Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Impact of Adopting ASC 808 and 842 This change has been reflected in the condensed consolidated statement of operations and the 2019 amounts were adjusted to conform to ASC 808 as follows:
  Three Months Ended June 30, 2019 Six Months Ended June 30, 2019
As reported pre-adoption ASC 808 Adoption Adjustment As reported post-adoption As reported pre-adoption ASC 808 Adoption Adjustment As reported post-adoption
Customer revenue $ 4,934    $ (211)   $ 4,723    $ 12,468    $ (519)   $ 11,949   
Collaboration revenue 398    211    609    1,409    519    1,928   
Total Revenue $ 5,332    $ —    $ 5,332    $ 13,877    $ —    $ 13,877   
The following tables summarize the effects of adopting ASC 842 on our condensed consolidated financial statements for the six months ended June 30, 2020 (in thousands):
Six Months Ended June 30, 2019
Previously reported ASC 842 Adjustment during the period As adjusted
Operating activities:
Net loss $ (22,106)   $ —    $ (22,106)  
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation 208    —    208   
Right-of-use asset amortization —    215    215   
Stock-based compensation 2,742    —    2,742   
Deferred rent expense 588    (588)   —   
Other non-cash transactions (151)   —    (151)  
Changes in operating assets and liabilities (7,122)   373    (6,749)  
Net cash used in operating activities $ (25,841)   $ —    $ (25,841)  
Schedule of Property and Equipment, Useful Lives The estimated useful life of the different groups of property and equipment is as follows:
Asset Classification Estimated useful life (in years)
Leasehold improvements shorter of useful life or remaining life of the lease
Laboratory furniture and equipment
8-14
Office furniture and equipment
5-13
Computer and equipment
3-7
Property and equipment are summarized as follows (in thousands):
  June 30, December 31,
  2020 2019
Laboratory furniture and equipment $ 9,485    $ 11,635   
Office furniture and equipment 1,939    479   
Computer equipment 354    245   
Leasehold improvements 12,889    10,710   
Property and equipment, cost 24,667    23,069   
Accumulated depreciation (4,161)   (3,567)  
Property and equipment, net $ 20,506    $ 19,502