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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net loss $ (67,241) $ (21,460) $ (140,048) $ (68,844) $ (192,300)
Adjustments to reconcile net loss to net cash flows used in operating activities:          
Stock-based compensation expense     17,603 10,336  
Depreciation expense     944 216  
Noncash lease expense     1,062 337  
Net accretion of discounts on marketable securities     (2,010) (1,297)  
Changes in operating assets and liabilities:          
Accounts Receivable     (7,384) (20,000)  
Unbilled Receivables     0 (5,000)  
Inventory     (798) 0  
Prepaid expenses and other current assets     (146) 1,263  
Accounts payable     (7,056) 5,592  
Accrued expenses and other current liabilities     (2,436) 7,239  
Operating lease liabilities     (945) (349)  
Other long-term liabilities     0 235  
Net cash flows used in operating activities     (141,214) (70,272)  
Cash flows from investing activities:          
Purchases of marketable securities     (818,182) (253,759)  
Maturities of marketable securities     323,263 68,364  
Sales of marketable securities     479,746 18,688  
Purchases of property and equipment     (3,653) (244)  
Increase in restricted investments     (615) (441)  
Net cash flows used in investing activities     (19,441) (167,392)  
Cash flows from financing activities:          
Proceeds from public offerings, net of underwriting discounts and commissions     189,037 0  
Repayment of notes payable to related party     0 (93)  
Payments of public offering costs     (652) 0  
Proceeds from exercise of stock options     7,396 1,230  
Net cash flows provided by financing activities     195,781 1,137  
Net increase (decrease) in cash and cash equivalents     35,126 (236,527)  
Cash and cash equivalents at beginning of period     120,320 293,764 293,764
Cash and cash equivalents at end of period $ 155,446 $ 57,237 155,446 57,237 $ 120,320
Supplemental disclosure of cash flow information:          
Cash paid for interest     0 38  
Inventory purchases included in accrued expenses and other current liabilities     591 0  
Property and equipment purchases included in accounts payable and accrued expenses and other current liabilities     $ 525 $ 0