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Unaudited Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net loss $ (127,137) $ (70,068)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 539 535
Amortization of premium and discounts on investment securities 454 2,517
Gain on sale of marketable securities 0 (53)
Deferred income taxes 22,916 (11,722)
Share-based compensation 24,889 18,474
Changes in operating assets and liabilities:    
Due from Novartis Pharma AG 4,383 960
Income tax receivable (20,844) 0
Prepaid expense and other current assets 569 3,271
Accrued interest receivable 157 320
Security deposits 0 (185)
Other assets 19 65
Accrued research and development expenses 21,197 12,162
Accounts payable and accrued expenses (1,629) (857)
Deferred revenue (1,298) 5,086
Net cash used in operating activities (75,785) (39,495)
Investing Activities    
Purchase of marketable securities (48,123) (382,921)
Sale of marketable securities 0 367,043
Maturities of marketable securities 62,500 266,000
Purchase of property and equipment (247) (1,576)
Proceeds from sale of assets 0 6
Net cash provided by investing activities 14,130 248,552
Financing Activities    
Proceeds from stock option/warrant exercises 5,398 6,024
Net cash provided by financing activities 5,398 6,024
Net change in cash and cash equivalents (56,257) 215,081
Cash and cash equivalents    
Beginning of period 221,861 39,814
End of period 165,604 254,895
Supplemental disclosures of non-cash information related to investing activities    
Change in unrealized gains on available for sale securities, net of tax $ 314 $ 144