Effect of Adoption of 842 on Condensed Financial Statements |
The following tables summarize the effects of adopting ASC 842 on our condensed consolidated financial statements for the three and nine months ended September 30, 2019 (in thousands, except per share data):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2019 | | Nine Months Ended September 30, 2019 | | | | ASC 842 | | | | | | ASC 842 | | | | Previously reported | | Adjustments | | As adjusted | | Previously reported | | Adjustments | | As adjusted | Operating expenses: | | | | | | | | | | | | Research and development | $ | 119,715 | | | $ | (78) | | | $ | 119,637 | | | $ | 378,786 | | | $ | (431) | | | $ | 378,355 | | General and administrative | 28,188 | | | (15) | | | 28,173 | | | 83,994 | | | (81) | | | 83,913 | | Total operating expenses | 147,903 | | | (93) | | | 147,810 | | | 462,780 | | | (512) | | | 462,268 | | Loss from operations | (130,857) | | | 93 | | | (130,764) | | | (416,626) | | | 512 | | | (416,114) | | Other expense, net | (1,767) | | | (114) | | | (1,881) | | | (5,351) | | | (338) | | | (5,689) | | Loss before benefit from income taxes | (123,372) | | | (21) | | | (123,393) | | | (391,431) | | | 174 | | | (391,257) | | Net loss | (123,194) | | | (21) | | | (123,215) | | | (390,905) | | | 174 | | | (390,731) | | Net loss per share attributable to common stockholders, basic and diluted | (0.37) | | | — | | | (0.37) | | | (1.19) | | | — | | | (1.19) | |
| | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2019 | | | Previously reported | | ASC 842 Adjustment during the period | | As adjusted | Operating activities | | | | | | | Net loss | | $ | (390,905) | | | $ | 174 | | | $ | (390,731) | | Depreciation and amortization | | 22,082 | | | (36) | | | 22,046 | | Prepaid expenses and other assets | | (1,407) | | | 3,220 | | | 1,813 | | Right-of-use assets, operating leases | | — | | | (7,970) | | | (7,970) | | Deferred lease obligation | | 3,844 | | | (3,844) | | | — | | Operating lease liabilities | | — | | | 13,475 | | | 13,475 | | Other liabilities | | 1,617 | | | (1,770) | | | (153) | | Net cash used in operating activities | | (363,195) | | | 3,249 | | | (359,946) | | Financing activities | | | | | | | Reimbursement of assets under lease financing obligation | | 3,678 | | | (3,678) | | | — | | Charges to financing lease obligation | | — | | | 741 | | | 741 | | Payments on financing lease obligation | | 312 | | | (312) | | | — | | Net cash provided by financing activities | | 23,531 | | | (3,249) | | | 20,282 | |
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Components of Accumulated Other Comprehensive Income |
The components of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2020 are as follows (in thousands): | | | | | | | Unrealized (Loss) Gain on Available-for-Sale Debt Securities | Accumulated other comprehensive income, balance at December 31, 2019 | $ | 1,804 | | Other comprehensive loss | (7,931) | | Accumulated other comprehensive loss, balance at March 31, 2020 | (6,127) | | Other comprehensive income | 14,383 | | Accumulated other comprehensive income, balance at June 30, 2020 | 8,256 | | Other comprehensive loss | (3,472) | | Accumulated other comprehensive income, balance at September 30, 2020 | $ | 4,784 | |
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Reconciliation of Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | | | | | September 30, | | | 2020 | | 2019 | Cash and cash equivalents | | $ | 1,505,581 | | | $ | 173,711 | | Restricted cash | | 1,032 | | | 1,032 | | Restricted cash, non-current | | 11,053 | | | 10,791 | | Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | | $ | 1,517,666 | | | $ | 185,534 | |
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Reconciliation of Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | | | | | September 30, | | | 2020 | | 2019 | Cash and cash equivalents | | $ | 1,505,581 | | | $ | 173,711 | | Restricted cash | | 1,032 | | | 1,032 | | Restricted cash, non-current | | 11,053 | | | 10,791 | | Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | | $ | 1,517,666 | | | $ | 185,534 | |
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