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, 2019
Mar. 31, 2018
Operating activities    
Net loss $ (17,598) $ (24,385)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,953 1,540
Depreciation and amortization 164 113
Non-cash operating lease expense 1,691  
Net amortization of discount on short-term investment (282) (134)
Changes in assets and liabilities:    
Accounts receivable, net (1,537)  
Inventories (203)  
Prepaid and other current assets (863) (638)
Other assets 6 533
Accounts payable (5,212) (493)
Accrued compensation (5,520) (2,313)
Accrued research and development 236 844
Other accrued liabilities 1,642 2,184
Lease liability (1,522)  
Deferred revenue 25,476  
Deferred rent and other long term liabilities   (645)
Net cash used in operating activities (569) (23,394)
Investing activities    
Purchases of short-term investments (19,871) (5,235)
Maturities of short-term investments 19,175 28,650
Capital expenditures (377) (197)
Net cash (use in) provided by investing activities (1,073) 23,218
Financing activities    
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 16 2,011
Net cash provided by financing activities 16 2,011
Net (decrease) increase in cash and cash equivalents (1,626) 1,835
Cash and cash equivalents at beginning of period 76,322 [1] 38,290
Cash and cash equivalents at end of period $ 74,696 $ 40,125
[1] The balance sheet at December 31, 2018 has been derived from the audited financial statements included in Rigel’s Annual Report on Form 10-K for the year ended December 31, 2018.