v3.20.2
Condensed Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
Revenues (including amounts from related parties of $0 and $2,813 during the three and six months ended June 30, 2020, respectively, and $5,497 and $10,413 during the three and six months ended June 30, 2019, respectively) [1],[2] $ 9,469 $ 10,525 $ 16,621 $ 19,154
Operating expenses        
Research and development 17,243 16,143 34,862 31,323
General and administrative 8,643 8,067 17,356 15,782
Total operating expenses 25,886 24,210 52,218 47,105
Loss from operations (16,417) (13,685) (35,597) (27,951)
Interest income 384 1,124 1,025 2,300
Unrealized gain on equity securities 48,860   48,860  
Interest and other expense, net (2,955) (1,232) (4,011) (2,392)
Net income (loss) $ 29,872 $ (13,793) $ 10,277 $ (28,043)
Net income (loss) per share, basic [3] $ 1.00 $ (0.60) $ 0.39 $ (1.22)
Net income (loss) per share, diluted [3] $ 0.94 $ (0.60) $ 0.36 $ (1.22)
[1] Includes $0 and $2.8 million, respectively, for the three months and six months ended June 30, 2020 of related party revenue from Merck. Merck was a related party until the closing of the Company’s public offering on May 14, 2020.
[2] Includes $0 and $36,000, respectively, for the three months and six months ended June 30, 2020 of related party revenue from Vaxcyte (formerly SutroVax). Vaxcyte was a related party until the closing of its initial public offering on June 16, 2020.
[3] See Notes 2 and 10 for an explanation of the calculations of our basic and diluted net income (loss) per share, basic and diluted and the weighted-average number of shares used in the computation of the per share amounts.

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