Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net loss $ (17,226) $ (16,461)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 678 517
Amortization of financing right-of-use asset 65 15
Gain on disposal of fixed assets and modification of lease   1
Stock-based compensation expense 2,459 1,879
Net amortization of premiums and discounts on marketable securities (49) (296)
Amortization of debit-discount and accretion of deferred debt costs 40  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 358 158
Accounts receivable 20,000  
Contract assets (1,477)  
Other long-term assets (286) (14)
Accounts payable (1,060) (610)
Accrued expenses (3,357) (4,966)
Deferred revenue (902) (454)
Proceeds for tenant improvement incentive from landlord 586  
Operating lease asset and liabilities 417 (96)
Net cash provided by (used in) operating activities 246 (20,327)
Investing activities    
Purchases of property and equipment (1,797) (591)
Purchases of marketable securities   (33,638)
Maturities of marketable securities 45,000 30,000
Net cash provided by (used in) investing activities 43,203 (4,229)
Financing activities    
Payments on financing and capital lease obligations (58) (40)
Proceeds from issuance of common stock through employee benefit plans 100 3
Proceeds from issuance of common stock through at-the-market sales agreement, net of issuance costs 11,937  
Proceeds from term loan, net of issuance costs 19,714  
Payment of offering costs   (78)
Net cash provided by (used in) financing activities 31,693 (115)
Increase (decrease) in cash, cash equivalents and restricted cash 75,142 (24,671)
Cash and cash equivalents, Beginning of period 44,817 50,814
Cash and cash equivalents, End of period 119,959 26,143
Supplemental disclosure of cash flow information:    
Cash paid for interest 231 8
Non-cash investing and financing activities:    
Property and equipment received but unpaid as of period end 991 230
Assets acquired under financing lease   996
Deferred financing costs incurred but unpaid as of period end 10  
Offering costs incurred but unpaid as of period end $ 41 $ 129