Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income (loss) $ 21,243 $ (17,598)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 2,024 2,953
Depreciation and amortization 171 164
Non-cash operating lease expense 1,934 1,691
Net amortization and accretion of discount on short-term investments and term loan (138) (282)
Changes in assets and liabilities:    
Accounts receivable, net 451 (1,537)
Inventories (242) (203)
Prepaid and other current assets 338 (863)
Other assets 35 6
Accounts payable (1,945) (5,212)
Accrued compensation (3,312) (5,520)
Accrued research and development 735 236
Other accrued liabilities 209 1,642
Lease liability (1,417) (1,522)
Deferred revenue (23,081) 25,476
Deferred rent and other long term liabilities (98)  
Net cash used in operating activities (3,093) (569)
Investing activities    
Purchases of short-term investments (13,352) (19,871)
Maturities of short-term investments 38,420 19,175
Capital expenditures (607) (377)
Net cash provided by (used in) investing activities 24,461 (1,073)
Financing activities    
Net proceeds from issuances of common stock upon exercise of options and participation in Purchase Plan 1,336 16
Net cash provided by financing activities 1,336 16
Net increase (decrease) in cash and cash equivalents 22,704 (1,626)
Cash and cash equivalents at beginning of period 22,521 [1] 76,322
Cash and cash equivalents at end of period 45,225 $ 74,696
Supplemental disclosure of cash flow information    
Interest paid $ 203  
[1] The balance sheet at December 31, 2019 has been derived from the audited financial statements included in Rigel’s Annual Report on Form 10-K for the year ended December 31, 2019.