CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2021 |
Mar. 31, 2020 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (42,330)
|
$ (48,486)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock-based compensation expense |
8,642
|
8,488
|
| Depreciation and amortization expense |
1,496
|
1,789
|
| Amortization (accretion) of premium (discount) on investments |
61
|
(29)
|
| Non-cash interest expense |
693
|
87
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other current assets |
(384)
|
914
|
| Operating lease, right-of-use-asset |
1,347
|
1,579
|
| Accounts payable |
(757)
|
905
|
| Accrued expenses and other current liabilities |
(6,325)
|
(3,954)
|
| Other long-term liabilities |
(34)
|
|
| Operating lease liabilities |
(1,148)
|
(1,308)
|
| Net cash used in operating activities |
(38,739)
|
(40,015)
|
| Cash flows from investing activities: |
|
|
| Purchases of property, plant and equipment |
(748)
|
(2,851)
|
| Purchases of investments |
|
(10,001)
|
| Sales and maturities of investments |
42,500
|
105,000
|
| Net cash provided by investing activities |
41,752
|
92,148
|
| Cash flows from financing activities: |
|
|
| Proceeds from underwritten public offering of common stock, net of commissions and underwriting discounts |
188,000
|
|
| Proceeds from issuance of common stock upon exercise of stock options |
5,908
|
486
|
| Net cash provided by financing activities |
193,908
|
486
|
| Net increase in cash, cash equivalents and restricted cash |
196,921
|
52,619
|
| Cash, cash equivalents and restricted cash at beginning of period |
92,901
|
93,633
|
| Cash, cash equivalents and restricted cash at end of period |
289,822
|
146,252
|
| Supplemental cash flow information: |
|
|
| Cash paid for interest, net of interest capitalized |
1,054
|
895
|
| Cash paid for leases |
1,901
|
2,147
|
| Lease asset derecognized upon lease cancellation |
|
982
|
| Supplemental disclosure of non-cash investing and financing information: |
|
|
| Purchases of property, plant and equipment included in accounts payable or accrued expenses |
408
|
$ 923
|
| Offering costs included in accounts payable and accrued expenses |
$ 494
|
|