rvmd-10q_20200630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File Number: 001-39219

 

Revolution Medicines, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-2029180

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

700 Saginaw Drive

Redwood City, CA

94063

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 481-6801

 

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

 

RVMD

 

The Nasdaq Stock Market LLC

(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, a 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 August 5, 2020, the registrant had 65,926,453 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


Table of Contents

 

 

 

Page

Special Note Regarding Forward Looking Statements

ii

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations

2

 

Condensed Consolidated Statements of Comprehensive Loss

3

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholder’s Equity (Deficit)

4

 

Condensed Consolidated Statements of Cash Flows

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

Item 4.

Controls and Procedures

32

 

 

 

PART II.

OTHER INFORMATION

33

Item 1.

Legal Proceedings

33

Item 1A.

Risk Factors

34

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 3.

Defaults Upon Senior Securities

79

Item 4.

Mine Safety Disclosures

79

Item 5.

Other Information

79

Item 6.

Exhibits

80

 

Signatures

81

 


i


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would,” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about:

 

the scope, progress, results and costs of developing our product candidates or any other future product candidates, and conducting preclinical studies and clinical trials, including our RMC-4630 Phase 1/2 clinical program;

 

the scope, progress, results and costs related to the research and development of our pipeline;

 

the timing of and costs involved in obtaining and maintaining regulatory approval for any of current or future product candidates, and any related restrictions, limitations and/or warnings in the label of an approved product candidate;

 

the impact of COVID-19 on our business and operations, including clinical trials, manufacturing suppliers, collaborators, use of contract research organizations and employees;

 

our expectations regarding the potential market size and size of the potential patient populations for RMC-4630, our other product candidates and any future product candidates, if approved for commercial use;

 

our ability to maintain existing and establish new collaborations, licensing or other arrangements and the financial terms of any such agreements, including our collaboration with Sanofi;

 

our commercialization, marketing and manufacturing capabilities and expectations;

 

the rate and degree of market acceptance of our product candidates, as well as the pricing and reimbursement of our product candidates, if approved;

 

the implementation of our business model and strategic plans for our business, product candidates and technology, including additional indications for which we may pursue;

 

the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates, including the projected term of patent protection;

 

estimates of our expenses, future revenue, capital requirements, our needs for additional financing and our ability to obtain additional capital;

 

developments and projections relating to our competitors and our industry, including competing therapies and procedures;

 

regulatory and legal developments in the United States and foreign countries;

 

the performance of our third-party suppliers and manufacturers;

 

our ability to attract and retain key scientific or management personnel;

 

our expectations regarding the period during which we will qualify as an emerging growth company under the Jumpstart Our Business Startups Act of 2012;

 

our expectations regarding our ability to obtain, maintain, enforce and defend our intellectual property protection for our product candidates; and

 

other risks and uncertainties, including those listed under the caption “Risk Factors.”

ii


We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. 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 in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, 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 be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements contained herein for any reason after the date of this report to conform these statements to new information, actual results or changes in our expectations, except as required by applicable law.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (https://ir.revmed.com), Securities and Exchange Commission, or SEC, filings, webcasts, press releases and conference calls. We use these mediums, including our website, to communicate with the public about our company, our business and other issues. It is possible that the information that we make available may be deemed to be material information. We, therefore, encourage investors and others interested in our company to review the information that we make available through these mediums.

 

 

iii


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

23,976

 

 

$

16,659

 

Marketable securities

 

 

301,469

 

 

 

106,099

 

Receivable from related party

 

 

7,331

 

 

 

8,737

 

Prepaid expenses and other current assets

 

 

7,605

 

 

 

2,486

 

Total current assets

 

 

340,381

 

 

 

133,981

 

Property and equipment, net

 

 

7,102

 

 

 

7,147

 

Operating lease right-of-use asset

 

 

28,892

 

 

 

 

Intangible assets, net

 

 

61,479

 

 

 

62,013

 

Goodwill

 

 

14,608

 

 

 

14,608

 

Restricted cash

 

 

1,084

 

 

 

214

 

Other noncurrent assets

 

 

411

 

 

 

2,566

 

Total assets

 

$

453,957

 

 

$

220,529

 

Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,173

 

 

$

11,400

 

Accrued expenses and other current liabilities

 

 

15,363

 

 

 

14,528

 

Operating lease liability, current

 

 

3,619

 

 

 

 

Deferred revenue, related party, current

 

 

14,582

 

 

 

17,124

 

Total current liabilities

 

 

43,737

 

 

 

43,052

 

Deferred rent, noncurrent

 

 

 

 

 

1,741

 

Deferred revenue, related party, noncurrent

 

 

11,609

 

 

 

14,727

 

Deferred tax liability

 

 

7,085

 

 

 

7,819

 

Operating lease liability, noncurrent

 

 

30,337

 

 

 

 

Other noncurrent liabilities

 

 

691

 

 

 

655

 

Total liabilities

 

 

93,459

 

 

 

67,994

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Redeemable convertible preferred stock, $0.0001 par value; zero and 192,904,770

   shares authorized at June 30, 2020 and December 31, 2019, respectively;

   zero and 39,600,423 shares issued and outstanding at June 30, 2020 and December

   31, 2019, respectively; aggregate liquidation preference of zero and $308,688 and

   at June 30, 2020 and December 31, 2019, respectively

 

 

 

 

 

305,109

 

Stockholders' equity (deficit):

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 and zero shares authorized at

   June 30, 2020 and December 31, 2019, respectively; zero shares

   issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

 

 

 

 

 

Common stock, $0.0001 par value; 300,000,000 and 249,000,000 shares authorized at

   June 30, 2020 and December 31, 2019, respectively; 59,015,868 and 3,292,124 shares

   issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

 

6

 

 

 

 

Additional paid-in capital

 

 

564,321

 

 

 

4,738

 

Accumulated other comprehensive income

 

 

291

 

 

 

74

 

Accumulated deficit

 

 

(204,120

)

 

 

(157,386

)

Total stockholders' equity (deficit)

 

 

360,498

 

 

 

(152,574

)

Total liabilities, redeemable convertible preferred stock and stockholders' equity

 

$

453,957

 

 

$

220,529

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue, related party

 

$

10,025

 

 

$

12,281

 

 

$

21,571

 

 

$

25,447

 

Total revenue

 

 

10,025

 

 

 

12,281

 

 

 

21,571

 

 

 

25,447

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

32,918

 

 

 

20,117

 

 

 

60,375

 

 

 

41,303

 

General and administrative

 

 

5,091

 

 

 

2,725

 

 

 

10,262

 

 

 

5,141

 

Total operating expenses

 

 

38,009

 

 

 

22,842

 

 

 

70,637

 

 

 

46,444

 

Loss from operations

 

 

(27,984

)

 

 

(10,561

)

 

 

(49,066

)

 

 

(20,997

)

Other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

730

 

 

 

470

 

 

 

1,639

 

 

 

805

 

Interest and other expense

 

 

(19

)

 

 

(28

)

 

 

(40

)

 

 

(58

)

Total other income, net

 

 

711

 

 

 

442

 

 

 

1,599

 

 

 

747

 

Loss before income taxes

 

 

(27,273

)

 

 

(10,119

)

 

 

(47,467

)

 

 

(20,250

)

Benefit from income taxes

 

 

58

 

 

 

 

 

 

733

 

 

 

 

Net loss

 

$

(27,215

)

 

$

(10,119

)

 

$

(46,734

)

 

$

(20,250

)

Redeemable convertible preferred stock dividends - undeclared and cumulative

 

 

 

 

 

(3,063

)

 

 

(2,219

)

 

 

(5,740

)

Net loss attributable to common stockholders

 

$

(27,215

)

 

$

(13,182

)

 

$

(48,953

)

 

$

(25,990

)

Net loss per share attributable to common stockholders - basic and diluted

 

$

(0.46

)

 

$

(4.85

)

 

$

(1.11

)

 

$

(9.69

)

Weighted-average common shares used to compute net loss per share, basic and diluted

 

 

58,752,494

 

 

 

2,718,573

 

 

 

44,025,372

 

 

 

2,680,863

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(27,215

)

 

$

(10,119

)

 

$

(46,734

)

 

$

(20,250

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investments, net

 

 

255

 

 

 

(15

)

 

 

217

 

 

 

(15

)

Total comprehensive loss

 

$

(26,960

)

 

$

(10,134

)

 

$

(46,517

)

 

$

(20,265

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

income

 

 

Deficit

 

 

Equity/(Deficit)

 

Balance at December 31, 2019

 

 

39,600,423

 

 

$

305,109

 

 

 

 

3,292,124

 

 

$

 

 

$

4,738

 

 

$

74

 

 

$

(157,386

)

 

$

(152,574

)

Conversion of redeemable convertible preferred stock into common stock

 

 

(39,600,423

)

 

 

(305,109

)

 

 

 

39,600,423

 

 

 

4

 

 

 

305,105

 

 

 

 

 

 

 

 

 

305,109

 

Issuance of common stock upon initial public offering, net of offering cost of $23,003

 

 

 

 

 

 

 

 

 

16,100,000

 

 

 

2

 

 

 

250,695

 

 

 

 

 

 

 

 

 

250,697

 

Issuance of common stock pursuant to stock option exercises

 

 

 

 

 

 

 

 

 

11,097

 

 

 

 

 

 

27

 

 

 

 

 

 

 

 

 

27

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47

 

 

 

 

 

 

 

 

 

47

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,567

 

 

 

 

 

 

 

 

 

1,567

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38

)

 

 

 

 

 

(38

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,519

)

 

 

(19,519

)

Balance at March 31, 2020

 

 

 

 

$

 

 

 

 

59,003,644

 

 

$

6

 

 

$

562,179

 

 

$

36

 

 

$

(176,905

)

 

$

385,316

 

Issuance of common stock pursuant to stock option exercises

 

 

 

 

 

 

 

 

 

21,578

 

 

 

 

 

 

86

 

 

 

 

 

 

 

 

 

86

 

Vesting of early exercised stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39

 

 

 

 

 

 

 

 

 

39

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

(9,354

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,017

 

 

 

 

 

 

 

 

 

2,017

 

Net unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

255

 

 

 

 

 

 

255

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,215

)

 

 

(27,215

)

Balance at June 30, 2020

 

 

 

 

$

 

 

 

 

59,015,868

 

 

$

6

 

 

$

564,321

 

 

$

291

 

 

$

(204,120

)

 

$

360,498

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share and per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

income

 

 

Deficit

 

 

Equity/(Deficit)

 

Balance at December 31, 2018

 

 

29,595,909

 

 

$

205,081

 

 

 

 

3,208,924

 

 

$

 

 

$

1,300

 

 

$

 

 

$

(109,722

)

 

$

(108,422

)

Issuance of common stock pursuant to stock option exercises

 

 

 

 

 

 

 

 

 

3,766

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

14

 

Issuance of common stock pursuant to early exercised stock

   options

 

 

 

 

 

 

 

 

 

13,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

 

 

 

 

 

27

 

Repurchases of early exercised stock

 

 

 

 

 

 

 

 

 

(1,948

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

403

 

 

 

 

 

 

 

 

 

403

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,131

)

 

 

(10,131

)

Balance at March 31, 2019

 

 

29,595,909

 

 

$

205,081

 

 

 

 

3,224,382

 

 

$

 

 

$

1,744

 

 

$

 

 

$

(119,853

)

 

$

(118,109

)

Issuance of Series C redeemable convertible preferred stock for cash at $10.03 per share, net of issuance costs of $254

 

 

8,991,731

 

 

 

89,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to stock option exercises

 

 

 

 

 

 

 

 

 

1,391

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Issuance of common stock pursuant to early exercised stock options

 

 

 

 

 

 

 

 

 

5,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options and restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

 

 

 

35

 

Repurchases of early exercised stock

 

 

 

 

 

 

 

 

 

(51,375

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

506

 

 

 

 

 

 

 

 

 

506

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,119

)

 

 

(10,119

)

Balance at June 30, 2019

 

 

38,587,640

 

 

$

295,016

 

 

 

 

3,180,396

 

 

$

 

 

$

2,286

 

 

$

(15

)

 

$

(129,972

)

 

$

(127,701

)

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

5


REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(46,734

)

 

$

(20,250

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

534

 

 

 

534

 

Stock-based compensation expense

 

 

3,584

 

 

 

909

 

Depreciation and amortization

 

 

1,272

 

 

 

1,070

 

Gain on disposal of property and equipment

 

 

 

 

 

55

 

Loss on disposal of held-for-sale assets

 

 

 

 

 

597

 

Net amortization (accretion) of premium (discount) on marketable securities

 

 

(18

)

 

 

(88

)

Amortization of operating lease right-of-use asset

 

 

1,409

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Receivable from related party

 

 

1,406

 

 

 

(1,583

)

Prepaid expenses and other current assets

 

 

(2,541

)

 

 

22

 

Accounts payable

 

 

(941

)

 

 

1,503

 

Accrued expenses and other current liabilities

 

 

1,286

 

 

 

(53

)

Deferred revenue, related party

 

 

(5,660

)

 

 

(6,742

)

Deferred tax liability

 

 

(734

)

 

 

 

Deferred rent

 

 

 

 

 

(232

)

Operating lease liability

 

 

(1,273

)

 

 

 

Other noncurrent assets

 

 

274

 

 

 

(65

)

Other noncurrent liabilities

 

 

127

 

 

 

216

 

Net cash used in operating activities

 

 

(48,009

)

 

 

(24,107

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

 

(305,205

)

 

 

(55,406

)

Maturities of marketable securities

 

 

107,065

 

 

 

 

Sales of marketable securities

 

 

3,005

 

 

 

 

Purchases of property and equipment

 

 

(1,077

)