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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net loss $ (41,634) $ (155,264)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 594 109
Amortization of right-of-use operating lease assets 735  
Amortization of intangibles 4,385 815
Amortization of discount/premium on investment securities, net (470) 197
Non-cash sublicensing expense 75,000  
Stock-based compensation expense 29,459 31,239
Changes in operating assets and liabilities:    
Accounts receivable (6,056) 4,777
Other current and long-term assets (256) (7,104)
Inventory (4,369)  
Accounts payable (5,114) 300
Receivable/payable to Ionis Pharmaceuticals, Inc. (19,548) 9,198
Accrued compensation 799 4,765
Accrued liabilities (558) 13,237
Income taxes payable 72 (553)
Deferred revenue (17,948) (35,882)
Net cash provided by (used in) operating activities 15,091 (134,166)
Investing activities:    
Purchases of short-term investments (111,750) (105,091)
Proceeds from maturity of short-term investments 155,299 138,580
Purchases of property, plant and equipment (1,418) (116)
Net cash provided by investing activities 42,131 33,373
Financing activities:    
Proceeds from exercise of common stock options and employee stock purchase plan issuances 9,185 5,141
Distribution to Ionis (13,492) (7,792)
Proceeds from issuance of common stock to Ionis in TTR transaction   163,648
Payments of tax withholdings related to exercise of employee stock awards (10,015)  
Net cash (used in) provided by financing activities (14,322) 160,997
Effect of exchange rates on cash (25) 19
Net increase in cash and cash equivalents 42,875 60,223
Cash, cash equivalents and restricted cash at beginning of period 88,838 58,367
Cash, cash equivalents and restricted cash at end of period 131,713 118,590
Supplemental disclosures of non-cash operating and financing activities:    
Right-of-use assets obtained in exchange for lease liabilities 363  
Purchases of property, plant and equipment included in accounts payable and accrued liabilities   1,752
Purchases of property, plant and equipment included in long-term portion of deferred rent liability   3,596
Acquisition of research and development licenses and milestone payments   40,563
Cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:    
Cash and cash equivalents 129,329 116,206
Restricted cash included in deposits and other assets 2,384 2,384
Cash, cash equivalents and restricted cash at end of period $ 131,713 118,590
Ionis [Member]    
Supplemental disclosures of non-cash operating and financing activities:    
Purchases of property, plant and equipment included in accounts payable and accrued liabilities   $ 325