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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net loss $ (234,428) $ (187,088)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,239 2,392
Noncash lease expense 2,823 2,337
Stock-based compensation 36,387 23,961
Accretion of premiums and discounts on investments (26) (2,973)
Other 269  
Changes in assets and liabilities:    
Accounts receivable (2,740) (686)
Unbilled accounts receivable 1,872 (4,363)
Inventory (2,748)  
Prepaid expenses and other current assets (9,159) (4,840)
Other assets 2,018 (179)
Accounts payable 802 3,291
Accrued expenses (4,573) 9,994
Deferred revenue (1,368) (1,697)
Operating lease liabilities (2,860) (1,565)
Net cash used in operating activities (210,492) (161,416)
Cash flows from investing activities    
Purchases of property and equipment (2,466) (3,940)
Purchases of investments (232,148) (465,289)
Maturities of investments 306,035 310,490
Net cash provided by (used in) investing activities 71,421 (158,739)
Cash flows from financing activities    
Proceeds from public offerings of common stock, net of issuance cost 308,750 327,750
Net proceeds from stock option exercises and employee stock purchase plan 4,886 6,911
Payment of offering costs (311) (280)
Other financing activities   (72)
Net cash provided by financing activities 313,325 334,309
Net increase in cash, cash equivalents, and restricted cash 174,254 14,154
Cash, cash equivalents and restricted cash at beginning of period 119,604 73,429
Effect of exchange rate changes on cash, cash equivalents and restricted cash (12) 3
Cash, cash equivalents and restricted cash at end of period 293,846 87,586
Supplemental cash flow information    
Public offering costs incurred but unpaid at period end 5 28
Property and equipment purchases unpaid at period end 116 3,328
Cash paid for taxes, net $ 47 $ 97