CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2022 |
Mar. 31, 2021 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (52,412)
|
$ (42,330)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock-based compensation expense |
8,260
|
8,642
|
| Depreciation and amortization expense |
1,559
|
1,496
|
| Amortization (accretion) of premium (discount) on investments |
(25)
|
61
|
| Non-cash interest expense |
204
|
693
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other current assets |
287
|
(384)
|
| Operating lease, right-of-use-asset |
1,248
|
1,347
|
| Accounts payable |
124
|
(757)
|
| Accrued expenses and other current liabilities |
(5,200)
|
(6,325)
|
| Other long-term liabilities |
(34)
|
(34)
|
| Operating lease liabilities |
(1,146)
|
(1,148)
|
| Net cash used in operating activities |
(47,135)
|
(38,739)
|
| Cash flows from investing activities: |
|
|
| Purchases of property, plant and equipment |
(2,402)
|
(748)
|
| Purchases of investments |
(78,445)
|
|
| Sales and maturities of investments |
|
42,500
|
| Net cash provided by (used in) investing activities |
(80,847)
|
41,752
|
| 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 |
76
|
5,908
|
| Net cash provided by financing activities |
76
|
193,908
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
(127,906)
|
196,921
|
| Cash, cash equivalents and restricted cash at beginning of period |
227,583
|
92,901
|
| Cash, cash equivalents and restricted cash at end of period |
99,677
|
289,822
|
| Supplemental cash flow information: |
|
|
| Cash paid for interest |
1,425
|
1,054
|
| Cash paid for leases |
1,823
|
1,901
|
| Supplemental disclosure of non-cash investing and financing information: |
|
|
| Purchases of property, plant and equipment included in accounts payable or accrued expenses |
$ 1,257
|
408
|
| Offering costs included in accounts payable and accrued expenses |
|
$ 494
|