Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net loss $ (32,128) $ (55,744) $ (35,317)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 4,297 4,777 4,539
Amortization of premium (accretion of discount) on marketable securities 490 (1,457) (527)
Stock-based compensation 11,917 10,312 2,872
Unrealized gain on equity securities (41,498)    
Remeasurement of liability awards 19 (115) (1,827)
Other 587 468 337
Changes in operating assets and liabilities:      
Accounts receivable 739 (3,809) (865)
Prepaid expenses and other assets (80) (1,441) (2,220)
Accounts payable (947) 2,253 209
Accrued compensation 2,806 (200) 2,578
Other liabilities 22 186 551
Deferred rent 931 (67) 48
Deferred revenue (14,957) (20,186) 42,305
Net cash (used in) provided by operating activities (67,802) (65,023) 12,683
Investing activities      
Purchases of marketable securities (130,741) (196,226) (81,463)
Maturities of marketable securities 116,385 128,576 2,750
Sales of marketable securities 22,000 20,000  
Purchases of equipment and leasehold improvements (7,129) (3,481) (1,557)
Proceeds from exercise of options for Vaxcyte shares 89   80
Net cash provided by (used in) investing activities 604 (51,131) (80,190)
Financing activities      
Proceeds from sales of common stock, net of issuance costs 251,415 (327)  
Proceeds from debt refinancing 25,000    
Payments of debt (10,000) (5,000)  
Proceed from exercise of common stock options 1,861 180 134
Taxes paid related to net shares settlement of restricted stock units (314) (297)  
Proceeds from employee stock purchase plan 1,285 1,260  
Proceeds from payment of note receivable by stockholder     208
Proceeds from issuances of redeemable convertible preferred stock, net of issuance costs     84,739
Proceeds from issuances of common stock upon initial public offering, net of issuance costs     74,436
Proceeds from issuance of common stock in private placement     10,000
Proceeds from exercise of preferred stock warrants     268
Proceeds from a research, development and commercialization agreement     1,000
Net cash provided by (used in) financing activities 269,247 (4,184) 170,785
Net increase (decrease) in cash, cash equivalents and restricted cash 202,049 (120,338) 103,278
Cash, cash equivalents and restricted cash at beginning of year 4,975 125,313 22,035
Cash, cash equivalents and restricted cash at end of year 207,024 4,975 125,313
Supplemental disclosure of cash flow information      
Cash paid for interest 1,675 1,049 1,275
Supplemental Disclosures of Non-cash Investing and Financing Information      
Purchase of property and equipment included in accounts payable 546 270 205
Offering costs included in accounts payable 361    
Embedded interest associated with program fees 1,852 $ 3,144  
Warrants issued to lenders $ 619    
Conversion of redeemable convertible preferred stock and warrants into common stock upon IPO, net of issuance costs     187,244
Reclassification of redeemable convertible preferred stock warrant liability to equity     $ 734