| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net (loss) income | ||||||
40,772 | -225,821 | -121,559 | -83,217 | -61,422 | ||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||
Depreciation | ||||||
789 | 307 | 108 | 12 | 0 | ||
Amortization of right-of-use operating lease assets | ||||||
942 | - | - | - | - | ||
Amortization of intangibles | ||||||
5,863 | 2,870 | 120 | 119 | 119 | ||
Amortization of premium/discount on investment securities, net | ||||||
438 | 23 | -499 | -170 | -18 | ||
Non-cash interest expense for line of credit with Ionis Pharmaceuticals, Inc. | ||||||
- | - | 1,731 | 0 | 0 | ||
Non-cash sublicensing expense | ||||||
200,000 | - | 33,394 | 0 | 0 | ||
Stock-based compensation expense | ||||||
37,112 | 44,282 | 17,539 | 10,149 | 6,496 | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
5,899 | -816 | 5,413 | 0 | 0 | ||
Other current and long-term assets | ||||||
5,316 | 8,680 | 1,761 | -64 | 286 | ||
Inventories | ||||||
4,545 | 85 | - | - | - | ||
Accounts payable | ||||||
-610 | 8,444 | 1,905 | -54 | 239 | ||
Receivable from Ionis Pharmaceuticals, Inc. | ||||||
22,132 | -4,527 | 43,385 | 15,157 | 9,198 | ||
Income tax receivable | ||||||
-861 | - | - | - | - | ||
Accrued compensation | ||||||
4,210 | 4,500 | 1,578 | 1,582 | 923 | ||
Deferred rent | ||||||
- | - | - | 20 | 35 | ||
Accrued liabilities | ||||||
-1,877 | 8,420 | 6,572 | 637 | 405 | ||
Income taxes payable | ||||||
716 | -540 | 1,789 | 0 | 0 | ||
Deferred revenue | ||||||
-26,623 | -41,905 | 70,693 | 0 | 0 | ||
Net cash (used in) provided by operating activities | ||||||
223,825 | -202,888 | -36,190 | -55,361 | -44,275 | ||
Investing activities: | ||||||
Purchases of short-term investments | ||||||
186,988 | 136,895 | 301,377 | 16,638 | 35,975 | ||
Proceeds from maturity of short-term investments | ||||||
197,012 | 208,559 | 98,778 | 51,464 | 960 | ||
Purchases of property, plant and equipment | ||||||
1,596 | 1,119 | 9 | 179 | 10 | ||
Net cash (used in) provided by investing activities | ||||||
8,428 | 70,545 | -202,608 | 34,647 | -35,025 | ||
Financing activities: | ||||||
Proceeds from exercise of common stock options and employee stock purchase plan issuances | ||||||
11,574 | 6,963 | - | - | - | ||
Distribution to Ionis Pharmaceuticals, Inc. | ||||||
13,492 | 7,792 | - | - | - | ||
Payments of tax withholdings related to exercise of employee stock awards | ||||||
10,015 | - | - | - | - | ||
Proceeds from issuance of common stock to Ionis Pharmaceuticals in TTR transaction | ||||||
- | 163,660 | - | - | - | ||
Proceeds from issuance of common stock, net of underwriters' discount | ||||||
- | - | 135,438 | - | - | ||
Proceeds from sale of common stock to Novartis in private placement | ||||||
- | - | 50,000 | 0 | 0 | ||
Proceeds from line of credit from Ionis Pharmaceuticals, Inc. | ||||||
- | - | 106,000 | 0 | 0 | ||
Proceeds from issuance of Series A convertible preferred stock to Ionis Pharmaceuticals, Inc. | ||||||
- | - | - | 0 | 100,000 | ||
Net proceeds from issuance of common stock to Ionis in connection with TTR License Agreement | ||||||
- | - | - | 0 | 0 | ||
Offering costs paid | ||||||
- | - | 2,037 | 818 | 0 | ||
Net cash provided by (used in) financing activities | ||||||
-11,933 | 162,831 | 289,401 | -818 | 108,689 | ||
Effect of exchange rates on cash | ||||||
92 | -17 | -93 | 0 | 0 | ||
Net (decrease) increase in cash and cash equivalents | ||||||
220,412 | 30,471 | 50,510 | -21,532 | 29,389 | ||
Supplemental disclosures of non-cash financing activities: | ||||||
Purchase of property, plant and equipment included in long-term deferred rent liability | ||||||
- | 3,555 | - | - | - | ||
Acquisition of research and development licenses and milestone payments | ||||||
- | 90,563 | - | - | - | ||
Unpaid deferred offering costs | ||||||
- | - | - | 291 | 0 | ||
Right-of-use assets obtained in exchange for lease liabilities | ||||||
363 | - | - | - | - | ||
Purchase of property, plant and equipment included in payable to Ionis Pharmaceuticals, Inc. | ||||||
- | 1,252 | - | - | - | ||
Conversion of preferred stock to common stock upon initial public offering | ||||||
- | - | 100,000 | 0 | 0 | ||
Conversion of line of credit from Ionis Pharmaceuticals, Inc. into common stock | ||||||
- | - | 107,731 | 0 | 0 | ||
Ionis [Member] | ||||||
Capital contribution from Ionis Pharmaceuticals, Inc. | ||||||
- | 1,028 | - | 0 | 8,689 | ||