Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net loss $ (72,548) $ (27,557) $ (26,671)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 105 35 29
Stock-based compensation expense 7,013 4,920 2,473
Net accretion and amortization of investments in marketable securities (1,945) (199) 125
Non-cash interest associated with debt discount accretion 148 437 476
Loss on extinguishment of debt 407    
Change in fair value of warrant liability 3,710 5,773 (75)
Gain on extinguishment of warrant liability (422)    
Accretion of tenant improvement allowance (263)    
Changes in assets and liabilities:      
Receivable from collaboration 5,000 (5,000)  
Other current assets (178) (98) 165
Prepaid expenses (1,386) 161 (761)
Other assets (1,646) 120 (13)
Accounts payable 662 412 (109)
Accrued liabilities 6,450 1,387 1,015
Accrued interest payable (43) (23) (7)
Net cash used in operating activities (54,936) (19,632) (23,353)
Investing activities      
Purchases of property and equipment (529) (27) (42)
Purchases of marketable securities (276,382) (98,385) (22,906)
Proceeds from maturities of marketable securities 222,800 30,884 50,076
Net cash (used in) provided by investing activities (54,111) (67,528) 27,128
Financing activities      
Proceeds from issuance of common stock, net of issuance costs 135,520 100,436  
Proceeds from issuance of common stock pursuant to equity award plans 3,571 2,189  
Proceeds from issuance of common stock upon exercise of warrants 2,550 231  
Repayment of facility loan principal (6,527) (3,137) (986)
Payment of fees to extinguish facility loan (126)    
Net cash provided by (used in) financing activities 134,988 99,719 (986)
Net increase in cash and cash equivalents 25,941 12,559 2,789
Cash and cash equivalents at beginning of period 23,054 10,495 7,706
Cash and cash equivalents at end of period 48,995 23,054 10,495
Supplemental disclosure      
Cash paid for interest 231 666 866
Supplemental non-cash investing and financing activities      
Issuance of common stock upon warrant exercises 9,379 827  
Lessor funded lease incentives included in property and equipment 2,256    
Accrued property and equipment $ 156    
Net change in accrued financing costs   $ (144) $ 144