CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2021 |
Sep. 30, 2020 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (141,526)
|
$ (127,192)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock-based compensation expense |
26,428
|
24,725
|
| Depreciation and amortization expense |
4,331
|
5,176
|
| Amortization of premium on investments |
118
|
186
|
| Non-cash interest expense |
1,036
|
232
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other current assets |
(1,226)
|
(1,323)
|
| Operating lease, right-of-use-asset |
4,156
|
4,184
|
| Accounts payable |
2,773
|
2,095
|
| Accrued expenses and other current liabilities |
(416)
|
(2,425)
|
| Other long-term liabilities |
(102)
|
580
|
| Operating lease liabilities |
(3,477)
|
(3,338)
|
| Net cash used in operating activities |
(107,905)
|
(97,100)
|
| Cash flows from investing activities: |
|
|
| Purchases of property, plant and equipment |
(2,280)
|
(4,467)
|
| Purchases of investments |
|
(122,671)
|
| Sales and maturities of investments |
85,000
|
181,102
|
| Net cash provided by investing activities |
82,720
|
53,964
|
| Cash flows from financing activities: |
|
|
| Proceeds from underwritten public offering of common stock, net of commissions and underwriting discounts |
188,000
|
|
| Payments of offering costs |
(360)
|
|
| Payments of debt issuance costs |
(150)
|
|
| Proceeds from borrowings under loan and security agreement |
|
25,000
|
| Proceeds from issuance of common stock upon exercise of stock options |
10,547
|
1,412
|
| Net cash provided by financing activities |
198,037
|
26,412
|
| Net increase in cash, cash equivalents and restricted cash |
172,852
|
(16,724)
|
| Cash, cash equivalents and restricted cash at beginning of period |
92,901
|
93,633
|
| Cash, cash equivalents and restricted cash at end of period |
265,753
|
76,909
|
| Supplemental cash flow information: |
|
|
| Cash paid for interest |
3,635
|
2,740
|
| Cash paid for leases |
5,675
|
5,822
|
| Supplemental disclosure of non-cash investing and financing information: |
|
|
| Purchases of property, plant and equipment included in accounts payable or accrued expenses |
1,145
|
564
|
| Lease assets obtained in exchange for new operating lease liabilities |
|
90
|
| Offering costs included in accounts payable and accrued expenses |
$ 35
|
|
| Lease asset derecognized upon lease cancellation |
|
$ 982
|