7Baggers

Avidity Biosciences, Inc
(NASDAQ:RNA) 

RNA stock logo

Avidity Biosciences, Inc., a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment...

Founded: 2012
CEO: Sarah Boyce  
Sector: Healthcare
Industry: Biotechnology
Biotechnology
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 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 
                           
      collaboration revenue
    		860,000 12,475,000 3,847,000 1,573,000 2,973,000 2,336,000 2,045,000 3,543,000 2,193,000 2,818,000 2,316,000 2,233,000 2,769,000 2,482,000 2,178,000 1,795,000 1,852,000 2,163,000 2,607,000 2,704,000 1,161,250 1,746,000 1,541,000 
      operating expenses:
    		                       
      research and development
    		166,596,000 154,948,000 138,125,000 99,490,000 95,625,000 77,197,000 63,940,000 66,832,000 52,817,000 47,714,000 42,672,000 47,765,000 45,610,000 37,317,000 39,789,000 27,688,000 32,968,000 24,831,000 22,706,000 20,677,000 13,619,000 9,455,000 8,984,000 
      general and administrative
    		88,742,000 46,333,000 36,864,000 33,600,000 28,338,000 23,273,000 20,731,000 13,898,000 16,119,000 13,729,000 12,278,000 12,064,000 10,384,000 10,094,000 8,688,000 8,567,000 7,431,000 6,612,000 6,268,000 5,884,000 4,816,000 3,757,000 2,925,000 
      total operating expenses
    		255,338,000 201,281,000 174,989,000 133,090,000 123,963,000 100,470,000 84,671,000 80,730,000 68,936,000 61,443,000 54,950,000 59,829,000 55,994,000 47,411,000 48,477,000 36,255,000 40,399,000 31,443,000 28,974,000 26,561,000 18,435,000 13,212,000 11,909,000 
      income from operations
    		-254,478,000 -188,806,000 -171,142,000 -131,517,000 -120,990,000 -98,134,000 -82,626,000 -77,187,000 -66,743,000 -58,625,000 -52,634,000 -57,596,000 -53,225,000 -44,929,000 -46,299,000 -34,460,000 -38,547,000 -29,280,000 -26,367,000 -23,857,000 -16,293,000 -11,466,000 -10,368,000 
      yoy
    		110.33% 92.40% 107.13% 70.39% 81.28% 67.39% 56.98% 34.01% 25.40% 30.48% 13.68% 67.14% 38.08% 53.45% 75.59% 44.44% 136.59% 155.36% 154.31%     
      qoq
    		34.78% 10.32% 30.13% 8.70% 23.29% 18.77% 7.05% 15.65% 13.85% 11.38% -8.62% 8.21% 18.46% -2.96% 34.36% -10.60% 31.65% 11.05% 10.52% 46.42% 42.10% 10.59%  
      other income:
    		                       
      interest income
    		17,854,000 14,744,000 14,478,000 16,179,000 18,532,000 17,968,000 11,949,000 8,433,000 6,405,000 6,280,000 5,771,000 5,516,000 2,772,000 1,342,000 611,000 250,000 55,000 17,000 16,000 16,000 18,000 27,000 18,000 
      other expense
    		-477,000 -380,000 -651,000 -435,000 -112,250 -232,000 -116,000 -101,000 -105,000 -13,000 -162,000 -314,000 -18,000 -12,000 -2,000 -25,000 -46,000 -11,000 -2,000     
      total other income
    		17,377,000 14,364,000 13,827,000 15,744,000 18,733,000 17,736,000 11,833,000 8,332,000 6,300,000 6,267,000 5,609,000 5,202,000 2,754,000 1,330,000 609,000 225,000 9,000 6,000 14,000 13,000 18,000 27,000 -188,000 
      net income
    		-237,101,000 -174,442,000 -157,315,000 -115,773,000 -102,257,000 -80,398,000 -70,793,000 -68,855,000 -60,443,000 -52,358,000 -47,025,000 -52,394,000 -50,471,000 -43,599,000 -45,690,000 -34,235,000 -38,538,000 -29,274,000 -26,353,000 -23,844,000 -16,275,000 -11,439,000 -10,556,000 
      yoy
    		131.87% 116.97% 122.22% 68.14% 69.18% 53.55% 50.54% 31.42% 19.76% 20.09% 2.92% 53.04% 30.96% 48.93% 73.38% 43.58% 136.79% 155.91% 149.65%     
      qoq
    		35.92% 10.89% 35.88% 13.22% 27.19% 13.57% 2.81% 13.92% 15.44% 11.34% -10.25% 3.81% 15.76% -4.58% 33.46% -11.17% 31.65% 11.08% 10.52% 46.51% 42.28% 8.36%  
      net income per share
    		-1.59 -1.27 -1.21 -0.9 -0.81 -0.65 -0.65 -0.79 -0.8 -0.71 -0.66 -0.74 -0.89 -0.82 -0.92 -0.71 -0.84 -0.68 -0.7 -0.64 -0.33 -0.31 -1.23 
      weighted-average shares outstanding, basic and diluted
    		137,710 137,895 129,622 129,232 111,582 123,375 106,928 87,212 73,012 74,097 71,390 70,433 52,162 53,069 49,927 48,246  43,265 37,583 37,521  37,420 8,586 
      other comprehensive income:
    		                       
      net unrealized gains on marketable securities
    		807 -4 -1,084  -4,200 7,555 11 -589 -817,177 788,000 -1,137,000 1,169,000 -819,000 -477,000 -960,000 -1,839,000 1,000 -1,000 3,000 2,000    
      foreign currency translation adjustment
    		-13 -5 96 34                    
      comprehensive loss
    		-236,307 -174,451 -158,303 -115,909 -106,457 -72,843 -70,782 -69,444 150,747,603 -51,570,000 -48,162,000 -51,225,000 -49,706,000 -44,076,000 -46,650,000 -36,074,000 -38,724,000 -29,275,000 -26,350,000 -23,842,000    
      net unrealized losses on marketable securities
    		   -170                    
      other comprehensive loss:
    		                       
      interest expense
    		                       
      change in fair value of preferred warrant liability
    		                      -75,000 
      other income
    		                   -3,000    
      interest and other expense
    		                      -131,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 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 
                             
        assets
      		                       
        current assets:
      		                       
        cash and cash equivalents
      		382,517,000 350,158,000 243,907,000 254,203,000 219,868,000 370,187,000 575,751,000 471,400,000 185,082,000 85,650,000 153,880,000 118,710,000 340,396,000 143,699,000 125,106,000 139,262,000 320,448,000 410,013,000 276,423,000 301,273,000 321,462,000 341,142,000 352,446,000 
        marketable securities
      		1,314,352,000 1,525,678,000 939,237,000 1,125,674,000 1,281,629,000 1,218,406,000 723,295,000 444,473,000 410,269,000 456,933,000 422,623,000 467,590,000 270,331,000 261,849,000 273,112,000 257,809,000 85,095,000 3,016,000 3,035,000 6,641,000 6,679,000   
        prepaid and other current assets
      		101,598,000 90,181,000 67,416,000                     
        total current assets
      		1,798,467,000 1,966,017,000 1,250,560,000 1,434,975,000 1,542,290,000 1,621,866,000 1,328,801,000 934,474,000 611,307,000 555,487,000 594,534,000 597,147,000 622,942,000 414,464,000 404,251,000 404,800,000 411,141,000 421,958,000 287,309,000 311,950,000 331,678,000 344,297,000 353,817,000 
        property and equipment
      		23,333,000 21,504,000 20,535,000 15,637,000 12,670,000 9,493,000 8,498,000 8,655,000 8,381,000 8,130,000 7,776,000 7,845,000 6,254,000 6,037,000 6,137,000 5,029,000 4,805,000 3,220,000 2,556,000 2,187,000 1,468,000 1,295,000 771,000 
        restricted cash
      		2,797,000 2,798,000 2,798,000 2,795,000 2,795,000 2,795,000 2,795,000 295,000 295,000 295,000 295,000 251,000 251,000 251,000 251,000 501,000 251,000 251,000 251,000 251,000 251,000 124,000 124,000 
        right-of-use assets
      		51,278,000 52,848,000 4,227,000 4,929,000 5,619,000 6,299,000 6,967,000 7,625,000 8,271,000 8,907,000 7,755,000 8,259,000 8,755,000 9,264,000          
        other assets
      		82,175,000 91,042,000 90,806,000 739,000 521,000 318,000 364,000 425,000 301,000 344,000 424,000 474,000 598,000 523,000 415,000 548,000 599,000 488,000 407,000 364,000 501,000 417,000 643,000 
        total assets
      		1,958,050,000 2,134,209,000 1,368,926,000 1,459,075,000 1,563,895,000 1,640,771,000 1,347,425,000 951,474,000 628,555,000 573,163,000 610,784,000 613,976,000 638,800,000 430,539,000 420,801,000 421,135,000 427,580,000 425,917,000 290,523,000 314,752,000 333,898,000 346,133,000 355,355,000 
        liabilities and stockholders' equity
      		                       
        current liabilities:
      		                       
        accounts payable
      		12,403,000 9,626,000 3,914,000                     
        accrued expenses and other liabilities
      		157,466,000 137,163,000 95,236,000                     
        lease liabilities, current portion
      		3,938,000 3,967,000 3,925,000 3,884,000 3,844,000 3,804,000 3,765,000 3,726,000 3,639,000 3,602,000 3,151,000 3,129,000 3,105,000 3,090,000 3,068,000 2,544,000 1,769,000       
        deferred revenue, current portion
      		21,639,000 19,123,000 13,537,000 13,978,000 20,987,000 19,660,000 26,697,000 26,103,000 28,365,000 1,968,000 3,810,000 5,057,000 5,041,000 5,454,000 5,380,000 5,314,000 4,864,000 4,261,000 4,497,000 4,357,000 3,690,000 5,220,000 4,860,000 
        total current liabilities
      		195,446,000 169,879,000 135,061,000 84,865,000 98,018,000 91,333,000 84,212,000 74,955,000 80,680,000 48,716,000 45,244,000 48,085,000 51,908,000 42,666,000 33,687,000 30,920,000 29,658,000 22,418,000 16,338,000 17,514,000 14,587,000 13,680,000 11,620,000 
        lease liabilities, net of current portion
      		45,313,000 45,999,000 1,210,000 2,090,000 2,957,000 3,797,000 4,617,000 5,421,000 6,213,000 6,979,000 6,362,000 6,976,000 7,582,000 8,185,000 8,753,000 9,347,000 9,960,000 877,000 914,000 951,000 938,000 689,000 679,000 
        deferred revenue, net of current portion
      		28,691,000 32,066,000 39,991,000 43,397,000 37,961,000 42,261,000 37,560,000 40,199,000 40,898,000    1,235,000 2,706,000 4,010,000 5,160,000 6,532,000 7,745,000 8,791,000 10,171,000 12,150,000 11,600,000 12,760,000 
        total liabilities
      		269,450,000 247,944,000 176,262,000 130,352,000 138,936,000 137,391,000 126,389,000 120,575,000 127,791,000 55,695,000 51,606,000 55,061,000 60,725,000 53,557,000 46,450,000 45,427,000 46,150,000 31,040,000 26,043,000 28,636,000 27,675,000 25,969,000 25,059,000 
        commitments and contingencies
      		                       
        stockholders’ equity:
      		                       
        common stock, 0.0001 par value...
      		15,000 15,000 12,000 12,000 12,000 12,000 11,000 10,000 8,000 7,000 7,000 7,000 7,000 5,000 5,000 5,000 5,000 5,000 4,000 4,000 4,000 4,000 4,000 
        additional paid-in capital
      		3,263,720,000 3,225,078,000 2,357,029,000 2,334,784,000 2,315,111,000 2,287,076,000 1,931,890,000 1,470,972,000 1,071,395,000 1,029,660,000 1,019,800,000 971,375,000 939,310,000 688,513,000 641,806,000 596,513,000 566,161,000 540,884,000 381,213,000 376,499,000 372,764,000 370,425,000 369,118,000 
        accumulated other comprehensive income
      		2,562,000 1,768,000 1,777,000 2,766,000 2,902,000 7,102,000 -453,000 -464,000 125,000               
        accumulated deficit
      		-1,577,697,000 -1,340,596,000 -1,166,154,000 -1,008,839,000 -893,066,000 -790,810,000 -710,412,000 -639,619,000 -570,764,000 -510,321,000 -457,963,000 -410,938,000 -358,544,000 -308,073,000 -264,474,000 -218,784,000 -184,549,000 -146,011,000 -116,737,000 -90,384,000 -66,540,000 -50,265,000 -38,826,000 
        total stockholders’ equity
      		1,688,600,000 1,886,265,000 1,192,664,000 1,328,723,000 1,424,959,000 1,503,380,000 1,221,036,000 830,899,000 500,764,000 517,468,000 559,178,000 558,915,000 578,075,000 376,982,000 374,351,000 375,708,000 381,430,000 394,877,000 264,480,000 286,116,000 306,223,000 320,164,000 330,296,000 
        total liabilities and stockholders’ equity
      		1,958,050,000 2,134,209,000 1,368,926,000 1,459,075,000 1,563,895,000 1,640,771,000 1,347,425,000 951,474,000 628,555,000 573,163,000 610,784,000 613,976,000 638,800,000 430,539,000 420,801,000 421,135,000 427,580,000 425,917,000 290,523,000 314,752,000    
        liabilities and stockholders’ equity
      		                       
        accrued compensation
      		  18,449,000 12,814,000 3,663,000 18,241,000 12,826,000 7,796,000 14,335,000 11,165,000 6,527,000 6,009,000 11,190,000 7,747,000 4,687,000 4,241,000 8,940,000 6,153,000 3,303,000 2,745,000 3,152,000 2,132,000 1,319,000 
        prepaid and other assets
      		   55,098,000 40,793,000 33,273,000 29,755,000 18,601,000 15,956,000 12,904,000 18,031,000 10,847,000 12,215,000 8,916,000 6,033,000 7,729,000 5,598,000 8,929,000 7,851,000 4,036,000 3,537,000 3,155,000 1,371,000 
        accounts payable and accrued liabilities
      		   54,189,000 69,524,000 49,628,000 40,924,000 37,330,000 34,341,000 31,981,000 31,756,000 33,890,000 32,572,000 26,375,000 20,552,000 18,821,000 14,085,000 12,004,000 8,538,000 10,412,000 7,745,000 6,328,000 5,441,000 
        accumulated other comprehensive loss
      		         -1,878,000 -2,666,000 -1,529,000 -2,698,000 -3,463,000 -2,986,000 -2,026,000 -187,000 -1,000  -3,000 -5,000   
        contingencies
      		                       
        right-of-use asset
      		              9,747,000 10,257,000 10,784,000       
        preferred stock, 0.0001 par value...
      		                       
        liabilities, convertible preferred stock and stockholders’ equity
      		                       
        long-term debt, current portion
      		                       
        long-term debt
      		                       
        other long-term liabilities
      		                       
        convertible preferred stock, 0.0001 par value...
      		                       
        stockholders’ equity
      		                       
        total liabilities, convertible preferred stock and stockholders’ equity
      		                    333,898,000 346,133,000 355,355,000 
                             
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 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 
                              
          cash flows from operating activities
        		                      
          net loss
        		-237,101,000 -174,442,000 -157,315,000 -115,773,000   -70,793,000 -68,855,000 -60,443,000 -52,358,000 -47,025,000 -52,394,000 -50,471,000 -43,599,000 -45,690,000 -34,235,000 -38,538,000 -29,274,000 -26,353,000 -23,844,000 -16,275,000 -11,439,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                      
          depreciation
        		1,496,000 1,056,000 814,000 785,000 738,000 710,000 687,000 641,000 615,000 566,000 529,000 391,000 381,000 370,000 322,000 314,000 208,000 176,000 147,000 108,000 115,000 101,000 
          stock-based compensation expense
        		43,419,000 19,024,000 17,659,000 17,736,000 14,153,000 14,092,000 12,812,000 10,306,000 9,845,000 9,820,000 9,453,000 9,104,000 7,307,000 7,086,000 6,508,000 6,238,000 4,516,000 4,550,000 4,289,000 3,701,000 1,878,000 1,296,000 
          amortization of premiums and discounts on marketable securities
        		-1,487,000 -2,405,000 -3,475,000 -5,157,000 -7,166,000 -6,846,000 -4,475,000 -2,960,000 -3,237,000 -2,966,000 -2,840,000 -2,231,000 -799,000 -39,000 59,000 164,000 92,000 18,000 29,000 40,000   
          loss on disposal of property and equipment
        		                      
          noncash operating lease costs
        		                      
          changes in operating assets and liabilities:
        		                      
          prepaid and other assets
        		-2,551,000   -14,522,000 -8,129,000 -4,816,000 -9,584,000 -2,528,000 -3,009,000 5,207,000 -7,133,000 1,491,000 -3,374,000 -2,991,000 1,829,000 -2,080,000 3,144,000 -1,260,000 -3,903,000 -491,000 -384,000 -1,668,000 
          accounts payable
        		2,687,000 5,782,000                     
          accrued expenses and other liabilities
        		23,711,000 35,140,000                     
          operating right-of-use assets and lease liabilities
        		-715,000                      
          deferred revenue
        		-859,000 -2,339,000 -3,847,000 -1,573,000 -2,973,000 -2,336,000 -2,045,000 -2,961,000 67,295,000 -1,842,000 -1,247,000 -1,219,000 -1,884,000 -1,230,000 -1,084,000 -922,000 -610,000 -1,282,000 -1,240,000 -1,312,000 -980,000 -800,000 
          net cash from operating activities
        		-169,773,000 -156,173,000 -199,666,000 -124,829,000 -99,871,000 -65,615,000 -65,004,000 -70,380,000 16,501,000 -36,791,000 -49,807,000 -48,967,000 -39,189,000 -31,959,000 -35,546,000 -29,574,000 -26,215,000 -20,782,000 -28,135,000 -19,681,000 -13,073,000 -9,113,000 
          capital expenditures
        		-7,640,000 -712,000 -3,343,000 -2,849,000 -1,147,000 -1,704,000 -531,000 -915,000 -863,000 -923,000 -622,000 -1,658,000 -1,102,000 107,000 -1,322,000  -1,621,000 -760,000 -900,000 -239,000 -186,000 -1,065,000 
          free cash flows
        		-177,413,000 -156,885,000 -203,009,000 -127,678,000 -101,018,000 -67,319,000 -65,535,000 -71,295,000 15,638,000 -37,714,000 -50,429,000 -50,625,000 -40,291,000 -31,852,000 -36,868,000  -27,836,000 -21,542,000 -29,035,000 -19,920,000 -13,259,000 -10,178,000 
          cash flows from investing activities
        		                      
          purchases of marketable securities
        		-9,998,000 -853,603,000 -74,001,000 -169,270,000 -297,001,000 -622,434,000 -372,543,000 -141,557,000 -53,807,000 -131,791,000 -24,054,000 -251,350,000 -89,648,000 -53,625,000 -37,847,000 -174,717,000       
          proceeds from maturities of marketable securities
        		223,618,000 269,564,000 262,829,000 330,211,000                   
          purchases of property and equipment
        		-5,511,000 -712,000 -3,343,000 -3,753,000 -3,916,000 -1,704,000 -531,000 -915,000 -863,000 -923,000 -622,000 -1,820,000 -850,000 107,000 -1,322,000 -758,000 -1,707,000 -800,000 -708,000 -525,000 -237,000 -845,000 
          tenant improvements capitalized to right-of-use assets
        		-891,000                      
          net cash from investing activities
        		207,218,000    -64,172,000 -482,413,000 -274,869,000 -32,747,000 51,040,000 -31,479,000 46,049,000 -195,680,000 -7,768,000 10,932,000 -17,644,000 -175,475,000 -84,064,000 -800,000 2,872,000 -525,000 -6,930,000 -845,000 
          cash flows from financing activities
        		                      
          proceeds from issuance of common stock in public offerings, net of issuance costs
        		-538,000    -500,000 323,759,000 433,308,000 5,594,000 0 0 38,106,000 22,441,000           
          proceeds from issuance of common stock in private placements, net of issuance costs and allocation to deferred revenues
        		                      
          proceeds from issuance of pre-funded warrants in a private placement, net of issuance costs
        		    0 0 -154,000 141,549,000               
          proceeds from the issuance of common stock under employee incentive equity plans
        		                      
          payments for taxes related to net share settlement of equity awards
        		                      
          net cash from financing activities
        		-5,086,000 850,366,000 3,773,000 1,937,000 13,724,000 342,464,000 446,724,000 389,445,000 31,891,000 40,000 38,972,000 22,961,000 243,654,000 39,620,000 38,784,000 24,113,000 20,714,000 155,172,000 413,000 17,000 450,000 -1,346,000 
          effect of exchange rate on cash, cash equivalents and restricted cash
        		-1,000 -16,000 115,000 39,000                   
          net increase in cash, cash equivalents and restricted cash
        		32,358,000 106,251,000 -10,293,000 34,335,000 -150,319,000 -205,564,000 106,851,000 286,318,000     196,697,000    -89,565,000 133,590,000   -19,553,000 -11,304,000 
          cash, cash equivalents and restricted cash at beginning of period
        		0 0 0 222,663,000 0 0 0 185,377,000 0 0 0 340,647,000 0 0 0 320,699,000 0 0 0 321,713,000 0 0 
          cash, cash equivalents and restricted cash at end of period
        		32,358,000 106,251,000 -10,293,000 256,998,000 -150,319,000 -205,564,000 106,851,000 471,695,000 99,432,000 -68,230,000 35,214,000 118,961,000 196,697,000 18,593,000 -14,406,000 139,763,000 -89,565,000 133,590,000 -24,850,000 301,524,000 -19,553,000 -11,304,000 
          supplemental schedule of noncash investing and financing activities:
        		                      
          right-of-use assets obtained in exchange for operating lease liabilities
        		0        0            260,000 0 
          costs incurred, but not paid, in connection with purchases of property and equipment included in accounts payable and accrued expenses and other liabilities
        		-2,129,000                      
          tenant improvements capitalized to right-of-use assets within accounts payable and accrued expenses and other liabilities
        		                      
          receivables from stock option exercises included in prepaid and other current assets
        		                      
          gain on disposal of property and equipment
        		                0 0 0 -16,000   
          non-cash operating lease costs
        		 1,027,000 821,000 824,000  821,000 824,000 828,000  734,000 732,000 688,000           
          proceeds from issuance of common stock under employee incentive equity plans
        		 12,946,000 3,773,000 1,937,000  18,705,000 13,829,000 3,655,000  40,000 866,000 520,000           
          proceeds from the issuance of common stock in a private placement, net of issuance costs
        		     0 -259,000 238,647,000               
          costs incurred, but not paid, in connection with public offering included in accounts payable and accrued expenses and other liabilities
        		                      
          tenant improvements capitalized to right-of-use assets within accounts payable and accrued expenses
        		                      
          prepaid and other current assets
        		                      
          accrued compensation
        		  5,631,000 9,151,000 -14,578,000 5,415,000 5,030,000 -6,539,000 3,170,000 4,638,000 518,000 -5,181,000 3,443,000 3,060,000 446,000 -4,699,000 2,787,000 2,850,000 558,000 -407,000 1,020,000 813,000 
          operating lease liabilities
        		  -961,000 -958,000 -944,000 -933,000 -932,000 -887,000 -916,000 -818,000 -820,000 -774,000           
          net cash from (used) in investing activities
        		  185,485,000 157,188,000                   
          costs incurred, but not paid, in connection with deferred financing costs included in accrued expenses and other liabilities
        		                      
          costs incurred, but not paid, in connection with purchases of property and equipment included in accrued expenses and other liabilities
        		                      
          accounts payable and accrued liabilities
        		   -15,342,000 20,461,000 8,675,000 3,472,000 2,575,000 2,357,000 228,000 -1,974,000 1,158,000 6,287,000 5,446,000 1,625,000 4,957,000 2,174,000 3,290,000 -1,811,000 2,390,000 1,376,000 2,465,000 
          costs incurred, but not paid, in connection with deferred financing costs included in accounts payable and accrued liabilities
        		     29,000 123,000 413,000          -29,000     
          costs incurred, but not paid, in connection with purchases of property and equipment included in accounts payable and accrued liabilities
        		   904,000 2,769,000       162,000 -252,000    86,000 40,000 -192,000 286,000 51,000 -220,000 
          net income
        		    -102,257,000                  
          adjustments to reconcile net income to net cash from operating activities:
        		                      
          maturities of marketable securities
        		    236,745,000 141,725,000 98,205,000 109,725,000 105,710,000 101,235,000 70,725,000 57,490,000 82,730,000 64,450,000   3,000,000 0     
          receivables from stock option exercises included in prepaid and other assets
        		     -1,341,000              7,000   
          other non-cash adjustments
        		                      
          proceeds from issuance of common stock in a private placement, net of issuance costs and allocation to deferred revenues
        		                      
          net decrease in cash, cash equivalents and restricted cash
        		         -68,230,000 35,214,000 -221,686,000   -14,406,000 -180,936,000    -20,189,000   
          operating lease right-of-use assets and liabilities
        		            -79,000 -62,000 439,000 689,000 12,000 150,000 149,000 150,000 168,000 119,000 
          payments on long-term debt
        		                    0 0 
          proceeds from issuance of series c convertible preferred stock, net of issuance costs
        		                    0 0 
          supplemental disclosure of cash flow information:
        		                      
          cash paid for interest
        		                    0 0 
          costs incurred, but not paid, in connection with public offering included in accounts payable and accrued liabilities
        		                      
          conversion of convertible preferred stock into common stock upon completion of initial public offering
        		                    0 0 
          proceeds from issuance of common stock in public offerings, gross
        		             40,533,000 39,465,000 24,848,000       
          payment of issuance costs related to public offerings
        		             -1,216,000 -1,184,000 -745,000       
          proceeds from issuance of common stock under employee stock purchase plan
        		             0   391,000 0     
          proceeds from exercise of stock options
        		             303,000 4,000 10,000       
          payment of deferred financing costs
        		                 -63,000     
          amortization of discounts and loan issuance costs
        		                    0 0 
          noncash interest expense
        		                    0 0 
          change in fair value of preferred warrant liability
        		                    0 0 
          proceeds from exercise of stock/unit options, net of repurchases
        		                      
          distributions to members
        		                      
          proceeds from issuance of convertible notes, net of issuance costs
        		                      
          issuance of series c convertible preferred stock upon conversion of outstanding convertible notes
        		                      
          reclassification of warrant liability to equity due to adjustment from preferred stock warrant to common stock warrant upon completion of initial public offering
        		                    0 0 
          proceeds from issuance of common stock in public offering, gross
        		                      
          payment of issuance costs related to public offering
        		                      
          proceeds from exercise of stock options, net of repurchases
        		                 34,000 105,000 17,000   
          proceeds from issuance of common stock in initial public offering, gross
        		                    0 0 
          payment of issuance costs related to initial public offering
        		                    0 -1,346,000 
          costs incurred, but not paid, in connection with initial public offering costs included in accounts payable and accrued liabilities
        		                      
          deferred rent
        		                      
          proceeds from long-term debt, net of issuance costs
        		                      
          adjustments to reconcile net loss to net cash (used in) provided by operating activities:
        		                      
          proceeds from exercise of stock options/units, net of repurchases
        		                     0 
          costs incurred, but not paid, in connection with ipo included in accounts payable and accrued liabilities