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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net loss $ (127,290) $ (121,692) $ (106,289)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Non-cash interest expense on liability related to sale of future royalties 22,792 20,737 17,767
Non-cash stock-based compensation expense 17,620 10,759 9,761
Depreciation and amortization of property and equipment 1,831 1,293 1,239
Gain on investment, net (573) 0 0
Interest receivable and amortization on investments (1,194) (2,587) (1,677)
Non-cash interest expense related to debt 6,640 919 920
Changes in operating assets and liabilities:      
Accounts receivable 743 (2,932) (1,119)
Contract assets 0 4,554 5,154
Prepaid and other current assets (2,183) (3,862) 1,817
Operating lease right-of-use assets and other assets 1,242 3,552 0
Accounts payable (110) 4,396 (1,490)
Accrued and other liabilities 7,117 (2,168) (2,063)
Contract liabilities 0 0 (18,750)
Operating lease liabilities (4,692) (3,876) 0
Deferred revenue 87,000 0 (6,485)
Net cash provided by (used in) operating activities 8,943 (90,907) (101,215)
Cash flows from investing activities:      
Purchases of investments (435,825) (277,883) (240,224)
Maturities of investments 247,301 202,599 246,232
Sales of investments 3,061 3,196 0
Purchases of property and equipment (11,052) (2,619) (889)
Sales of property and equipment 0 0 14
Net cash (used in) provided by investing activities (196,515) (74,707) 5,133
Cash flows from financing activities:      
Proceeds from public offerings of common stock, net of discounts, commissions and offering cost 188,883 0 0
Proceeds from private placement, net 36,225 0 0
Proceeds from issuance under Employee Stock Purchase Plan 1,509 0 0
Proceeds from stock-based award activities, net 5,356 1,393 3,234
Claims settlement under Section 16(b) 2,151 0 0
Net proceeds from long-term debt, net of debt discount and issuance costs 0 1,710 9,898
Net proceeds from convertible notes, net of debt discount and issuance costs 0 133,860 0
Issuance of common stock under at-the-market offering, net of issuance costs 0 36,214 0
Purchase of capped call options associated with convertible notes 0 (13,386) 0
Net cash provided by financing activities 234,124 159,791 13,132
Net increase (decrease) in cash and cash equivalents 46,552 (5,823) (82,950)
Cash and cash equivalents, beginning of period 36,433 42,256 125,206
Cash and cash equivalents, end of period 82,985 36,433 42,256
Supplemental cash flow disclosures:      
Cash paid for interest 9,620 4,059 2,877
Right-of-use assets recognized in exchange for lease obligations $ 1,106 $ 10,687 $ 0