Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
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):
  September 30, December 31,
  2020 2019
Laboratory furniture and equipment $ 10,447  $ 11,635 
Office furniture and equipment 2,019  479 
Computer equipment 373  245 
Leasehold improvements 13,448  10,710 
Property and equipment, cost 26,287  23,069 
Accumulated depreciation (4,892) (3,567)
Property and equipment, net $ 21,395  $ 19,502 
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 September 30, 2019 Nine Months Ended September 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 $ 14,498  $ (10,909) $ 3,589  $ 26,966  $ (11,428) $ 15,538 
Collaboration revenue 634  10,909  11,543  2,043  11,428  13,471 
Total Revenue $ 15,132  $ —  $ 15,132  $ 29,009  $ —  $ 29,009 
The following tables summarize the effects of adopting ASC 842 on our condensed consolidated financial statements (in thousands):

Nine Months Ended September 30, 2019
Previously reported ASC 842 Adjustment during the period As adjusted
Operating activities:
Net loss $ (24,698) $ —  $ (24,698)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation 367  —  367 
Right-of-use asset amortization —  315  315 
Stock-based compensation 4,260  —  4,260 
Deferred rent expense 853  (853) — 
Other non-cash transactions 90  —  90 
Changes in operating assets and liabilities (19,365) 538  (18,827)
Net cash used in operating activities $ (38,493) $ —  $ (38,493)