| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net loss | ||||||
-176,813 | -102,808 | -41,290 | -28,651 | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization | ||||||
800 | 600 | 300 | 400 | |||
Amortization of operating lease right-of-use assets | ||||||
964 | - | - | - | |||
Accretion (amortization) of premiums and discounts on investments | ||||||
3,698 | 1,094 | 42 | -14 | |||
Amortization of Term Loan discount and issuance costs | ||||||
2,173 | 1,316 | 0 | 0 | |||
Stock-based compensation | ||||||
25,168 | 5,152 | 876 | 272 | |||
Changes in fair value of compound derivative liability | ||||||
816 | -188 | 0 | 0 | |||
Changes in fair value of preferred stock tranche obligation | ||||||
0 | 0 | 5,649 | -1,571 | |||
Other non-cash items | ||||||
-92 | 0 | 0 | - | |||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses and other assets | ||||||
1,492 | 1,338 | 1,157 | 69 | |||
Accounts payable | ||||||
-2,621 | 4,573 | 1,757 | 1,636 | |||
Accrued expenses and other liabilities | ||||||
25,955 | -1,087 | 4,769 | 1,655 | |||
Operating lease liabilities | ||||||
-707 | - | - | - | |||
Net cash used in operating activities | ||||||
-129,590 | -94,856 | -40,401 | -23,115 | |||
Investing activities: | ||||||
Purchases of investments | ||||||
497,492 | 233,928 | 76,846 | 39,064 | |||
Maturities of investments | ||||||
371,417 | 86,429 | 39,903 | 18,533 | |||
Proceeds from sale of investments | ||||||
- | - | - | 499 | |||
Purchases of property and equipment | ||||||
1,423 | 855 | 1,004 | 249 | |||
Net cash provided by investing activities | ||||||
-127,498 | -148,354 | -37,947 | -20,281 | |||
Financing activities: | ||||||
Proceeds from equity offerings, net | ||||||
217,930 | 237,750 | 0 | 0 | |||
Payments of equity offering costs | ||||||
921 | 6,564 | 0 | 0 | |||
Proceeds from issuance of common stock under equity incentive plans | ||||||
3,036 | 632 | 14 | 8 | |||
Proceeds from issuance of convertible preferred stock, net | ||||||
0 | 85 | 82,465 | 43,007 | |||
Proceeds from leasehold improvement loan | ||||||
0 | 276 | 0 | 0 | |||
Repayments of leasehold improvement loan | ||||||
-106 | -113 | -39 | 42 | |||
Proceeds (payments) under Term Loan, net | ||||||
18,551 | 38,542 | 0 | - | |||
Proceeds from issuance of term loan, net | ||||||
- | - | - | 0 | |||
Net cash provided by (used in) financing activities | ||||||
238,490 | 270,608 | 82,440 | 42,973 | |||
Net increase (decrease) in cash and cash equivalents | ||||||
-18,598 | 27,398 | 4,092 | -423 | |||
Supplemental disclosures | ||||||
Cash paid for interest | ||||||
3,348 | 1,612 | 0 | 0 | |||
Supplemental disclosures of non-cash investing and financing activities | ||||||
Right-of-use assets obtained in exchange for lease obligations | ||||||
8,084 | - | - | - | |||
Warrants and compound derivative liability related to Term Loan | ||||||
535 | 1,693 | 0 | 0 | |||
Purchase of property and equipment in accounts payable and accrued expenses | ||||||
820 | 27 | 0 | 0 | |||
Series B Preferred Stock | ||||||
Fair Value Of Preferred Stock Obligation Upon Closing | ||||||
- | - | - | 1,324 | |||
Series C Preferred Stock | ||||||
Series C fair value of preferred stock obligation upon closing | ||||||
0 | 0 | 2,278 | 2,471 | |||