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
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income (loss) $ 3,667 $ (38,204)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 3,781 5,606
Depreciation and amortization 335 337
Non-cash operating lease expense 3,798 3,418
Net amortization and accretion of discount on short-term investments and term loan (207) (613)
Changes in assets and liabilities:    
Accounts receivable, net (1,616) (2,856)
Inventories (277) (245)
Prepaid and other current assets 2,280 (183)
Other assets 43 22
Accounts payable (738) (2,614)
Accrued compensation (1,526) (4,089)
Accrued research and development (813) (1,316)
Other accrued liabilities 818 1,330
Lease liability (3,199) (3,139)
Deferred revenue (23,477) 25,326
Net cash used in operating activities (17,131) (17,220)
Investing activities    
Purchases of short-term investments (42,980) (59,878)
Maturities of short-term investments 62,770 44,625
Capital expenditures (563) (492)
Net cash provided by (used in) investing activities 19,227 (15,745)
Financing activities    
Net proceeds from term loan financing 9,975  
Net proceeds from issuances of common stock upon exercise of options and participation in Purchase Plan 1,877 872
Net cash provided by financing activities 11,852 872
Net increase (decrease) in cash and cash equivalents 13,948 (32,093)
Cash and cash equivalents at beginning of period 22,521 76,322
Cash and cash equivalents at end of period 36,469 $ 44,229
Supplemental disclosure of cash flow information    
Interest paid $ 448