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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities:    
Net income (loss) $ 3,468 $ (62,917)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation 1,980 1,841
Amortization of patents 393 377
Amortization of premium on investments, net 1,608 2,039
Amortization of debt issuance costs 396 298
Amortization of convertible senior notes discount 7,506 5,795
Amortization of long-term financing liability for leased facility 1,675 1,672
Stock-based compensation expense 20,912 20,103
Gain on investment in Regulus Therapeutics, Inc. (374) 0
Non-cash losses related to patents, licensing and property, plant and equipment 93 396
Changes in operating assets and liabilities:    
Contracts receivable 38,686 (5,124)
Inventories 688 379
Other current and long-term assets (14,077) (2,747)
Accounts payable 472 (11,417)
Accrued compensation (15,919) (9,728)
Accrued liabilities and deferred rent (6,273) (1,886)
Deferred contract revenue 81,431 (14,849)
Net cash provided by (used in) operating activities 122,665 (75,768)
Investing activities:    
Purchases of short-term investments (266,185) (41,366)
Proceeds from the sale of short-term investments 99,223 81,805
Purchases of property, plant and equipment (3,237) (628)
Acquisition of licenses and other assets, net (983) (382)
Proceeds from the sale of Regulus Therapeutics 2,507 0
Net cash (used in) provided by investing activities (168,675) 39,429
Financing activities:    
Proceeds from equity awards 6,324 2,736
Proceeds from sale of stock to Novartis 71,640 0
Offering costs paid (778) 0
Principal payments on debt and capital lease obligations (1,640) (1,857)
Net cash provided by financing activities 75,546 879
Net increase (decrease) in cash and cash equivalents 29,536 (35,460)
Cash and cash equivalents at beginning of period 84,685 128,797
Cash and cash equivalents at end of period 114,221 93,337
Supplemental disclosures of cash flow information:    
Interest paid 106 31
Supplemental disclosures of non-cash investing and financing activities:    
Amounts accrued for capital and patent expenditures 1,648 2,524
Unpaid deferred offering costs $ 319 $ 0