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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (51,373) $ (48,435)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,702 2,421
Loss on disposal of property and equipment   8
Equity-based compensation expense 4,134 4,317
Accretion/amortization of investment securities (1,282) (1,401)
Reduction in carrying amount of operating lease right of use asset 1,370  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (12,263) (45)
Prepaid research and development, net of current portion (16,381)  
Other assets   168
Accounts payable and accrued expenses (935) (257)
Deferred revenue 276 (520)
Deferred rent   1,274
Operating lease liabilities (1,716)  
Net cash, cash equivalents and restricted cash used in operating activities (75,468) (42,470)
Cash flows from investing activities:    
Purchases of marketable securities (145,418) (172,887)
Proceeds from maturity of marketable securities 157,465 91,340
Purchases of property and equipment (1,251) (5,654)
Net cash, cash equivalents and restricted cash provided by (used in) investing activities 10,796 (87,201)
Cash flows from financing activities:    
Payments on finance lease obligations (266) (427)
Proceeds from exercise of stock options   244
Proceeds from sale of common stock, net of issuance costs 56,996 82,666
Proceeds from sale of pre-funded warrants, net of issuance costs 22,874  
Net cash, cash equivalents and restricted cash provided by financing activities 79,604 82,483
Net increase (decrease) in cash, cash equivalents and restricted cash 14,932 (47,188)
Cash, cash equivalents and restricted cash at beginning of period 12,349 59,537
Cash, cash equivalents and restricted cash at end of period 27,281 12,349
Supplemental disclosure of non-cash investing and financing activities:    
Landlord funded allowance for tenant improvements   1,654
Property and equipment purchases included in accounts payable and accrued expenses (369) 169
Assets acquired under operating lease obligation 2,714  
Cash paid for interest $ 21 43
Purchase under capital lease   $ 12