Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net loss $ (11,385,000) $ (18,010,000) $ (17,396,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 73,000 91,000 108,000
Stock-based compensation expense 4,153,000 3,757,000 4,098,000
Amortization of premiums and discounts on marketable securities, net (204,000) (341,000) (68,000)
Write off of property and equipment and other assets 210,000 0 0
Impairment of right-of-use asset 50,000 0 0
Accrued interest included in convertible note payable 0 696,000 658,000
Changes in operating assets and liabilities:      
Collaboration receivables 3,555,000 (310,000) (867,000)
Prepaid and other current assets 642,000 480,000 (123,000)
Other assets 0 (537,000) (872,000)
Accounts payable and accrued expenses (2,355,000) (5,760,000) 6,638,000
Accrued compensation (1,992,000) 222,000 (343,000)
Deferred revenue (12,890,000) (15,099,000) (25,010,000)
Lease liabilities, net (59,000) 0 0
Deferred rent 0 (46,000) (32,000)
Net cash used in operating activities (20,202,000) (34,857,000) (33,209,000)
Investing activities      
Maturities of marketable securities 44,842,000 69,685,000 81,877,000
Purchase of marketable securities (15,494,000) (39,637,000) (121,723,000)
Capital expenditures (11,000) (66,000) (25,000)
Net cash provided by (used in) investing activities 29,337,000 29,982,000 (39,871,000)
Financing activities      
Proceeds from issuance of convertible note payable, net 0 0 12,500,000
Principal payment on promissory note 0 0 (1,000,000)
Proceeds from issuance of common stock, net 0 0 30,610,000
Repurchase of common stock 0 0 (11,203,000)
Deferred financing costs 0 (118,000) 0
Proceeds from stock issuances related to exercise of stock options and employee stock purchase plan 3,000 479,000 169,000
Net cash provided by financing activities 3,000 361,000 31,076,000
Net (decrease) increase in cash and cash equivalents 9,138,000 (4,514,000) (42,004,000)
Cash and cash equivalents at beginning of period 11,565,000 16,079,000 58,083,000
Cash and cash equivalents at end of period 20,703,000 11,565,000 16,079,000
Supplemental disclosure of cash flow information:      
Cash paid for interest 0 0 5,000
Supplemental schedule of noncash financing activities:      
Conversion of convertible note payable to common stock 0 13,729,000 0
Right-of-use asset $ 590,000 $ 0 $ 0