Price | 9.17 | EPS | -1 | |
Shares | 20 | P/E | -9 | |
MCap | 186 | P/FCF | -18 | |
Net Debt | -109 | EBIT | -22 | |
TEV | 77 | TEV/EBIT | -4 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-12 |
10-Q | 2020-06-30 | Filed 2020-08-12 |
10-Q | 2020-03-31 | Filed 2020-05-12 |
10-K | 2019-12-31 | Filed 2020-03-24 |
10-Q | 2019-09-30 | Filed 2019-11-13 |
10-Q | 2019-06-30 | Filed 2019-08-12 |
S-1 | 2019-04-26 | Public Filing |
8-K | 2020-11-12 | |
8-K | 2020-09-23 | |
8-K | 2020-08-12 | |
8-K | 2020-08-03 | |
8-K | 2020-06-26 | |
8-K | 2020-06-17 | |
8-K | 2020-06-16 | |
8-K | 2020-06-15 | |
8-K | 2020-05-12 | |
8-K | 2020-04-06 | |
8-K | 2020-03-24 | |
8-K | 2020-03-11 | |
8-K | 2020-03-05 | |
8-K | 2020-01-13 | |
8-K | 2019-12-17 | |
8-K | 2019-11-20 | |
8-K | 2019-11-13 | |
8-K | 2019-09-30 | |
8-K | 2019-08-12 | |
8-K | 2019-05-28 |
Part I - Financial Information |
Item 1. Financial Statements (Unaudited). |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. Controls and Procedures. |
Part II - Other Information |
Item 1. Legal Proceedings. |
Item 1A. Risk Factors. |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. Defaults Upon Senior Securities. |
Item 4. Mine Safety Disclosures. |
Item 5. Other Information. |
Item 6. Exhibits. |
EX-10.1 | idya-ex101_656.htm |
EX-31.1 | idya-ex311_8.htm |
EX-31.2 | idya-ex312_6.htm |
EX-32.1 | idya-ex321_9.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
OR
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-38915
IDEAYA Biosciences, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
| 47-4268251 |
(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification No.) |
|
| |
7000 Shoreline Court, Suite 350 South San Francisco, California |
| 94080 |
(Address of principal executive offices) |
| (Zip Code) |
(650) 443-6209
(telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
Common Stock, $0.0001 par value per share |
| IDYA |
| Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ |
|
| Accelerated filer | ☐ |
Non-accelerated filer | ☒ |
|
| Smaller reporting company | ☒ |
|
|
|
| Emerging growth company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 6, 2020, the registrant had 29,069,719 shares of common stock, $0.0001 par value per share, outstanding.
This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations and future results of anticipated products, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described under the sections in this Quarterly Report on Form 10-Q entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q. These forward-looking statements are subject to numerous risks, including, without limitation, the following:
• | our status as a development-stage company and our expectation to incur losses in the future; |
• | our future capital needs and our need to raise additional funds; |
• | our ability to build a pipeline of product candidates and develop and commercialize drugs; |
• | our unproven approach to therapeutic intervention; |
• | our ability to enroll patients and volunteers in clinical trials, timely and successfully complete those trials and receive necessary regulatory approvals; |
• | our ability to establish our own manufacturing facilities and to receive or manufacture sufficient quantities of our product candidates; |
• | the success of the collaboration agreement with GSK and our dependence on the development and marketing efforts of GSK for certain of our programs; |
• | our expectations about the impact of natural disasters and public health epidemics, such as the COVID-19 pandemic, on our business, results of operations and financial condition; |
• | our ability to protect and enforce our intellectual property rights; |
• | federal, state, and foreign regulatory requirements, including FDA regulation of our product candidates; |
• | the timing of clinical trials and the likelihood of regulatory filings and approvals; |
• | our ability to obtain and retain key executives and attract and retain qualified personnel; and |
• | our ability to successfully manage our growth. |
Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not occur or be achieved, and actual results could differ materially from those projected in the forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
1
Form 10-Q for Quarterly Period Ended September 30, 2020
Table of Contents
3 | |
3 | |
3 | |
4 | |
5 | |
6 | |
7 | |
8 | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 46 |
46 | |
47 | |
47 | |
47 | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 107 |
107 | |
107 | |
107 | |
108 | |
109 |
2
Item 1. Financial Statements (UNAUDITED).
IDEAYA Biosciences, Inc.
(in thousands, except share and per share amounts)
(Unaudited)
|
| September 30, |
|
| December 31, |
| ||
|
| 2020 |
|
| 2019 |
| ||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 81,238 |
|
| $ | 34,067 |
|
Short-term marketable securities |
|
| 197,445 |
|
|
| 64,889 |
|
Prepaid expenses and other current assets |
|
| 2,654 |
|
|
| 2,698 |
|
Total current assets |
|
| 281,337 |
|
|
| 101,654 |
|
Restricted cash |
|
| 106 |
|
|
| 106 |
|
Long-term marketable securities |
|
| 10,158 |
|
|
| 1,526 |
|
Property and equipment, net |
|
| 4,095 |
|
|
| 4,642 |
|
Right-of-use assets |
|
| 5,515 |
|
|
| 5,057 |
|
Other non-current assets |
|
| 173 |
|
|
| 16 |
|
Total assets |
| $ | 301,384 |
|
| $ | 113,001 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 1,405 |
|
| $ | 709 |
|
Accrued liabilities |
|
| 6,390 |
|
|
| 5,023 |
|
Contract liability |
|
| 44,847 |
|
|
| — |
|
Lease liabilities |
|
| 1,502 |
|
|
| 1,145 |
|
Other current liabilities |
|
| 29 |
|
|
| 63 |
|
Total current liabilities |
|
| 54,173 |
|
|
| 6,940 |
|
Long-term contract liability |
|
| 46,186 |
|
|
| — |
|
Long-term lease liabilities |
|
| 5,584 |
|
|
| 5,627 |
|
Other non-current liabilities |
|
| 12 |
|
|
| 34 |
|
Total liabilities |
|
| 105,955 |
|
|
| 12,601 |
|
Commitments and contingencies (Note 6) |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of September 30, 2020 and December 31, 2019; no shares issued and outstanding as of September 30, 2020 and December 31, 2019 |
|
| — |
|
|
| — |
|
Common stock, $0.0001 par value, 300,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 29,066,161 and 20,339,461 shares issued and outstanding as of September 30, 2020 and December 31, 2019 |
|
| 3 |
|
|
| 2 |
|
Additional paid-in capital |
|
| 317,242 |
|
|
| 192,824 |
|
Accumulated other comprehensive income |
|
| 35 |
|
|
| 65 |
|
Accumulated deficit |
|
| (121,851 | ) |
|
| (92,491 | ) |
Total stockholders’ equity |
|
| 195,429 |
|
|
| 100,400 |
|
Total liabilities and stockholders’ equity |
| $ | 301,384 |
|
| $ | 113,001 |
|
The accompanying notes are an integral part of these condensed financial statements.
3
IDEAYA Biosciences, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(Unaudited)
|
| Three Months Ended September 30, |
|
| Nine Months Ended September 30, |
| ||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
Collaboration revenue |
| $ | 8,967 |
|
| $ | — |
|
| $ | 8,967 |
|
| $ | — |
|
Total revenue |
|
| 8,967 |
|
|
| — |
|
|
| 8,967 |
|
|
| — |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
| 10,025 |
|
|
| 8,923 |
|
|
| 27,647 |
|
|
| 25,778 |
|
General and administrative |
|
| 3,938 |
|
|
| 2,700 |
|
|
| 11,384 |
|
|
| 7,174 |
|
Total operating expenses |
|
| 13,963 |
|
|
| 11,623 |
|
|
| 39,031 |
|
|
| 32,952 |
|
Loss from operations |
|
| (4,996 | ) |
|
| (11,623 | ) |
|
| (30,064 | ) |
|
| (32,952 | ) |
Interest income and other income (expense), net |
|
| 70 |
|
|
| 654 |
|
|
| 704 |
|
|
| 1,758 |
|
Net loss |
| $ | (4,926 | ) |
| $ | (10,969 | ) |
| $ | (29,360 | ) |
| $ | (31,194 | ) |
Change in unrealized (losses) gains on marketable securities |
|
| (22 | ) |
|
| 41 |
|
|
| (30 | ) |
|
| 109 |
|
Comprehensive loss |
| $ | (4,948 | ) |
| $ | (10,928 | ) |
| $ | (29,390 | ) |
| $ | (31,085 | ) |
Net loss per common share, basic and diluted |
| $ | (0.17 | ) |
| $ | (0.54 | ) |
| $ | (1.26 | ) |
| $ | (3.15 | ) |
Weighted average number of common shares outstanding used in computing net loss per share, basic and diluted |
|
| 28,396,670 |
|
|
| 20,158,223 |
|
|
| 23,235,218 |
|
|
| 9,895,574 |
|
The accompanying notes are an integral part of these condensed financial statements.
4
IDEAYA Biosciences, Inc.
Condensed Statements of Stockholders’ Equity
(in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Additional |
|
| Other |
|
|
|
|
|
| Total |
| |||
|
| Common Stock |
|
| Paid-In |
|
| Comprehensive |
|
| Accumulated |
|
| Stockholders' |
| |||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| Income (Loss) |
|
| Deficit |
|
| Equity |
| ||||||
Balances as of June 30, 2020 |
|
| 27,184,824 |
|
| $ | 3 |
|
| $ | 288,923 |
|
| $ | 57 |
|
| $ | (116,925 | ) |
| $ | 172,058 |
|
Issuance of common stock upon follow-on public offering, net of issuance costs |
|
| 500,000 |
|
|
| — |
|
|
| 7,040 |
|
|
| — |
|
|
| — |
|
|
| 7,040 |
|
Issuance of common stock in private placement, net of issuance costs |
|
| 1,333,333 |
|
|
| — |
|
|
| 19,988 |
|
|
| — |
|
|
| — |
|
|
| 19,988 |
|
Issuance of common stock upon exercise of stock options |
|
| 53,353 |
|
|
| — |
|
|
| 297 |
|
|
| — |
|
|
| — |
|
|
| 297 |
|
Repurchase of early exercised shares |
|
| (5,349 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Vesting of early exercised common stock options |
|
| — |
|
|
| — |
|
|
| 13 |
|
|
| — |
|
|
| — |
|
|
| 13 |
|
Stock-based compensation |
|
| — |
|
|
| — |
|
|
| 981 |
|
|
| — |
|
|
| — |
|
|
| 981 |
|
Other comprehensive loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (22 | ) |
|
| — |
|
|
| (22 | ) |
Net loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (4,926 | ) |
|
| (4,926 | ) |
Balances as of September 30, 2020 |
|
| 29,066,161 |
|
| $ | 3 |
|
| $ | 317,242 |
|
| $ | 35 |
|
| $ | (121,851 | ) |
| $ | 195,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of June 30, 2019 |
|
| 20,268,103 |
|
| $ | 2 |
|
| $ | 191,310 |
|
| $ | 37 |
|
| $ | (70,741 | ) |
| $ | 120,608 |
|
Issuance of common stock upon exercise of stock options |
|
| 62,501 |
|
|
| — |
|
|
| 190 |
|
|
| — |
|
|
| — |
|
|
| 190 |
|
Repurchase of early exercised shares |
|
| (2,362 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Vesting of early exercised common stock options and restricted stock |
|
| — |
|
|
| — |
|
|
| 18 |
|
|
| — |
|
|
| — |
|
|
| 18 |
|
Stock-based compensation |
|
| — |
|
|
| — |
|
|
| 518 |
|
|
| — |
|
|
| — |
|
|
| 518 |
|
Other comprehensive income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 41 |
|
|
| — |
|
|
| 41 |
|
Net loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (10,969 | ) |
|
| (10,969 | ) |
Balances as of September 30, 2019 |
|
| 20,328,242 |
|
| $ | 2 |
|
| $ | 192,036 |
|
| $ | 78 |
|
| $ | (81,710 | ) |
| $ | 110,406 |
|
The accompanying notes are an integral part of these condensed financial statements.
5
IDEAYA Biosciences, Inc.
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated |
|
|
|
|
|
| Total |
| ||
|
| Redeemable Convertible |
|
|
|
|
|
|
|
|
|
| Additional |
|
| Other |
|
|
|
|
|
| Stockholders' |
| ||||||||
|
| Preferred Stock |
|
| Common Stock |
|
| Paid-In |
|
| Comprehensive |
|
| Accumulated |
|
| Equity |
| ||||||||||||||
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Capital |
|
| Income (Loss) |
|
| Deficit |
|
| (Deficit) |
| ||||||||
Balances as of December 31, 2019 |
|
| — |
|
| $ | — |
|
|
| 20,339,461 |
|
| $ | 2 |
|
| $ | 192,824 |
|
| $ | 65 |
|
| $ | (92,491 | ) |
| $ | 100,400 |
|
Issuance of common stock upon follow-on public offering, net of issuance costs |
|
| — |
|
|
| — |
|
|
| 7,166,667 |
|
|
| 1 |
|
|
| 100,663 |
|
|
| — |
|
|
| — |
|
|
| 100,664 |
|
Issuance of common stock in private placement, net of issuance costs |
|
| — |
|
|
| — |
|
|
| 1,333,333 |
|
|
|
|
|
|
| 19,988 |
|
|
| — |
|
|
| — |
|
|
| 19,988 |
|
Issuance of common stock upon exercise of stock options |
|
| — |
|
|
| — |
|
|
| 218,724 |
|
|
| — |
|
|
| 1,028 |
|
|
| — |
|
|
| — |
|
|
| 1,028 |
|
Employee stock purchase plan (ESPP) purchase |
|
| — |
|
|
|
|
|
|
| 18,494 |
|
|
| — |
|
|
| 132 |
|
|
| — |
|
|
| — |
|
|
| 132 |
|
Repurchase of early exercised shares |
|
| — |
|
|
| — |
|
|
| (10,518 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Vesting of early exercised common stock options |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 44 |
|
|
| — |
|
|
| — |
|
|
| 44 |
|
Stock-based compensation |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 2,563 |
|
|
| — |
|
|
| — |
|
|
| 2,563 |
|
Other comprehensive loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (30 | ) |
|
| — |
|
|
| (30 | ) |
Net loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (29,360 | ) |
|
| (29,360 | ) |
Balances as of September 30, 2020 |
|
| — |
|
| $ | — |
|
|
| 29,066,161 |
|
| $ | 3 |
|
| $ | 317,242 |
|
| $ | 35 |
|
| $ | (121,851 | ) |
| $ | 195,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of December 31, 2018 |
|
| 13,139,794 |
|
| $ | 138,391 |
|
|
| 1,335,690 |
|
| $ | — |
|
| $ | 1,599 |
|
| $ | (31 | ) |
| $ | (50,516 | ) |
| $ | (48,948 | ) |
Conversion of redeemable convertible preferred stock into common stock |
|
| (13,139,794 | ) |
|
| (138,391 | ) |
|
| 13,139,794 |
|
|
| 1 |
|
|
| 138,390 |
|
|
| — |
|
|
| — |
|
|
| 138,391 |
|
Issuance of common stock upon initial public offering, net of issuance costs |
|
| — |
|
|
| — |
|
|
| 5,750,000 |
|
|
| 1 |
|
|
| 50,246 |
|
|
| — |
|
|
| — |
|
|
| 50,247 |
|
Issuance of common stock upon exercise of stock options |
|
| — |
|
|
| — |
|
|
| 114,890 |
|
|
| — |
|
|
| 261 |
|
|
| — |
|
|
| — |
|
|
| 261 |
|
Early exercised common stock options |
|
| — |
|
|
| — |
|
|
| 2,112 |
|
|
| — |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
| — |
|
Repurchase of early exercised shares |
|
| — |
|
|
| — |
|
|
| (14,244 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Vesting of early exercised common stock options and restricted stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 91 |
|
|
| — |
|
|
| — |
|
|
| 91 |
|
Stock-based compensation |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,449 |
|
|
| — |
|
|
| — |
|
|
| 1,449 |
|
Other comprehensive income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 109 |
|
|
| — |
|
|
| 109 |
|
Net loss |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (31,194 | ) |
|
| (31,194 | ) |
Balances as of September 30, 2019 |
|
| — |
|
| $ | — |
|
|
| 20,328,242 |
|
| $ | 2 |
|
| $ | 192,036 |
|
| $ | 78 |
|
| $ | (81,710 | ) |
| $ | 110,406 |
|
The accompanying notes are an integral part of these condensed financial statements.
6
IDEAYA Biosciences, Inc.
Condensed Statements of Cash Flows
(in thousands)
(Unaudited)
|
| Nine Months Ended September 30, |
| |||||
|
| 2020 |
|
| 2019 |
| ||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
| $ | (29,360 | ) |
| $ | (31,194 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 1,020 |
|
|
| 915 |
|
Net amortization of premiums and discounts on marketable securities |
|
| 160 |
|
|
| (451 | ) |
Stock-based compensation |
|
| 2,563 |
|
|
| 1,449 |
|
Loss on sale of property and equipment |
|
| 2 |
|
|
| 14 |
|
Realized gain on marketable securities |
|
| (3 | ) |
|
| (7 | ) |
Changes in assets and liabilities |
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
| (81 | ) |
|
| (2,071 | ) |
Right-of-use assets |
|
| (459 | ) |
|
| 870 |
|
Accounts payable |
|
| 684 |
|
|
| (153 | ) |
Accrued and other liabilities |
|
| 1,186 |
|
|
| 1,000 |
|
Contract liabilities |
|
| 91,033 |
|
|
| — |
|
Lease liabilities |
|
| 314 |
|
|
| (979 | ) |
Net cash provided by (used in) operating activities |
|
| 67,059 |
|
|
| (30,607 | ) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment, net |
|
| (314 | ) |
|
| (1,137 | ) |
Purchases of marketable securities |
|
| (214,412 | ) |
|
| (86,117 | ) |
Maturities of marketable securities |
|
| 73,037 |
|
|
| 67,538 |
|
Sales of marketable securities |
|
| — |
|
|
| 18,094 |
|
Net cash used in investing activities |
|
| (141,689 | ) |
|
| (1,622 | ) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock upon public offering, net of issuance costs |
|
| 100,664 |
|
|
| 50,321 |
|
Proceeds from issuance of common stock in private placement, net of issuance costs |
|
| 19,988 |
|
|
| — |
|
Proceeds from exercise of common stock options, net of repurchases |
|
| 1,017 |
|
|
| 251 |
|
Proceeds from ESPP purchase |
|
| 132 |
|
|
| — |
|
Net cash provided by financing activities |
|
| 121,801 |
|
|
| 50,572 |
|
Net increase in cash, cash equivalents and restricted cash |
|
| 47,171 |
|
|
| 18,343 |
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash, at beginning of period |
|
| 34,173 |
|
|
| 20,611 |
|
Cash, cash equivalents and restricted cash, at end of period |
| $ | 81,344 |
|
| $ | 38,954 |
|
|
|
|
|
|
|
|