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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net loss $ (212,480) $ (150,687)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 39,622 24,264
Depreciation and amortization expense 5,174 2,254
Accretion of investment discounts (1,177) (1,339)
Loss on disposals of property and equipment 927 0
Non-cash operating lease expense 768 0
Non-cash interest expense 0 211
Asset retirement obligation accretion expense 53 32
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,204 (2,339)
Operating lease assets 238 0
Other assets 308 (225)
Accounts payable 1,527 116
Accrued compensation 2,261 3,408
Accrued research and development expenses (13,038) (203)
Other current liabilities (1,836) 2,063
Operating lease liabilities (487) 0
Other long-term liabilities 0 92
Net cash used in operating activities (176,936) (122,353)
Investing activities    
Purchases of short-term investments (147,187) (402,621)
Proceeds from maturities and sales of short-term investments 209,379 192,020
Purchases of property and equipment (3,021) (31,756)
Proceeds from sale of property and equipment 161 0
Net cash provided by (used in) investing activities 59,332 (242,357)
Financing activities    
Proceeds from sale of common stock and pre-funded warrants in underwritten offerings, net 140,888 293,290
Proceeds from issuance of common stock through ATM facility, net 12,630 47,586
Proceeds from employee stock awards 4,859 18,528
Taxes paid related to net share settlement of restricted stock units (6,695) (7,493)
Principal payments on finance and capital lease obligations (345) (396)
Net cash provided by financing activities 151,337 351,515
Increase (decrease) in cash, cash equivalents and restricted cash 33,733 (13,195)
Cash, cash equivalents and restricted cash at beginning of period 62,092 80,617
Cash, cash equivalents and restricted cash at end of period 95,825 67,422
Non-cash investing and financing activities    
Property and equipment purchases included in accounts payable and other accrued liabilities 699 3,973
Capitalized lease obligations 0 441
Property & equipment acquired under capital leases 0 191
Asset retirement cost 0 88
Interest capitalized during construction period for build-to-suit lease transaction 0 77
Supplemental cash flow disclosure    
Cash paid for interest $ 43 $ 110