement agent fees | ||||||
44,608 | - | - | ||||
Payments of private placement offering costs | ||||||
477 | - | - | ||||
Proceeds from issuance of Series C redeemable convertible preferred stock, net of issuance costs | ||||||
- | - | 41,900 | ||||
Proceeds from initial public offering of common stock, net of underwriting discounts and commissions | ||||||
- | 117,447 | - | ||||
Payments of initial public offering costs | ||||||
- | 4,102 | 153 | ||||
Proceeds from option exercises | ||||||
1,512 | 278 | - | ||||
Net cash provided by financing activities | ||||||
129,654 | 113,623 | 41,747 | ||||
Net increase in cash, cash equivalents and restricted cash | ||||||
29,306 | 6,200 | -8,737 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||
Purchases of property and equipment included in accounts payable and accrued expenses | ||||||
1,189 | 49 | 687 | ||||
Issuance of common stock in connection with a former employee letter agreement (Note 10) | ||||||
847 | - | - | ||||
Deferred offering costs included in accounts payable and accrued expenses | ||||||
- | - | 358 | ||||
Issuance of common stock as settlement of contingent consideration liability | ||||||
- | 2,387 | - | ||||
Accretion of redeemable convertible preferred stock to redemption value | ||||||
- | 644 | 719 | ||||