Basis of Presentation

3 Months Ended

Mar. 31, 2020

The accompanying condensed consolidated financial statements as of March 31, 2020 and for the three months ended March 31, 2020 are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles in U.S. GAAP requires management to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary to state fairly the financial position and results of operations as of and for the periods indicated. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on our customers. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates. As of March 31, 2020, the Company has not recorded impairments to inventory, other current assets or longed-lived assets as a result of the COVID-19 pandemic and does not expect material impairments in the future. The Company has assessed the impact of COVID-19 on accounts receivables (see note 4) and investments (see note 8).

These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC on February 25, 2020 (Annual Report).

Consolidated Statement of Cash Flows

The following table presents certain supplementary cash flows information for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(In thousands)	2020	2019
Supplementary Cash Flows information:
Non-cash information:
Right-of-use asset and lease liability recognized	326	185
Additions to equipment in process included in accounts payable	105	455
Restricted shares held for employee tax remittance included in accounts payable	66	—

Total cash, cash equivalents, and restricted cash of $45.7 million as of March 31, 2020, shown in the statement of cash flows is comprised of cash and cash equivalents of $45.6 million and restricted cash of $0.1 million which is included in other long term assets on the consolidated balance sheet.