Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (62,839)
|
$ (47,939)
|
$ (18,518)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
727
|
848
|
740
|
| Net amortization of premium/discount on investments |
134
|
|
|
| Stock-based compensation |
9,732
|
8,237
|
495
|
| Loss on extinguishment of debt |
|
143
|
318
|
| Increase (Decrease) in fair value of preferred stock warrant |
|
2,559
|
(126)
|
| Changes in operating assets and liabilities: |
|
|
|
| Research and license receivable |
|
|
5,018
|
| Prepaid expenses and other assets |
(177)
|
(1,171)
|
57
|
| Accounts payable |
1,384
|
(97)
|
116
|
| Accrued expenses and other liabilities |
2,313
|
2,684
|
1,016
|
| Deferred rent |
(73)
|
(28)
|
(60)
|
| Net cash used in operating activities |
(48,799)
|
(34,764)
|
(10,944)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Changes in assets held in restriction |
264
|
(1,116)
|
|
| Purchases of property and equipment |
(1,134)
|
(2,013)
|
(413)
|
| Maturities of held-to-maturity investments |
70,000
|
9,995
|
|
| Purchases of held-to-maturity investments |
(36,129)
|
(82,627)
|
|
| Net cash provided by (used in) investing activities |
33,001
|
(75,761)
|
(413)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from stock option exercise and issuances under Employee Stock Purchase Plan |
427
|
875
|
46
|
| Proceeds from public offering of common stock, net of costs |
45,438
|
94,148
|
|
| Repurchase of restricted common stock |
|
|
(5)
|
| Settlement of restricted stock for tax withholding |
(76)
|
|
|
| Payments of deferred issuance costs |
|
|
(1,399)
|
| Proceeds from issuance of redeemable convertible preferred stock |
|
|
57,000
|
| Redeemable preferred stock issuance costs |
|
|
(220)
|
| Proceeds from bridge loan financing |
|
|
3,000
|
| Repayments of long-term debt principal |
|
(5,026)
|
(4,140)
|
| Net cash provided by financing activities |
45,789
|
89,997
|
54,282
|
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
29,991
|
(20,528)
|
42,925
|
| CASH AND CASH EQUIVALENTS-Beginning of year |
26,067
|
46,595
|
3,670
|
| CASH AND CASH EQUIVALENTS-End of year |
56,058
|
26,067
|
46,595
|
| NONCASH INVESTING ACTIVITIES: |
|
|
|
| Property and equipment purchases included in accrued expenses |
$ 112
|
|
|
| NONCASH FINANCING ACTIVITIES: |
|
|
|
| Accretion of redeemable convertible preferred stock |
|
204
|
2,388
|
| Deemed contribution of preferred stockholders |
|
|
16,170
|
| Conversion of bridge loan financing |
|
|
3,000
|
| Tenant allowances |
|
|
104
|
| SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
| Warrant conversion to common stock |
|
3,088
|
|
| Cash paid for interest |
|
$ 194
|
$ 771
|