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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 $ (309,122) $ (254,234)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,124 5,261
Stock-based compensation expense 55,243 55,170
Net accretion of premium and discounts on investments (2,772) (2,540)
Loss (gain) on disposal of property and equipment 466 (20)
Non-cash operating lease expense 6,341  
Changes in operating assets and liabilities:    
Accounts receivable, net (2,030) (2,631)
Collaboration receivable – related party 624 (947)
Collaboration receivable – other (199) (440)
Royalty receivable – related party (366) (641)
Inventory (4,980) (863)
Prepaid expenses and other current and non-current assets (3,552) 1,711
Accounts payable 2,649 (5,830)
Accrued expenses 4,602 (8,537)
Deferred revenue – related party (25,849) (15,749)
Operating lease liabilities (4,190)  
Deferred rent 0 56
Net cash used in operating activities (277,011) (230,234)
Investing activities    
Purchases of marketable securities (194,822) (755,368)
Proceeds from maturities and sales of marketable securities 476,382 500,281
Purchases of property and equipment (5,347) (5,933)
Net cash provided by (used in) investing activities 276,213 (261,020)
Financing activities    
Payment of public offering costs, net of reimbursements 0 (391)
Proceeds from public offering of common stock, net of commissions 0 516,206
Net proceeds from stock option exercises and employee stock purchase plan 12,005 29,193
Net cash provided by financing activities 12,005 545,008
Net change in cash and cash equivalents 11,207 53,754
Cash and cash equivalents at beginning of the period 70,502 102,724
Cash and cash equivalents at end of the period 81,709 156,478
Supplemental disclosure of non-cash investing and financing transactions    
Additions to property and equipment in accounts payable and accrued expenses 2,089 501
Proceeds from stock option exercises in other current assets 0 $ 39
Operating lease liabilities arising from obtaining operating lease assets $ 42,322