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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net loss $ (163,406) $ (74,598)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 44,116 15,817
Premium on marketable securities (739) (4)
Amortization of discount on marketable securities (2,322) (1,348)
Depreciation 415 247
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,637 (5,348)
Other long-term assets (1,378)  
Right of use operating asset 2,942  
Operating lease liabilities (2,500)  
Accounts payable (20,507) (877)
Accrued expenses and other liabilities (8,192) (12,460)
Net cash used in operating activities (149,934) (78,571)
Cash flows from investing activities    
Proceeds from sales and maturities of marketable securities 307,263 81,960
Purchases of marketable securities (580,916) (394,109)
Purchases of property and equipment (1,257) (652)
Net cash used in investing activities (274,910) (312,801)
Cash flows from financing activities    
Proceeds from stock option exercises and employee stock purchase plan issuances 15,681 12,757
Payment of employee tax obligations related to vesting of restricted stock units (692) (904)
Payments of offering costs (70) (235)
Proceeds from public offerings of common stock, net of commissions and underwriting discounts 561,277 631,494
Net cash provided by financing activities 576,196 643,112
Net increase in cash, cash equivalents and restricted cash 151,352 251,740
Cash, cash equivalents and restricted cash at beginning of period 193,310 307,084
Cash, cash equivalents and restricted cash at end of period 344,662 558,824
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 78 15
Public offering costs included in accrued expenses $ 259 $ 105