v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income (loss) $ 27,416 $ (40,955)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 3,125 3,560
Amortization of premium (accretion of discount) on marketable securities 293 (1,328)
Stock-based compensation 8,830 7,629
Unrealized gain on equity securities (78,638)  
Remeasurement of liability awards 3,165 15
Other 558 243
Changes in operating assets and liabilities:    
Accounts receivable (1,185) (5,042)
Prepaid expenses and other assets 823 92
Accounts payable (716) 1,477
Accrued compensation (127) (1,589)
Other liabilities (747) (180)
Deferred rent (129) (42)
Deferred revenue (11,591) (15,747)
Net cash used in operating activities (48,923) (51,867)
Investing activities    
Purchases of marketable securities (113,999) (191,717)
Maturities of marketable securities 82,300 114,076
Sales of marketable securities 22,000 20,000
Purchases of equipment and leasehold improvements (5,504) (1,432)
Net cash used in investing activities (15,203) (59,073)
Financing activities    
Proceeds from sales of common stock, net of issuance costs 108,250  
Proceeds from debt refinancing 25,000  
Payment of debt (10,000) (3,500)
Proceeds from exercise of common stock options 172 133
Taxes paid related to net share settlement of restricted stock units (314) (297)
Proceeds from employee stock purchase plan 1,285 1,260
Net cash provided by (used in) financing activities 124,393 (2,404)
Net increase (decrease) in cash, cash equivalents and restricted cash 60,267 (113,344)
Cash, cash equivalents and restricted cash at beginning of period 4,975 125,313
Cash, cash equivalents and restricted cash at end of period 65,242 11,969
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,165 898
Supplemental disclosure of non-cash investing and financing information:    
Purchases of equipment included in accounts payable 11 11
Embedded interest associated with program fees 1,544 $ 2,477
Warrants issued to lenders $ 619  

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