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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net loss $ (236,498) $ (130,591)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,045 1,026
Amortization of intangibles 18,201 18,200
Intangible asset impairment charge 115,527 0
Amortization of premium/discount on investments (2) (685)
Non-cash interest expense 872 339
Non-cash operating lease expense (1,164) (1,097)
Fair value step-up of inventory sold or written off 31,116 33,587
Write-down of inventory 10,089 3,023
Change in excess inventory purchase commitments 10,954 0
Stock-based compensation 11,780 4,378
Deferred income taxes 0 (3,602)
Change in fair value of derivative liability 240 0
Changes in operating assets and liabilities:    
Accounts receivable (251) (12,222)
Inventory (5,680) (17,188)
Prepaid expenses and other current assets (3,277) (11,337)
Other long-term assets 57 3,371
Accounts payable (4,979) (19,628)
Accrued expense 13,611 (28,126)
Operating lease liabilities 869 1,072
Deferred revenue (14,879) (16,815)
Net cash used in operating activities (52,369) (176,295)
Investing activities:    
Purchase of equipment (45) (3,906)
Purchase of available for sale securities (49,950) 0
Proceeds from the maturities of available for sale securities 245 103,691
Proceeds from sales of available for sale securities 0 64,721
Net cash provided by (used in) investing activities (49,750) 164,506
Financing activities:    
Proceeds from the issuance of common stock, net of issuance costs 198,883 9,035
Proceeds from the sale of stock under employee stock purchase plan 451 188
Proceeds from the exercise of stock options 821 560
Retirement of treasury stock 0 (426)
Payments on debt 0 (15,000)
Net cash provided by (used in) financing activities 200,155 (5,643)
Increase (decrease) in cash, cash equivalents, and restricted cash 98,036 (17,432)
Cash, cash equivalents, and restricted cash at beginning of the period 149,804 107,099
Cash, cash equivalents, and restricted cash at end of the period 247,840 89,667
Non-cash financing activities    
Unpaid offering costs $ 75 $ 0