XML 58 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Operating Activities:      
Net loss $ (82,947)us-gaap_NetIncomeLoss $ (51,983)us-gaap_NetIncomeLoss $ (28,507)us-gaap_NetIncomeLoss
Reconciliation of net loss to net cash used in operating activities:      
Change in fair value of warrant liability 0us-gaap_FairValueAdjustmentOfWarrants (267)us-gaap_FairValueAdjustmentOfWarrants (101)us-gaap_FairValueAdjustmentOfWarrants
Depreciation and amortization 4,424us-gaap_DepreciationAndAmortization 2,591us-gaap_DepreciationAndAmortization 1,666us-gaap_DepreciationAndAmortization
Loss (Gain) on disposal of property and equipment 534us-gaap_GainLossOnSaleOfPropertyPlantEquipment (32)us-gaap_GainLossOnSaleOfPropertyPlantEquipment (28)us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Amortization of net premiums (discounts) on marketable securities 415us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 507us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments (18)us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Deferred rent (552)us-gaap_LeaseAndRentalExpense 897us-gaap_LeaseAndRentalExpense 660us-gaap_LeaseAndRentalExpense
Non-cash stock-based compensation 6,090us-gaap_ShareBasedCompensation 2,480us-gaap_ShareBasedCompensation 2,091us-gaap_ShareBasedCompensation
Realized gains on marketable securities (615)us-gaap_MarketableSecuritiesRealizedGainLoss 0us-gaap_MarketableSecuritiesRealizedGainLoss (879)us-gaap_MarketableSecuritiesRealizedGainLoss
Other 60us-gaap_OtherNoncashIncomeExpense (200)us-gaap_OtherNoncashIncomeExpense 0us-gaap_OtherNoncashIncomeExpense
Changes in operating assets and liabilities:      
Restricted cash 1,120us-gaap_IncreaseDecreaseInRestrictedCash (431)us-gaap_IncreaseDecreaseInRestrictedCash (986)us-gaap_IncreaseDecreaseInRestrictedCash
Accounts receivable - billed (5,705)us-gaap_IncreaseDecreaseInAccountsReceivable (451)us-gaap_IncreaseDecreaseInAccountsReceivable 954us-gaap_IncreaseDecreaseInAccountsReceivable
Accounts receivable - unbilled 1,888us-gaap_IncreaseDecreaseInUnbilledReceivables (3,418)us-gaap_IncreaseDecreaseInUnbilledReceivables 266us-gaap_IncreaseDecreaseInUnbilledReceivables
Prepaid expenses and other assets (5,904)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 402us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 40us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable and accrued expenses 13,979us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 4,184us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 2,009us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Deferred revenue (253)us-gaap_IncreaseDecreaseInDeferredRevenue (341)us-gaap_IncreaseDecreaseInDeferredRevenue 258us-gaap_IncreaseDecreaseInDeferredRevenue
Lease incentives received 452us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities 703us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities 4,346us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities
Net cash used in operating activities (67,014)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (45,359)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (18,229)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Investing Activities:      
Capital expenditures (7,268)us-gaap_PaymentsToAcquireProductiveAssets (5,785)us-gaap_PaymentsToAcquireProductiveAssets (4,341)us-gaap_PaymentsToAcquireProductiveAssets
Proceeds from disposal of property and equipment 39us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 116us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 324us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Net cash received from acquisition 0us-gaap_CashAcquiredFromAcquisition 3,034us-gaap_CashAcquiredFromAcquisition 0us-gaap_CashAcquiredFromAcquisition
Purchases of marketable securities (176,469)us-gaap_PaymentsToAcquireMarketableSecurities (14,754)us-gaap_PaymentsToAcquireMarketableSecurities (48,652)us-gaap_PaymentsToAcquireMarketableSecurities
Proceeds from sales, maturities and redemptions of marketable securities 53,865us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 33,781us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 20,407us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
Net cash provided by (used in) investing activities (129,833)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 16,392us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (32,262)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Financing Activities:      
Principal payments on capital leases (124)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (87)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (104)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations
Principal payments on notes payable (671)us-gaap_ProceedsFromRepaymentsOfNotesPayable (473)us-gaap_ProceedsFromRepaymentsOfNotesPayable (60)us-gaap_ProceedsFromRepaymentsOfNotesPayable
Proceeds from notes payable 0us-gaap_ProceedsFromNotesPayable 1,450us-gaap_ProceedsFromNotesPayable 650us-gaap_ProceedsFromNotesPayable
Changes in restricted cash (2)us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities (1)us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities (756)us-gaap_ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
Cash paid with acquisition (171)us-gaap_PaymentsToAcquireBusinessesGross 0us-gaap_PaymentsToAcquireBusinessesGross 0us-gaap_PaymentsToAcquireBusinessesGross
Net proceeds from sales of common stock, net of offering costs of $7.1 million, $6.1 million and $0.4 million, respectively 107,896us-gaap_ProceedsFromIssuanceOfCommonStock 128,648us-gaap_ProceedsFromIssuanceOfCommonStock 54,002us-gaap_ProceedsFromIssuanceOfCommonStock
Proceeds from the exercise of stock options and employee stock purchases 2,789us-gaap_ProceedsFromStockOptionsExercised 1,498us-gaap_ProceedsFromStockOptionsExercised 54us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by financing activities 109,717us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 131,035us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 53,786us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate on cash and cash equivalents (6)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 4us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 0us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net increase (decrease) in cash and cash equivalents (87,136)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 102,072us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 3,295us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of year 119,471us-gaap_CashAndCashEquivalentsAtCarryingValue 17,399us-gaap_CashAndCashEquivalentsAtCarryingValue 14,104us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of year 32,335us-gaap_CashAndCashEquivalentsAtCarryingValue 119,471us-gaap_CashAndCashEquivalentsAtCarryingValue 17,399us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosure of non-cash activities:      
Common stock issued in connection with acquisition 0us-gaap_ConversionOfStockAmountConverted1 41,942us-gaap_ConversionOfStockAmountConverted1 0us-gaap_ConversionOfStockAmountConverted1
Capital expenditures included in accounts payable and accrued expenses 2,615us-gaap_CapitalExpendituresIncurredButNotYetPaid 379us-gaap_CapitalExpendituresIncurredButNotYetPaid 1,321us-gaap_CapitalExpendituresIncurredButNotYetPaid
Deposit applied towards the purchase of equipment 0nvax_DepositsForAcquisitionOfPropertyAndEquipment 0nvax_DepositsForAcquisitionOfPropertyAndEquipment 500nvax_DepositsForAcquisitionOfPropertyAndEquipment
Equipment acquired under a capital lease 0nvax_CapitalLeaseObligationEquipmentPurchased 0nvax_CapitalLeaseObligationEquipmentPurchased 399nvax_CapitalLeaseObligationEquipmentPurchased
Supplemental disclosure of cash flow information:      
Cash interest payments $ 179us-gaap_InterestPaid $ 177us-gaap_InterestPaid $ 20us-gaap_InterestPaid