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
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net loss $ (49,694) $ (73,708)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,704 5,647
Depreciation and amortization 503 431
Non-cash operating lease expense 5,181  
Net amortization of discount on short-term investments (917) (541)
Changes in assets and liabilities:    
Accounts receivable, net (7,475) (3,273)
Inventories (195) (498)
Prepaid and other current assets (2,000) 120
Other assets 40 151
Accounts payable (3,730) 5
Accrued compensation (2,886) 440
Accrued research and development (1,132) 773
Other accrued liabilities 3,207 425
Lease liability (4,793)  
Deferred revenue 24,326  
Deferred rent and other long term liabilities   (442)
Net cash used in operating activities (31,861) (70,470)
Investing activities    
Purchases of short-term investments (100,501) (50,058)
Maturities of short-term investments 85,306 73,966
Capital expenditures (844) (1,037)
Net cash (used in) provided by investing activities (16,039) 22,871
Financing activities    
Net proceeds from term loan financing 9,789  
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 882 3,633
Proceeds from sale and issuance of common stock, net of offering costs   67,162
Net cash provided by financing activities 10,671 70,795
Net (decrease) increase in cash and cash equivalents (37,229) 23,196
Cash and cash equivalents at beginning of period 76,322 [1] 38,290
Cash and cash equivalents at end of period $ 39,093 $ 61,486
[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.