v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net loss $ (78,335) $ (73,509)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 12,268 12,644
Depreciation and amortization expense 2,222 1,949
Amortization of investment premiums 360 42
Non-cash operating lease expense 373 364
Asset retirement obligation accretion expense 21 19
Changes in operating assets and liabilities:    
Accounts receivable (8,360) 0
Prepaid expenses and other current assets 1,828 (1,888)
Other assets 38 (209)
Accounts payable 9,555 (590)
Accrued compensation (7,672) (5,030)
Accrued research and development expenses (5,158) (514)
Other current liabilities 1,510 (169)
Deferred revenue 6,058 0
Operating lease liabilities (406) (153)
Net cash used in operating activities (65,698) (67,044)
Investing activities    
Purchases of short-term investments (94,055) (56,851)
Proceeds from maturities and sales of short-term investments 109,751 97,157
Purchases of property and equipment (2,197) (1,333)
Net cash provided by investing activities 13,499 38,973
Financing activities    
Proceeds from issuance of common stock through ATM facilities, net 2,457 24,277
Proceeds from employee stock awards 1,749 1,330
Taxes paid related to net share settlement of restricted stock units (1,231) (1,395)
Principal payments on finance lease obligations (66) (90)
Other financing activities, net (17) (165)
Net cash provided by financing activities 2,892 23,957
Decrease in cash, cash equivalents and restricted cash (49,307) (4,114)
Cash, cash equivalents and restricted cash at beginning of period 201,798 75,711
Cash, cash equivalents and restricted cash at end of period 152,491 71,597
Non-cash investing and financing activities    
Property and equipment purchases included in accounts payable and other accrued liabilities 1,245 1,098
Accrued costs related to underwritten public offering 176 0
Accrued costs related to ATM facilities 75 112
Finance lease assets obtained in exchange for lease obligations 0 281
Supplemental cash flow disclosure    
Cash paid for interest 10 17
Cash paid for income taxes $ 8 $ 0

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