Akero Therapeutics, Inc(NASDAQ:AKRO) 
Akero Therapeutics, Inc., a cardio-metabolic nonalcoholic steatohepatitis (NASH) company, engages in the development of medicines designed to restore metabolic balance and improve overall health. Its lead product candidate is efruxifermin (EFX), an analog of fibroblast growth factor 21, which protec...
Website: http://www.akerotx.com
Founded: 2017
IPO Price: $16 (Jun 20, 2019)
Full Time Employees: 16
CEO: Andrew Cheng
Sector: Healthcare
Industry: Biotechnology
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 |
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operating expenses: | ||||||||||||||||||||||||||
research and development | 78,883,000 | 69,254,000 | 69,567,000 | 69,293,000 | 72,232,000 | 55,322,000 | 50,650,000 | 53,392,000 | 38,634,000 | 27,985,000 | 21,787,000 | 18,320,000 | 25,087,000 | 21,363,000 | 20,514,000 | 27,711,000 | 19,470,000 | 23,976,000 | 10,602,000 | 9,801,750 | 17,379,000 | 13,037,000 | 8,791,000 | 13,138,000 | 13,885,000 | 5,960,000 |
general and administrative | 11,353,000 | 11,619,000 | 11,315,000 | 8,732,000 | 9,471,000 | 10,419,000 | 9,304,000 | 8,481,000 | 7,981,000 | 7,644,000 | 6,966,000 | 7,100,000 | 11,004,000 | 6,231,000 | 5,537,000 | 4,728,000 | 4,883,000 | 4,990,000 | 4,526,000 | 2,791,000 | 4,159,000 | 3,417,000 | 3,588,000 | 3,083,000 | 2,424,000 | 1,649,000 |
total operating expenses | 90,236,000 | 80,873,000 | 80,882,000 | 78,025,000 | 81,703,000 | 65,741,000 | 59,954,000 | 61,873,000 | 46,615,000 | 35,629,000 | 28,753,000 | 25,420,000 | 36,091,000 | 27,594,000 | 26,051,000 | 32,439,000 | 24,353,000 | 28,966,000 | 15,128,000 | 12,592,750 | 21,538,000 | 16,454,000 | 12,379,000 | 16,221,000 | 16,309,000 | 7,609,000 |
income from operations | -90,236,000 | -80,873,000 | -80,882,000 | -78,025,000 | -81,703,000 | -65,741,000 | -59,954,000 | -61,873,000 | -46,615,000 | -35,629,000 | -28,753,000 | -25,420,000 | -36,091,000 | -27,594,000 | -26,051,000 | -32,439,000 | -24,353,000 | -28,966,000 | -15,128,000 | -12,592,750 | -21,538,000 | -16,454,000 | -12,379,000 | -16,221,000 | -16,309,000 | |
yoy | 10.44% | 23.02% | 34.91% | 26.11% | 75.27% | 84.52% | 108.51% | 143.40% | 29.16% | 29.12% | 10.37% | -21.64% | 48.20% | -4.74% | 72.20% | 157.60% | 13.07% | 76.04% | 22.21% | -22.37% | 32.06% | |||||
qoq | 11.58% | -0.01% | 3.66% | -4.50% | 24.28% | 9.65% | -3.10% | 32.73% | 30.83% | 23.91% | 13.11% | -29.57% | 30.79% | 5.92% | -19.69% | 33.20% | -15.93% | 91.47% | 20.13% | -41.53% | 30.90% | 32.92% | -23.69% | -0.54% | ||
interest expense | -1,092,000 | -1,172,000 | -1,154,000 | -1,200,000 | -1,246,000 | -1,231,000 | -991,000 | -897,000 | -888,000 | -857,000 | -457,000 | -362,000 | -324,000 | -53,000 | ||||||||||||
loss on extinguishment of loan payable | -1,557,000 | |||||||||||||||||||||||||
interest and other income | 11,319,000 | 11,540,000 | 11,311,000 | 9,201,000 | 10,244,000 | 10,985,000 | 7,601,000 | |||||||||||||||||||
net income | -81,566,000 | -70,505,000 | -70,725,000 | -70,024,000 | -72,705,000 | -55,987,000 | -53,344,000 | -55,186,000 | -39,659,000 | -31,083,000 | -25,831,000 | -23,059,000 | -35,542,000 | -27,403,000 | -26,029,000 | -32,424,000 | -24,330,000 | -28,933,000 | -15,090,000 | -12,374,000 | -21,403,000 | -16,207,000 | -11,886,000 | |||
yoy | 12.19% | 25.93% | 32.58% | 26.89% | 83.33% | 80.12% | 106.51% | 139.33% | 11.58% | 13.43% | -0.76% | -28.88% | 46.08% | -5.29% | 72.49% | 162.03% | 13.68% | 78.52% | 26.96% | |||||||
qoq | 15.69% | -0.31% | 1.00% | -3.69% | 29.86% | 4.95% | -3.34% | 39.15% | 27.59% | 20.33% | 12.02% | -35.12% | 29.70% | 5.28% | -19.72% | 33.27% | -15.91% | 91.74% | 21.95% | -42.19% | 32.06% | 36.35% | ||||
net unrealized gain on marketable securities | 838,000 | -97,000 | 137,000 | -1,155,000 | 2,364,000 | 776,000 | -255,000 | -272,000 | ||||||||||||||||||
comprehensive loss | -80,728,000 | -70,602,000 | -70,588,000 | -71,179,000 | -70,341,000 | -56,169,000 | -53,693,000 | -54,410,000 | -39,914,000 | -31,355,000 | -25,847,000 | -23,022,000 | -35,539,000 | -27,376,000 | -26,032,000 | -32,434,000 | -24,338,000 | -28,940,000 | -15,089,000 | -12,368,500 | -21,477,000 | -16,162,000 | -11,835,000 | |||
net loss per common share, basic and diluted | -990 | -860 | -900 | -990 | -1,050 | -810 | -900 | -1,020 | -710 | -600 | -550 | |||||||||||||||
weighted-average number of shares used in computing net loss per common share, basic and diluted | 82,008,267,000 | 81,721,387,000 | 78,656,629,000 | 67,136,772,000 | 69,442,136,000 | 69,160,484,000 | 59,307,759,000 | 52,568,159,000 | 55,613,120,000 | 51,867,854,000 | 46,944,059,000 | |||||||||||||||
net unrealized loss on marketable securities | -182,000 | -349,000 | ||||||||||||||||||||||||
other income | 4,156,500 | 7,844,000 | 5,403,000 | 3,379,000 | 2,723,000 | 873,000 | 244,000 | 22,000 | 15,000 | 23,000 | 33,000 | 38,000 | 610,000 | 755,000 | 381,000 | |||||||||||
net unrealized loss on short-term marketable securities | -16,000 | |||||||||||||||||||||||||
net unrealized gain on short-term marketable securities | 37,000 | 3,000 | 27,000 | -3,000 | -10,000 | -8,000 | -7,000 | 1,000 | 5,500 | -74,000 | 45,000 | 51,000 | ||||||||||||||
net income per common share, basic and diluted | -420 | -920 | -770 | -740 | -930 | -700 | -830 | -430 | -407.5 | -630 | -570 | -420 | ||||||||||||||
weighted-average number of shares used in computing net income per common share, basic and diluted | 38,984,772,000 | 38,663,469,000 | 35,383,685,000 | 35,005,501,000 | 34,827,385,000 | 34,862,116,000 | 34,814,631,000 | 34,744,275,000 | 34,002,769,000 | 28,602,976,000 | 28,499,475,000 | |||||||||||||||
other income: | ||||||||||||||||||||||||||
interest income | 218,750 | 135,000 | 247,000 | 493,000 | ||||||||||||||||||||||
total other income | 218,750 | 135,000 | 247,000 | 493,000 | 610,000 | 755,000 | 381,000 | |||||||||||||||||||
other incomes | ||||||||||||||||||||||||||
other income, net: | ||||||||||||||||||||||||||
change in fair value of preferred stock tranche obligation | ||||||||||||||||||||||||||
change in fair value of anti-dilution right liability | ||||||||||||||||||||||||||
net income and comprehensive loss | -7,036,000 | -15,554,000 | ||||||||||||||||||||||||
accretion of redeemable convertible preferred stock to redemption value | ||||||||||||||||||||||||||
net income attributable to common stockholders | -15,611,000 | -15,554,000 | -7,228,000 | |||||||||||||||||||||||
net income per share | -0.24 | -0.56 | -2.21 | |||||||||||||||||||||||
weighted-average number of shares used in computing net income per share attributable to common stockholders, basic and diluted | 15,070,728 | 28,024,779 | 3,268,390 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 |
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assets | ||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||
cash and cash equivalents | 176,032,000 | 220,449,000 | 185,922,000 | 340,238,000 | 316,065,000 | 310,355,000 | 623,854,000 | 234,207,000 | 269,546,000 | 444,156,000 | 257,884,000 | 249,773,000 | 374,003,000 | 177,727,000 | 150,489,000 | 150,483,000 | 164,935,000 | 157,538,000 | 187,960,000 | 187,242,000 | 192,679,000 | 63,247,000 | 47,245,000 | 64,788,000 | 147,835,000 | 162,654,000 |
short-term marketable securities | 561,794,000 | 521,866,000 | 500,371,000 | 402,840,000 | 401,182,000 | 449,839,000 | 279,811,000 | 315,803,000 | 285,186,000 | 195,288,000 | 85,338,000 | 101,676,000 | 2,998,000 | 14,887,000 | 37,775,000 | 50,146,000 | 72,490,000 | 62,024,000 | 81,145,000 | 99,191,000 | 39,586,000 | 78,040,000 | 71,612,000 | |||
prepaid expenses and other current assets | 16,709,000 | 22,285,000 | 26,858,000 | 27,302,000 | 29,641,000 | 15,816,000 | 7,615,000 | 9,952,000 | 21,247,000 | 3,759,000 | 4,267,000 | 3,724,000 | 3,943,000 | 3,422,000 | 2,558,000 | 5,324,000 | 6,726,000 | 6,194,000 | 5,792,000 | 2,958,000 | 6,163,000 | 10,360,000 | 933,000 | 1,649,000 | 2,238,000 | 454,000 |
total current assets | 754,535,000 | 764,600,000 | 713,151,000 | 770,380,000 | 746,888,000 | 776,010,000 | 911,280,000 | 559,962,000 | 575,979,000 | 643,203,000 | 347,489,000 | 355,173,000 | 377,946,000 | 184,147,000 | 167,934,000 | 193,582,000 | 221,807,000 | 236,222,000 | 255,776,000 | 271,345,000 | 298,033,000 | 113,193,000 | 126,218,000 | 138,049,000 | 150,073,000 | 163,108,000 |
long-term marketable securities | 250,490,000 | 343,931,000 | 442,003,000 | 54,751,000 | 69,824,000 | 88,133,000 | 19,283,000 | 58,264,000 | 19,451,000 | |||||||||||||||||
right of use asset | 552,000 | 621,000 | 689,000 | 755,000 | 820,000 | 884,000 | 946,000 | 1,008,000 | 1,068,000 | 1,127,000 | 1,185,000 | 1,242,000 | 1,297,000 | 1,352,000 | 1,406,000 | 1,459,000 | 1,612,000 | 1,662,000 | 1,710,000 | 226,000 | ||||||
total assets | 1,005,577,000 | 1,109,152,000 | 1,155,843,000 | 825,886,000 | 817,547,000 | 865,043,000 | 912,243,000 | 580,271,000 | 635,331,000 | 663,806,000 | 348,818,000 | 356,570,000 | 379,408,000 | 185,675,000 | 169,887,000 | 195,548,000 | 223,533,000 | 238,009,000 | 257,623,000 | 273,339,000 | 300,036,000 | 114,058,000 | 126,621,000 | 138,118,000 | 150,143,000 | 163,168,000 |
liabilities and stockholders' equity | ||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||
accounts payable | 20,399,000 | 13,249,000 | 10,831,000 | 9,027,000 | 25,223,000 | 14,568,000 | 13,783,000 | 7,038,000 | 11,454,000 | 10,121,000 | 7,080,000 | 7,968,000 | 6,010,000 | 6,877,000 | 4,450,000 | 6,706,000 | 6,784,000 | 2,307,000 | 4,605,000 | 3,428,000 | 4,636,000 | 2,536,000 | 1,535,000 | 947,000 | 93,000 | 3,248,000 |
accrued expenses and other current liabilities | 27,252,000 | 33,651,000 | 24,944,000 | 30,727,000 | 18,068,000 | 16,606,000 | 16,476,000 | 12,090,000 | 14,917,000 | 11,481,000 | 9,598,000 | 11,115,000 | 19,233,000 | 19,820,000 | 17,647,000 | 18,422,000 | 16,756,000 | 14,152,000 | 5,531,000 | 9,683,000 | 7,378,000 | 7,857,000 | 6,751,000 | 8,422,000 | 6,632,000 | 1,492,000 |
total current liabilities | 47,651,000 | 60,401,000 | 42,439,000 | 39,754,000 | 43,291,000 | 31,174,000 | 30,259,000 | 19,128,000 | 28,447,000 | 21,602,000 | 16,678,000 | 19,083,000 | 25,243,000 | 26,697,000 | 22,097,000 | 25,128,000 | 23,540,000 | 16,459,000 | 10,136,000 | 13,111,000 | 12,014,000 | 10,393,000 | 8,286,000 | 9,369,000 | 6,725,000 | 4,740,000 |
loan payable, noncurrent | 22,160,000 | 28,811,000 | 35,297,000 | 35,123,000 | 34,959,000 | 34,803,000 | 24,964,000 | 22,768,000 | 24,728,000 | 24,616,000 | 9,541,000 | 9,447,000 | 9,366,000 | |||||||||||||
warrant liability | 400,000 | 296,000 | 194,000 | 203,000 | 164,000 | 178,000 | 54,000 | 93,000 | 85,000 | 162,000 | 305,000 | 70,000 | 41,000 | |||||||||||||
operating lease liability, noncurrent | 289,000 | 372,000 | 451,000 | 529,000 | 605,000 | 679,000 | 750,000 | 819,000 | 888,000 | 954,000 | 1,017,000 | 1,079,000 | 1,140,000 | 1,199,000 | 1,255,000 | 1,311,000 | 1,365,000 | 1,417,000 | 1,467,000 | 1,516,000 | 1,564,000 | |||||
total liabilities | 47,940,000 | 83,333,000 | 71,997,000 | 75,774,000 | 79,222,000 | 66,976,000 | 65,990,000 | 44,965,000 | 52,196,000 | 47,369,000 | 42,473,000 | 30,008,000 | 35,900,000 | 37,303,000 | 23,352,000 | 26,439,000 | 24,905,000 | 17,876,000 | 11,603,000 | 14,627,000 | 13,578,000 | 10,395,000 | 8,298,000 | 9,392,000 | 6,759,000 | 4,779,000 |
commitments and contingencies | ||||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||||
common stock, 0.0001 par value... | 8,000 | 8,000 | 8,000 | 7,000 | 7,000 | 7,000 | 7,000 | 6,000 | 6,000 | 6,000 | 5,000 | 5,000 | 5,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
additional paid-in capital | 2,004,755,000 | 1,992,209,000 | 1,979,634,000 | 1,575,313,000 | 1,492,347,000 | 1,481,748,000 | 1,473,765,000 | 1,109,126,000 | 1,102,545,000 | 1,095,933,000 | 754,487,000 | 748,857,000 | 742,781,000 | 512,107,000 | 482,894,000 | 479,436,000 | 476,521,000 | 473,688,000 | 470,635,000 | 468,238,000 | 466,254,000 | 261,983,000 | 260,481,000 | 259,049,000 | 258,090,000 | 257,541,000 |
accumulated other comprehensive income | 1,826,000 | 988,000 | 1,085,000 | 948,000 | 2,103,000 | -261,000 | -79,000 | 270,000 | -506,000 | -251,000 | 21,000 | 37,000 | ||||||||||||||
accumulated deficit | -1,048,952,000 | -967,386,000 | -896,881,000 | -826,156,000 | -756,132,000 | -683,427,000 | -627,440,000 | -574,096,000 | -518,910,000 | -479,251,000 | -448,168,000 | -422,337,000 | -399,278,000 | -363,736,000 | -336,333,000 | -310,304,000 | -277,880,000 | -253,550,000 | -224,617,000 | -209,527,000 | -179,816,000 | -158,413,000 | -142,206,000 | -130,320,000 | -114,709,000 | |
total stockholders’ equity | 957,637,000 | 1,025,819,000 | 1,083,846,000 | 750,112,000 | 738,325,000 | 798,067,000 | 846,253,000 | 535,306,000 | 583,135,000 | 616,437,000 | 306,345,000 | 326,562,000 | 343,508,000 | 148,372,000 | 146,535,000 | 169,109,000 | 198,628,000 | 220,133,000 | 246,020,000 | 258,712,000 | 286,458,000 | 103,663,000 | 118,323,000 | 128,726,000 | 143,384,000 | 158,389,000 |
total liabilities and stockholders’ equity | 1,005,577,000 | 1,109,152,000 | 1,155,843,000 | 825,886,000 | 817,547,000 | 865,043,000 | 912,243,000 | 580,271,000 | 635,331,000 | 663,806,000 | 348,818,000 | 356,570,000 | 379,408,000 | 185,675,000 | 169,887,000 | 195,548,000 | 223,533,000 | 238,009,000 | 257,623,000 | 273,339,000 | 300,036,000 | 114,058,000 | 126,621,000 | |||
loan payable, current | 13,501,000 | 6,664,000 | 2,076,000 | |||||||||||||||||||||||
liabilities and stockholders’ equity | ||||||||||||||||||||||||||
property and equipment | 15,000 | 16,000 | 17,000 | 18,000 | 20,000 | 25,000 | 36,000 | 47,000 | 57,000 | 68,000 | 79,000 | 90,000 | 101,000 | 110,000 | 120,000 | 131,000 | 137,000 | |||||||||
other assets, noncurrent | 108,000 | 108,000 | 108,000 | 108,000 | 468,000 | 417,000 | 114,000 | 115,000 | 115,000 | 201,000 | 156,000 | |||||||||||||||
accumulated other comprehensive loss | -3,000 | -30,000 | -27,000 | -17,000 | -9,000 | |||||||||||||||||||||
operating lease right-of-use asset | 1,511,000 | 1,562,000 | ||||||||||||||||||||||||
other liabilities, noncurrent | ||||||||||||||||||||||||||
accumulated other comprehensive gain | 16,000 | 90,000 | 45,000 | |||||||||||||||||||||||
other assets | 865,000 | 177,000 | 69,000 | 10,000 | ||||||||||||||||||||||
other liabilities | 2,000 | 12,000 | 23,000 | 34,000 | 39,000 | |||||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity | ||||||||||||||||||||||||||
redeemable convertible preferred stock (series a and b), 0.0001 par value... | ||||||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ equity | 138,118,000 | 150,143,000 | 163,168,000 | |||||||||||||||||||||||
restricted cash | 60,000 | 60,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||||||
net loss | -81,566,000 | -70,505,000 | -70,725,000 | -70,024,000 | -72,705,000 | -55,987,000 | -53,344,000 | -55,186,000 | -39,659,000 | -31,083,000 | -25,831,000 | ||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||||
stock-based compensation expense | 9,261,000 | 9,055,000 | 8,784,000 | 7,176,000 | 7,468,000 | 7,656,000 | 7,398,000 | 6,116,000 | 5,739,000 | 4,798,000 | 4,844,000 | 4,040,000 | 11,731,000 | 4,161,000 | 3,311,000 | 2,642,000 | 2,612,000 | 2,436,000 | 2,364,000 | 1,916,000 | 1,546,000 | 1,323,000 | 1,237,000 | 670,000 | 483,000 |
depreciation | 15,000 | 1,000 | 1,000 | 1,000 | 2,000 | 5,000 | 11,000 | 11,000 | 10,000 | 11,000 | 11,000 | 11,000 | 11,000 | 9,000 | 10,000 | 11,000 | 11,000 | ||||||||
non-cash lease expense | 69,000 | 68,000 | 66,000 | 65,000 | 64,000 | 62,000 | 62,000 | 60,000 | 59,000 | 58,000 | 57,000 | 55,000 | 55,000 | 54,000 | 53,000 | 52,000 | 51,000 | 50,000 | 50,000 | 49,000 | 40,000 | 53,000 | 54,000 | ||
net amortization of premiums and discounts on marketable securities | -2,429,000 | -2,860,000 | -2,463,000 | ||||||||||||||||||||||
amortization of debt issuance costs and discount | 179,000 | 186,000 | 178,000 | 174,000 | 164,000 | 157,000 | 112,000 | 120,000 | 116,000 | 112,000 | 100,000 | 94,000 | 94,000 | ||||||||||||
loss on extinguishment of loan payable | |||||||||||||||||||||||||
fair value change in warrant liability | -400,000 | 104,000 | 102,000 | -9,000 | 39,000 | -13,000 | 500,000 | -39,000 | 8,000 | -77,000 | 187,000 | 235,000 | |||||||||||||
unrealized foreign exchange gain and loss | -86,000 | 86,000 | 3,000 | -22,000 | 18,000 | -6,000 | 5,000 | -25,000 | 28,000 | 12,000 | -15,000 | -9,000 | 118,000 | ||||||||||||
acquired in-process research and development expense | 0 | 0 | |||||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||||
prepaid expenses and other assets | 5,489,000 | 4,660,000 | 444,000 | 2,145,000 | -13,761,000 | -8,071,000 | 2,337,000 | 11,053,000 | -17,421,000 | 133,000 | -505,000 | -545,000 | 535,000 | -608,000 | 2,730,000 | 1,128,000 | -381,000 | -61,000 | -2,787,000 | 3,161,000 | 4,880,000 | -10,143,000 | 724,000 | 590,000 | -1,794,000 |
accounts payable | 7,176,000 | 2,392,000 | 1,811,000 | -16,110,000 | 10,569,000 | 1,093,000 | 6,456,000 | -4,229,000 | 1,339,000 | 2,876,000 | -631,000 | 1,676,000 | -853,000 | 2,392,000 | -2,247,000 | -196,000 | 4,590,000 | -2,298,000 | 1,177,000 | -1,208,000 | 2,100,000 | 1,001,000 | 588,000 | 854,000 | -1,597,000 |
accrued expenses and other current liabilities | -6,408,000 | 8,699,000 | -5,791,000 | 12,644,000 | 1,454,000 | 157,000 | 4,344,000 | -2,836,000 | 3,430,000 | 2,224,000 | -1,872,000 | -7,793,000 | -645,000 | 1,887,000 | -782,000 | 1,661,000 | 2,601,000 | 8,618,000 | -4,143,000 | 2,305,000 | -711,000 | 1,459,000 | -1,931,000 | 1,952,000 | 5,250,000 |
operating lease liability | -73,000 | -71,000 | -70,000 | -68,000 | -66,000 | -63,000 | -62,000 | -60,000 | -60,000 | -75,000 | -36,000 | -55,000 | -52,000 | -50,000 | -49,000 | -48,000 | -47,000 | -38,000 | -49,000 | -42,000 | 15,000 | ||||
net cash from operating activities | -67,171,000 | -48,246,000 | -67,664,000 | -67,090,000 | -70,424,000 | -57,453,000 | -35,140,000 | -48,627,000 | -49,719,000 | -22,389,000 | -24,632,000 | -25,508,000 | -24,624,000 | -19,509,000 | -22,876,000 | -26,695,000 | -14,606,000 | -20,034,000 | -18,346,000 | -23,395,000 | -13,508,000 | -22,584,000 | -11,317,000 | -11,649,000 | |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5,000 | 0 | 0 | 0 | 0 | |
free cash flows | -67,171,000 | -48,246,000 | -67,664,000 | -67,090,000 | -70,424,000 | -57,453,000 | -35,140,000 | -48,627,000 | -49,719,000 | -22,389,000 | -24,632,000 | -25,508,000 | -24,624,000 | -19,509,000 | -22,876,000 | -26,695,000 | -14,606,000 | -20,034,000 | -18,346,000 | -23,400,000 | -13,508,000 | -22,584,000 | -11,317,000 | -11,649,000 | |
cash flows from investing activities | |||||||||||||||||||||||||
purchase of short-term and long-term marketable securities | -73,496,000 | -75,676,000 | -583,301,000 | -79,728,000 | -57,933,000 | -339,407,000 | -38,976,000 | -58,214,000 | -161,197,000 | ||||||||||||||||
proceeds from maturities of short-term marketable securities | 130,277,000 | 155,016,000 | 101,118,000 | 95,000,000 | 131,000,000 | 84,510,000 | 96,825,000 | 71,000,000 | 35,500,000 | 60,500,000 | 42,500,000 | 1,000 | 3,000,000 | 11,870,000 | 22,750,000 | 12,000,000 | 33,841,000 | 21,000,000 | 19,000,000 | 26,900,000 | 21,560,000 | 28,600,000 | 18,500,000 | ||
purchase of in-process research and development | 0 | 0 | |||||||||||||||||||||||
net cash from investing activities | 56,781,000 | 15,272,000 | 73,067,000 | -255,896,000 | 57,849,000 | 12,786,000 | -125,697,000 | -128,302,000 | 17,590,000 | -101,445,000 | 3,000,000 | 11,870,000 | 22,750,000 | 12,000,000 | 21,934,000 | -10,654,000 | 19,000,000 | 17,899,000 | -59,844,000 | 38,465,000 | -6,281,000 | ||||
cash flows from financing activities | |||||||||||||||||||||||||
proceeds from the exercise of stock options | 3,371,000 | 2,975,000 | 7,396,000 | 8,242,000 | 3,131,000 | 3,000 | 1,769,000 | 450,000 | 806,000 | 1,555,000 | 456,000 | 2,787,000 | 2,082,000 | 0 | 147,000 | 114,000 | 219,000 | 393,000 | 24,000 | 19,000 | 163,000 | 9,000 | 112,000 | 30,000 | 0 |
proceeds from the issuance of common stock pursuant to employee stock purchase plan purchases | 0 | 140,000 | 0 | 83,000 | 0 | 102,000 | 0 | 158,000 | 0 | 40,000 | 0 | ||||||||||||||
proceeds from the issuance of common stock and pre-funded warrants in a follow-on public offering | 0 | 0 | 378,350,000 | ||||||||||||||||||||||
proceeds from the issuance of common stock in a follow-on public offering | 0 | ||||||||||||||||||||||||
proceeds from the issuance of common stock pursuant to the atm offering | 0 | 0 | 10,361,000 | 67,638,000 | 0 | 0 | 10,604,000 | 0 | 0 | ||||||||||||||||
proceeds from loan payable | 0 | 0 | 0 | 10,000,000 | 0 | 0 | 0 | 15,000,000 | 0 | 0 | |||||||||||||||
repayment of loan payable | |||||||||||||||||||||||||
payment of debt and equity issuance costs | 0 | 0 | -576,000 | -29,000 | -64,000 | -477,000 | -274,000 | -31,000 | 0 | ||||||||||||||||
net cash from financing activities | -34,027,000 | 3,433,000 | 395,531,000 | 75,991,000 | 3,067,000 | -150,000 | 366,938,000 | 502,000 | 806,000 | 336,855,000 | 15,153,000 | 2,723,000 | 217,900,000 | 34,877,000 | 132,000 | 243,000 | 69,000 | 266,000 | 24,000 | 59,000 | 202,784,000 | 100,000 | 164,000 | 115,000 | -1,607,000 |
net increase in cash and cash equivalents | -44,417,000 | 34,527,000 | -154,316,000 | ||||||||||||||||||||||
cash and cash equivalents at the beginning of the period | 0 | 0 | 340,238,000 | ||||||||||||||||||||||
cash and cash equivalents at the end of the period | -44,417,000 | 34,527,000 | 185,922,000 | ||||||||||||||||||||||
supplemental disclosures of cash flow information: | |||||||||||||||||||||||||
cash paid for interest | 1,239,000 | 997,000 | 980,000 | 1,034,000 | 1,087,000 | 1,093,000 | 768,000 | 768,000 | 766,000 | 670,000 | 279,000 | 252,000 | |||||||||||||
non-cash investing and financing information: | |||||||||||||||||||||||||
change in net unrealizable gain on marketable securities | 838,000 | -97,000 | 137,000 | -1,155,000 | 776,000 | -255,000 | 37,000 | 3,000 | 27,000 | -3,000 | -10,000 | -8,000 | |||||||||||||
warrant liability costs reclassified to additional paid-in equity on vested warrants issued | 0 | 0 | 0 | 431,000 | 0 | 0 | 0 | 330,000 | |||||||||||||||||
debt and equity issuance costs included in accounts payable and accrued expenses and other current liabilities | -8,000 | -49,000 | -416,000 | 480,000 | |||||||||||||||||||||
net (cash from) provided by investing activities | -482,183,000 | ||||||||||||||||||||||||
write-off of deferred offering costs | 0 | 0 | 0 | 337,000 | |||||||||||||||||||||
proceeds from the issuance of common stock pursuant to registered direct offering | 0 | 0 | |||||||||||||||||||||||
proceeds from the issuance of common stock pursuant to private offering | 0 | 0 | |||||||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | 24,173,000 | 5,710,000 | -313,499,000 | 389,647,000 | -35,339,000 | -174,610,000 | 186,164,000 | 8,111,000 | -124,230,000 | 196,276,000 | 27,238,000 | 6,000 | -14,452,000 | 678,000 | -5,437,000 | 129,432,000 | -83,047,000 | -14,819,000 | |||||||
cash, cash equivalents and restricted cash at the beginning of the period | 0 | 0 | 0 | 234,207,000 | 0 | 0 | 0 | 249,881,000 | 0 | 0 | 0 | 0 | 187,390,000 | 0 | 0 | 64,848,000 | |||||||||
cash, cash equivalents and restricted cash at the end of the period | -313,499,000 | 623,854,000 | -35,339,000 | -174,610,000 | 186,164,000 | 257,992,000 | -124,230,000 | 196,276,000 | 7,397,000 | -30,422,000 | 188,068,000 | 129,432,000 | 15,981,000 | 47,414,000 | |||||||||||
deferred offering costs reclassified to additional paid-in equity | 0 | 0 | 0 | 0 | |||||||||||||||||||||
net amortization of premiums and discounts on short-term investments | -3,737,000 | -3,447,000 | -2,922,000 | -3,646,000 | -3,269,000 | -1,371,000 | -1,268,000 | -194,000 | 1,000 | 46,000 | 135,000 | 361,000 | 402,000 | 182,000 | 121,000 | 124,000 | 21,000 | 41,000 | -103,000 | ||||||
stock options exercises included in other current assets | |||||||||||||||||||||||||
proceeds from the issuance of common in a follow-on public offering | 0 | 344,839,000 | |||||||||||||||||||||||
change in net unrealizable loss on marketable securities | -182,000 | -349,000 | |||||||||||||||||||||||
purchase of short-term marketable securities | -24,910,000 | 0 | -11,907,000 | -8,996,000 | -81,260,000 | 0 | -24,781,000 | ||||||||||||||||||
payment of loan payable issuance costs | -25,000 | 0 | -140,000 | ||||||||||||||||||||||
payment of follow-on public offering issuance costs | -278,000 | ||||||||||||||||||||||||
payment of deferred offering costs | -40,000 | -30,000 | -46,000 | -15,000 | -29,000 | -150,000 | |||||||||||||||||||
change in net unrealizable loss on short-term marketable securities | -16,000 | ||||||||||||||||||||||||
deferred offering costs included in accounts payable and accrued expenses and other current liabilities | 189,000 | -8,000 | 0 | 0 | 15,000 | -119,000 | |||||||||||||||||||
net income | -23,059,000 | -35,542,000 | -27,403,000 | -26,029,000 | -32,424,000 | -24,330,000 | -28,933,000 | -15,090,000 | -29,711,000 | -21,403,000 | -16,207,000 | -11,886,000 | -15,611,000 | -15,554,000 | |||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||
proceeds from the issuance of common stock in a follow-on public offering, net of underwriting costs | 0 | ||||||||||||||||||||||||
payment of private equity offering costs | 0 | ||||||||||||||||||||||||
equity issuance costs included in accounts payable and accrued expenses and other current liabilities | -78,000 | 154,000 | |||||||||||||||||||||||
supplemental disclosures of non-cash investing and financing information: | |||||||||||||||||||||||||
debt issuance costs included in accounts payable and accrued expenses and other current liabilities | |||||||||||||||||||||||||
cash, cash equivalents and restricted cash at the beginning of the year | 150,591,000 | ||||||||||||||||||||||||
cash, cash equivalents and restricted cash at the end of the year | 150,597,000 | ||||||||||||||||||||||||
other liabilities | |||||||||||||||||||||||||
proceeds from sales of short-term marketable securities | 0 | -1,000 | |||||||||||||||||||||||
purchase of property and equipment | -5,000 | ||||||||||||||||||||||||
proceeds from the issuance of common stock in follow-on public offering, net of issuance costs and underwriting fees | 0 | ||||||||||||||||||||||||
proceeds from the issuance of common stock in initial public offering, net of issuance costs and underwriting fees | |||||||||||||||||||||||||
proceeds from the disgorgement of stockholders' short-swing profits | 0 | 0 | 0 | 52,000 | |||||||||||||||||||||
proceeds from the early exercise of stock options in exchange for restricted common stock | 0 | 21,000 | |||||||||||||||||||||||
| |||||||||||||||||||||||||
right of use asset obtained in exchange for operating lease liability | |||||||||||||||||||||||||
remeasurement of right of use asset and operating lease liability | |||||||||||||||||||||||||
conversion of convertible preferred stock into common stock | 0 | 0 | |||||||||||||||||||||||
rou asset obtained in exchange for operating lease liability | |||||||||||||||||||||||||
remeasurement of rou asset and lease liability | 0 | ||||||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | -17,434,000 | ||||||||||||||||||||||||
net unrealizable gain on marketable securities | 1,000 | -19,000 | -74,000 | 45,000 | 51,000 | ||||||||||||||||||||
proceeds from issuance of common stock in initial public offering, net of issuance costs and underwriting fees | 0 | -1,628,000 | |||||||||||||||||||||||
payment of initial public offering costs | |||||||||||||||||||||||||
shares issued in connection with amgen agreement | |||||||||||||||||||||||||
acquisition of technology in connection with amgen agreement | |||||||||||||||||||||||||
issuance date fair-value of anti-dilution liability | |||||||||||||||||||||||||
change in fair value of preferred stock tranche liability | |||||||||||||||||||||||||
change in fair value of anti-dilution right liability | |||||||||||||||||||||||||
proceeds from issuance of series a redeemable convertible preferred stock | |||||||||||||||||||||||||
proceeds from issuance of series b redeemable convertible preferred stock | |||||||||||||||||||||||||
payment of preferred stock issuance costs | |||||||||||||||||||||||||
cash and restricted cash at the beginning of the year | |||||||||||||||||||||||||
net unrealizable loss on marketable securities | |||||||||||||||||||||||||
accretion of redeemable convertible preferred stock to redemption value | |||||||||||||||||||||||||
issuance date fair value of preferred stock tranche obligation | |||||||||||||||||||||||||
settlement of future purchase obligation | |||||||||||||||||||||||||
issuance of series a redeemable convertible preferred stock in settlement of anti dilution right liability | |||||||||||||||||||||||||
extinguishment of call option liability | |||||||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | |||||||||||||||||||||||||
cash and restricted cash at beginning of period | 0 | ||||||||||||||||||||||||
cash, cash equivalents and restricted cash at end of period | -14,819,000 | ||||||||||||||||||||||||
common stock issued in connection with amgen agreement |