Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Operating activities |
|
|
|
| Net loss |
$ (75,082)
|
$ (105,314)
|
$ (94,433)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
6,347
|
6,644
|
4,745
|
| Net amortization of premiums and discounts on marketable securities |
817
|
(122)
|
(1,349)
|
| Stock-based compensation |
10,552
|
7,110
|
5,299
|
| Non-cash operating lease expense |
8,052
|
7,511
|
6,382
|
| Changes in operating assets and liabilities: |
|
|
|
| Prepaid expenses and other current assets |
(3,426)
|
(852)
|
37
|
| Operating lease right-of-use assets |
0
|
0
|
(3,328)
|
| Deposits and other long-term assets |
(614)
|
49
|
(351)
|
| Accounts payable |
(419)
|
826
|
45
|
| Accrued compensation |
593
|
1,731
|
650
|
| Accrued and other non-current liabilities |
(859)
|
662
|
9
|
| Accrued research and development expenses |
2,653
|
(725)
|
1,526
|
| Lease liability |
(7,925)
|
(3,801)
|
54
|
| Deferred revenue |
8,633
|
(2,821)
|
(4,297)
|
| Net cash used in operating activities |
(50,678)
|
(89,102)
|
(85,011)
|
| Investing activities |
|
|
|
| Purchase of marketable securities |
(199,905)
|
(8,809)
|
(80,979)
|
| Maturities of marketable securities |
82,253
|
72,872
|
112,993
|
| Sales of marketable securities |
4,800
|
5,401
|
0
|
| Purchase of property and equipment |
(5,463)
|
(3,515)
|
(16,173)
|
| Prepayments on financing lease |
(238)
|
|
|
| Net cash provided by (used in) investing activities |
(118,553)
|
65,949
|
15,841
|
| Financing activities |
|
|
|
| Proceeds from issuance of common stock and pre-funded warrants |
0
|
125,026
|
0
|
| Payments of deferred financing costs |
(8,394)
|
(104)
|
(807)
|
| Payments of financing lease |
(56)
|
0
|
0
|
| Net cash provided by financing activities |
108,760
|
135,801
|
74,395
|
| Net increase in cash, cash equivalents and restricted cash |
(60,471)
|
112,648
|
5,225
|
| Cash, cash equivalents and restricted cash at beginning of period |
171,048
|
58,400
|
53,175
|
| Cash, cash equivalents and restricted cash at end of period |
110,577
|
171,048
|
58,400
|
| Supplemental disclosures of non-cash investing and financing information |
|
|
|
| Property and equipment purchases accrued but not yet paid |
738
|
316
|
1,232
|
| Deferred financing costs included in accrued liabilities and accounts payable |
69
|
5,200
|
0
|
| Remeasurement of operating lease right-of-use asset for lease modification |
6,452
|
3,174
|
1,878
|
| Public Offering [Member] |
|
|
|
| Financing activities |
|
|
|
| Proceeds from issuance of common stock |
21,169
|
0
|
70,265
|
| PIPE Financing [Member] |
|
|
|
| Financing activities |
|
|
|
| Proceeds from issuance of common stock |
55,000
|
0
|
0
|
| Stock Options, Warrants and Other [Member] |
|
|
|
| Financing activities |
|
|
|
| Proceeds from issuance of common stock |
3,408
|
198
|
460
|
| ATM Equity Offering Program [Member] |
|
|
|
| Financing activities |
|
|
|
| Proceeds from issuance of common stock |
36,719
|
9,770
|
4,064
|
| ESPP Employee Stock Purchase Plan [Member] |
|
|
|
| Financing activities |
|
|
|
| Proceeds from issuance of common stock |
$ 914
|
$ 911
|
$ 413
|