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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income (loss) $ 43,750 $ (34,164)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense 5,191 5,475
Gain on sale of priority review voucher (100,000)  
Deferred tax provision 22,006  
Depreciation and amortization 201 167
Non-cash rent expense (61) (56)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,651 (847)
Accounts payable, accrued expenses and other current liabilities (6,269) (6,673)
Net cash used in operating activities (33,531) (36,098)
Investing activities    
Purchases of short-term investments (297,542) (15,370)
Maturities of short-term investments 51,842 44,243
Proceeds from sale of priority review voucher 100,000  
Purchases of property and equipment (12)  
Net cash (used in) provided by investing activities (145,712) 28,873
Financing activities    
Net proceeds from issuance of common stock 161,731  
Proceeds from the exercise of stock options 3,466 383
Proceeds from issuance of common stock from ESPP 388 324
Net cash provided by financing activities 165,585 707
Net decrease in cash, cash equivalents and restricted cash (13,658) (6,518)
Cash, cash equivalents and restricted cash at beginning of period 101,257 62,697
Cash, cash equivalents and restricted cash at end of period $ 87,599 $ 56,179