Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (76,282,000) $ (56,671,000) $ (27,319,000)
Adjustments to reconcile net loss to cash used in operating activities:      
Depreciation and amortization 7,819,000 2,360,000 741,000
Stock option-based compensation expense 7,338,000 8,178,000 4,644,000
Restricted stock-based compensation expense 899,000 688,000 1,272,000
Accretion and interest on short-term investments (266,000) (626,000)
Accretion of right-of-use lease assets 858,000
Net gain on write-off of licensed technology (127,000)
Non-cash loss on arbitration ruling on licensing agreement 367,000
Change in operating assets and liabilities:      
Receivables 81,000 26,000 17,000
Prepaid expenses and other current assets 670,000 (1,067,000) (2,580,000)
Other assets 3,000 40,000 (11,000)
Accounts payable, accrued expenses and lease liabilities (1,707,000) 7,665,000 (1,301,000)
Payable to licensor (2,600,000)
Deferred revenue 296,000 2,009,000
Net cash used in operating activities (62,820,000) (39,111,000) (22,655,000)
Cash flows from investing activities:      
Capital expenditures (6,309,000) (9,243,000) (860,000)
Acquisition of licensed technology (199,000) (10,251,000)
Purchases of short-term investments (136,092,000)
Proceeds from maturities of short-term investments 66,484,000 70,500,000
Net cash provided by (used in) investing activities 59,976,000 (85,086,000) (860,000)
Cash flows from financing activities:      
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of offering costs 95,972,000
Proceeds from issuance of common stock in public offering, net of offering costs 86,174,000
Proceeds from open market sales of common stock 16,961,000
Proceeds from exercise of $5.00 warrants 3,233,000 885,000
Proceeds from exercise of stock options 969,000 2,244,000 344,000
Proceeds from exercise of $8.00 warrants 5,000,000
Net cash provided by financing activities 113,902,000 5,477,000 92,403,000
Net increase/(decrease) in cash, cash equivalents and restricted cash 111,058,000 (118,720,000) 68,888,000
Cash, cash equivalents and restricted cash at beginning of year 19,310,000 138,030,000 69,142,000
Cash, cash equivalents and restricted cash at end of year 130,368,000 19,310,000 138,030,000
Supplemental cash flow information:      
Cash and cash equivalents 129,258,000 18,750,000 137,750,000
Restricted cash 1,110,000 560,000 280,000
Total cash, cash equivalents and restricted cash 130,368,000 19,310,000 138,030,000
Payable for acquisition of licensed technology 30,000,000
Write off of licensed asset and corresponding liability 4,000,000
Shares returned in connection with arbitration ruling on licensing agreement 1,472,000
Cash paid for interest $ 11,000 $ 8,000