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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating Activities      
Net loss $ (193,420) $ (105,717) $ (116,772)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities      
Depreciation 757 698 127
Amortization of premium and discounts on investment securities 595 2,846 2,024
Gain on sale of marketable securities 0 (57) 0
Deferred income taxes 22,954 (17,341) (214)
Share-based compensation 31,660 24,760 13,040
Excess tax benefits from share-based compensation 0 (1,302) (4,256)
Changes in operating assets and liabilities:      
Due from Novartis Pharma AG 858 (3,429) (960)
Prepaid expense and other current assets 2,426 3,308 (2,008)
Accrued interest receivable 203 155 280
Other assets 27 (107) (127)
Accrued research and development expenses 28,420 10,902 5,433
Accounts payable and accrued expenses 14 3,311 4,897
Deferred revenue (3,090) 3,442 209,624
Net cash (used in) provided by operating activities (108,596) (78,531) 111,088
Investing Activities      
Purchase of marketable securities (72,197) (411,565) (597,762)
Sale of marketable securities 0 395,977 0
Maturities of marketable securities 86,500 266,000 171,600
Purchase of property and equipment (572) (2,615) (1,655)
Proceeds from sale of assets 0 6 0
Net cash provided by (used in) investing activities 13,731 247,803 (427,817)
Financing Activities      
Proceeds from stock option/warrant exercises 6,934 11,473 2,949
Proceeds from follow-on public offering, net 0 0 55,409
Excess tax benefits from share-based compensation 0 1,302 4,256
Proceeds from royalty purchase agreement 0 0 83,333
Net cash provided by financing activities 6,934 12,775 145,947
Net change in cash and cash equivalents (87,931) 182,047 (170,782)
Cash and cash equivalents      
Beginning of period 221,861 39,814 210,596
End of period 133,930 221,861 39,814
Supplemental disclosure of cash paid      
Income taxes paid (received), net (26,998) 399 40,159
Supplemental disclosures of non-cash information related to investing activities      
Change in unrealized gain (loss) on available for sale securities, net of tax $ 261 $ (408) $ (65)