v3.20.2
Condensed Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Revenues (including amounts from related parties of $0 and $2,813 during the three and nine months ended September 30, 2020, respectively, and $6,274 and $16,687 during the three and nine months ended September 30, 2019, respectively) (1) [1] $ 17,823 $ 12,277 $ 34,444 $ 31,431
Operating expenses        
Research and development 19,361 16,897 54,223 48,220
General and administrative 9,079 8,115 26,435 23,897
Total operating expenses 28,440 25,012 80,658 72,117
Loss from operations (10,617) (12,735) (46,214) (40,686)
Interest income 295 964 1,320 3,264
Unrealized gain on equity securities 29,778   78,638  
Interest and other expense, net (2,317) (1,141) (6,328) (3,533)
Net income (loss) $ 17,139 $ (12,912) $ 27,416 $ (40,955)
Net income (loss) per share, basic $ 0.46 $ (0.56) $ 0.91 $ (1.79)
Net income (loss) per share, diluted $ 0.45 $ (0.56) $ 0.90 $ (1.79)
[1] Includes $0 and $2.8 million, respectively, for the three months and nine months ended September 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.

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